My Shanghai-based colleague Bill Powell has an excellent cover story in the Asia edition of TIME asking the big question: “Can China Save the World?” His answer is no, its economy just isn’t big enough. But that’s changing fast:
If Beijing can come through the global crisis without an economic meltdown of its own, its leaders’ reputation and confidence will be boosted. An economic model that survives the worst downturn since the Great Depression will have undeniable appeal in the developing world, at a time when the Washington Consensus is thoroughly shot. Beijing, before the crisis, was already rising, its global reach and influence expanding. As the rest of the world falters, that is truer than ever. China is not yet the leader of the global economy. But it’s getting there.