Business: China Faces Reality

Still much promise, but also worry about money and lower goals

Not since the turn of the century have so many Western businessmen been so determined to cash in on China's vast promise. The question both for outsiders and for the Chinese is whether the world's most populous nation can really modernize .its poor and backward agrarian economy in a mere 20 years. That is China's ambitious goal, but economic realities have already forced Peking to reconsider some of its grand plans.

Last week Treasury Secretary Michael Blumenthal became the first U.S. Cabinet member since the normalization of relations to visit China;...

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