China appears to be emerging from the global recession faster than the rest of the world, including the U.S. The conventional wisdom among economists is that the U.S. will "pass the baton" to China, as the world's No. 1 engine of economic growth.
But that won't happen so fast, author Stephen Roach tells NPR's Linda Wertheimer. Roach is the former chief global economist for investment bank Morgan Stanley, and now chairman of Morgan Stanley Asia.
The economist's new book, Stephen Roach on the Next Asia: Opportunities and Challenges for a New Globalization, examines some of these issues, including the challenges China faces, and how it will rebalance its economy away from one reliant on manufacturing exports to one where consumer spending plays a bigger part.
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