It is becoming a fad among the Japanese media to praise China as a new economic giant. Some reports say the fast-growing neighbor poses a serious threat to Japan's economy; others say China is emerging as "the factory of the world."
In my first trip to China in late May, I witnessed firsthand China's robust growth. I was impressed with the widespread exuberance in China, which far exceeded the atmosphere of enthusiasm I sensed in Vietnam when I traveled to that country in January.
I was overwhelmed by the cityscape in Shanghai's Pudong area, where skyscrapers of Chinese and foreign banks and companies are concentrated. Asia's tallest television tower stood among the structures, most of them less than 10 years old. At other Chinese cities such as Hangzhou, Guilin, Xian and Beijing, a construction boom is also under way.