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Why China Cooks the Books.
The People's Republic of China is awash in gaudy numbers. For much of its exceedingly long history (5,000 years), the country has held out the promise of the world's biggest market (now more than 1.2 billion consumers). Beijing posted the highest growth rate of any major economy last year--an estimated 7.3 percent, when much of the world was stumbling closer to zero. China is at once the recipient of the most foreign investment of any country in Asia (nearly $47 billion last year), the sponsor of the world's biggest hydroelectric project (the $27 billion Three Gorges Dam) and the site of the world's highest railway, to Tibet (5,000 meters). The parade of gloating ...
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