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Barely three months ago, China was on top of the world with its Olympic dazzle in Beijing. Whether the Summer Olympics will become China's pinnacle in global esteem remains a question.
As the U.S. and EU economies spiral into recession, China's economy resembles a bubble about to burst. China's biggest steelmaker, Baosteel, posted a 50 percent decline in net profit for the third quarter compared to the first half of the year. One in every three steel companies suffered a loss in October amid a huge wave of corporate restructuring.
China's food manufacturers continue a long history of problems. Tainted milk, tainted pet food and even the dreaded bird flu have …