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The article reports that, at a time of rising political tensions, heightened by a growing nationalism, China and Japan are more intertwined economically than they have ever been. The ties offer a counterpoint to rapidly deteriorating diplomatic relations, which reached another low point when Japan's Prime Minister visited the Yasukuni Shrine, the nationalist memorial to Japan's war dead, and China immediately called off high-level talks. Tensions will likely keep rising with Asia's transformation: China, which had lost its historical role as the region's economic and political lead to Japan in the last century and a half, is hungry to reclaim it. China's economic ascension has been so fast that Japan must now contemplate a true rivalry.

Suggests that the withdrawal of Cnooc Ltd.'s bid for Unocal seems unlikely to derail China's economic expansion overseas. U.S. concerns over the Chinese company's proposed deal; Observation that, while Congressional resistance appears to have killed the Chinese bid, the economic fundamentals behind the bid remain in place; Impact of the failed bid on Chinese public opinion toward the U.S.; Worries that the failed bid could encourage Chinese oil companies to invest in countries like Sudan and Myanmar, whose leaderships are in poor favor with the U.S.; Views of analysts; Significance of the agreement by Nanjing Automobile of China to buy a factory and other assets from bankrupt MG Rover Group of Britain; Topic of energy assets.

Examines the reaction in Japan to the growing economic power of China. Increased reluctance of Japanese investors to make further investments in China; Reasons for the changed attitude, including a wave of anti-Japanese protests in Chinese cities; Fueling of the protests involving the two Asian powers by deep disputes over World War II narratives in Japanese textbooks, territorial arguments and Prime Minister Junichiro Koizumi's visits to a shrine to Japanese war dead; Views of analysts; Suggestion that reassuring Japanese investors will be crucial for China to invigorate the economy and create jobs in less prosperous areas; Concerns of the U.S. about China's economic power, in light of the bid by the China National Offshore Oil Corporation for Unocal; Overview of foreign investment in China.

Examines the impact of corporate and political corruption in China on the country's growth. Details of China's long-running wave of corporate and government corruption scandals; Bank scandals, including the resignation of Zhang Enzhao, chairman of the China Construction Bank, following accusations that Zhang accepted a bribe; Observation that a true economic superpower depends on credible banking; How the corruption scandals offer a telling glimpse into the darker side of China's remarkable ascent; Views of experts; Overview of the economy; Mistrust of investors regarding public companies created out of state enterprises. INSETS: One Thing After Another;Lawsuit Involving Bribery Preceded Bank Resignation.

HARDLY a day goes by without news of yet another economic problem facing China. A frothy real estate market. Quickly rising wages. A weakening manufacturing sector. Tightening lending standards. The list can seem endless and frightening. But after a recent visit to China, I remain staunchly optimistic that it will continue to be the world's greatest machine for economic expansion. While developed countries bump along with little growth, China's gross domestic product is expected to increase by 9.2 percent in 2011 and an equally astonishing 8.5 percent next year. [ABSTRACT FROM AUTHOR]

Examines China's economy in 2004. Comparison with Japan in the late 1980s; Role of multinational companies and foreign investment; Why China is an even greater economic challenge to the U.S. than Japan; Potential size of China's market; Concentration of new industry and commerce in China's southeast region; China's transition from a planned economy to capitalism; Views of analysts; Attitudes of U.S. politicians and of the President George W. Bush administration; China's biggest competitive advantage, its immense and low-paid work force; How China has benefited from opening up to the global economy; Outlook.

Examines China's economy and suggests that China may be in a bubble regarding investments. Reference to economic bubbles in Japan, Thailand and Indonesia; Overview of China's economy; Possible implications of a sharp economic slowdown for China; Concerns of the Chinese government; Effort to dissuade banks from reckless lending; China's role in the global economy; Prediction of economists that growth will slow; Risks of a slowdown to China and the world; Discussion of business-cycle-, protectionism- and financial-risks; Role of President Hu Jintao; Issue of political instability; Outlook.