China is not one big economic behemoth growing at 8-9 per cent a year, but rather a series of regional economies.

If you look at it province by province, you will discover up to 100 economies loosely coupled together some galloping at breakneck speed while others lagging a little further behind, according to Professor Michael Enright from the University of Hong Kong.

Enright emphasizes that China is top dog in terms of opportunity.

"Everywhere in the world, companies are trying to figure out how to take advantage of opportunities in China, or how to deal with what some perceive as threats," he says

By Raymond Zhou

Traditionally, the Chinese have always sought balance in all aspects of life as can be seen with the Confucian Golden Mean. But the notion may be more idealistic than realistic, particularly when considering economic concepts.

The economies of China and the United States are not on an equal footing. But it is precisely because of vast discrepancies in wage levels and lower costs that China, with a per capita gross domestic product (GDP) level comparable to less than one-20th of the United States, can compete with the North American country in the world market and be considered an equal trading partner.

If all Chinese workers were to earn as much as their North American counterparts, international enterprises would not be so keen on buying products from China and the nation would be forced to drop out of the world trade game.

China, however, has tried to steer clear of its reputation for low-cost products what some economists might call its advantage on the world stage through its economic reforms.

By Zhang Xiaogang