China-bashing has become a popular media and political sport. This is largely due to the U.S. trade imbalance and the belief, by some, that China is responsible for it because it manipulates its currency to hold down the dollar prices of its goods, unfairly creating a trade advantage that has...

China, a low income country about the same geographic size as the US and with over four times the population, has had persistent rapid growth that averaged 9.6 percent per year since reform began in 1979. On a per capita basis, real GDP is eight times larger than it was 26 years earlier!...