A few years ago it would have been difficult, if not impossible, to imagine European leaders, begging bowl in hand, turning to Beijing for a financial bail-out. Equally, few would have predicted that Chinese leaders visiting Washington would publicly berate US policymakers about their mismanagement of the world’s biggest economy. But the world has changed. The 2008 implosion of the financial system in America and Europe, and last year’s European sovereign debt crisis, have accelerated the shift of economic momentum to Asia.
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