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shanghai or hong kong
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China, at least at the government level, is clearly conscious about its energy constraints; and unlike its western counterparts, which indiscreetly agitate the energy futures market, China seems to know more effective ways to deal with an energy crisis.
So, yes, Shanghai has posh and expensive areas, but it is not so rich by western standards. Shanghai is more development than other Chinese cities. Judging from the local living cost, China’s labor cost is still incredibly low, and Chinese consumers have yet, in aggregate, become rich enough to buy up all the commodities in the international market, as we are worried.
Under such a condition, the oft-talked yuan revaluation will not be effective as a solution to the U.S. trade imbalance with China, and probably destructive domestically due to the lack of expertise with regards to dealing with the financial market, and it might impede further improvement of the living standards for the ordinary people.
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