China causes Asian rethink

With GDP growing at 8% China is forcing other Asian economies to scrap uncompetitive industries and focus on what they can produce profitably

At the height of the Asian financial crisis, China found itself in an unfamiliar position, as an economic role model. As much of Asia struggled to steady itself, China was called an 'island of stability'' by none other than then-US President Bill Clinton and his finance minister, Robert Rubin. As Indonesia, South Korea and Thailand plunged, and Japan slid anew, the US gave Beijing some of the credit it so desperately desired. Five years after the start of the Asia crisis, China is still topping the growth charts. Gross domestic product is growing nearly 8%, the fastest in the world....