In the second quarter of 2011, China's Gross Domestic Product (GDP) growth slowed to 9.5%. That was down from 9.7% in the previous quarter and from its blistering 11.9% pace in the first quarter of 2010. From the vantage point of many in the United States, where optimistic estimates of GDP growth continue to be cut and now hover around 2%, it seems that the Chinese "problem" is a nice one to have.
In the same vein, from my perch in the classrooms of Harvard Business School during the past two years, I listened to the world's future business leaders talk about how China has nailed it and why, if we want a future as bright as our past, America needs to follow suit. I heard people from all over the world arguing that the US government needs to grab the bull by horns, insert itself much more aggressively in economic planning, and start directing American economic resources to "new growth industries" such as clean energy, high-tech manufacturing, or advanced healthcare solutions. Otherwise, their foreboding comments always ended, we will be left behind.
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