In recent visits to Shanghai and Hong Kong I've been able to witness, first hand, the forces of change in China. First and foremost, change is a cultural phenomenon as society turns its back on the past and looks ahead. For example, even parents mistrust their own know-how; it's too rooted in yesterday's world to be so relevant for their kids. Much better, therefore, to send off children to extra classes where the most pertinent knowledge can be trained: skills fit for the future.
And, of course, the government is the great facilitator of change. Its recent 5 year plan lays out the contours of $1.25trillion of investment in seven strategic industries. The results of the planned economy are seen in December 2011's launch of the 500kms/hour super-rapid train.
For a concise 5 minute briefing on the dynamics of Chinese growth, click here .
