Business: Return of the Shanghai Kid

"When that flag was going up over the American embassy today, I couldn't help but think back on a scared 21-year-old kid waiting for hours to get into the U.S. consulate in Shanghai in 1947 just so he could talk to a Third Secretary about a visa for America. Someone would have had to be crazy to think that I'd be here now." So said Treasury Secretary W. (for Werner) Michael Blumenthal just after the U.S. embassy opened in Peking last week amid the popping of Chinese firecrackers and the fizz of Coca-Cola.

The...

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