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1、CananEagleHugaPanda?HavingspentaweekinAsiaandthreeintensedaysinChina,PresidentBarackObamaseta constructivetoneforthefuture.HewelcomedtheemergenceofChinaasanewforceintheglobal economyandrebuffed suggestionsthatitsriseshouldbeseenasasignofAmericandecli
2、ne.Chinese officialsexpressedconcernaboutaweakdollarbutcommittedtoworkingwiththeU.S.tostabilizethe globalsystem.Hardlyanythingconcretewasaccomplished,butthetripcementedthecentralityofthe U.S.-Chinaeconomicrelationshipandthefactthatthetwoeconomiesare,
3、fornow,intertwined. Nonetheless,asObamareturnstopressingdomesticissuesandinternationalflashpointssuchasIran andAfghanistan,twoawkwardnumberslingerinthebackground:3.5and8.9.Thefirstistherateof growthfortheU.S.inthethirdquarterof2009;thesecondishowfas
4、tChinagrew.AndwhileGDP statisticsareaflawedindicator,thecontrastbetweenthetwoeconomiesremainsstark. Chinahasbeenonanunconventionalandunexpectedjourneythatbeganafterthetragedyof TiananmenSquare20yearsago.TheU.S.,afterhalfacenturyofglobaleconomicdomina
5、nce,findsitselfatacrossroads,unabletogeneratethegrowththatsomanyAmericansexpectandtheservicesso manyneed,andstillstrugglingtorevitalizeaneconomythatforsomanyyearswastheenvyoftheworld. TheU.S.hasbeenaccumulatingdebtandowesabout$800billiontoChinaalone;
6、Chinahasbeen buildingreservesandnowhasinexcessof$2.2trillion.Chinaremainsapoorercountryonapercapita basisbutisrapidlybecominganeconomicsuperpower.TheU.S.isoneofthemostprosperousand stablecountriesintheworld,butitssystemisshowingsignsofage. BothChine
7、seandAmericansviewtheireconomicinterdependencewarily.Yetinmanyrespectsthe relationshiphasbeenmutuallybeneficialandmayhavebeentheprimaryreasonthefinancialcrisisdid notresultina worldwideGreatDepression.Chinawasabletospendaggressivelybecausefor20years
8、U.S.businesseshadbeeninvestingintheChineseeconomy,buildingfactories,addingliquidityto Chinesebanks,openingstoresrangingfromAvonboutiquestoKentuckyFriedChickenoutlets,making cars,sellingpowerturbinesandsemiconductors—allofwhichwereessentialtotherapidu
