Once regarded at best as a sporting also-ran, China is widely tipped to top the medals table in the Beijing Olympics in August, an event in which the country's leadership is investing huge importance and prestige. Personally speaking, There are very wealthy Chinese buying 2nd & 3rd homes taking advantage of the low prices here in Las Vegas.
The drum beat of protectionism is already sounding in America and will only get louder in a presidential election year, putting pressure on both Republican and Democratic candidates to take a "strong" stance on China. In the meantime, Beijing will have to grapple with issues from rising inflation to Taiwan, which holds presidential elections in March, to its status as the world's biggest emitter of carbon dioxide and likely role as the largest consumer of primary energy resources.
