Crisis in Europe, Transformation in China

Chinese leaders know that, with Europe and the U.S. struggling, they can't rely on exports forever. China's future may hinge on whether its leaders can make the necessary changes in time.

"I want to remind those cadres who are staying on the job beyond me: my biggest worry right now is an overheating economy," Chinese Premier Zhu Rongji said in a January 2003 cabinet meeting, his last before leaving office. "I've already worried about this for a year now. I wouldn't say this publicly, but only bring it up to the top leadership, that overheating is the one thing that preoccupies my mind. Many signs seem to have emerged, and if we're not vigilant, the economic situation will be difficult to rein in." Zhu's comments, recently published for the first time, are translated to English here.     Read More