Is China a colossus, and will the 21st century belong to the Chinese, as many think?  Or is China a paper dragon?  Let's see. The impressive economic growth China has experienced in the last 40 years started in 1972 with President Nixon's rapprochement meeting with Chairman Mao. From that point, China's growth went into warp drive when President Bill Clinton signed a China Trade Bill in 2001, which gave China a permanent most favored trade status.  Also under Bill Clinton, the U.S. approved China's entry as a member into the World Trade Organization (WTO) in 2001.  The thought behind granting China these trade privileges – and they are privileges – was that the totalitarian communist regime would mellow and move toward a more open, liberal type of democracy.  That did not prove to be the case.  As Steven Mosher, Asian expert and author of Bully of Asia:...(Read Full Article)