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A friend of mine brought my attention to the followingarticle

http://econintersect.com/b2evolution/blog2.php/2012/07/11/the-macroeconomics-of-chinese-kleptocracy

which tries to explain

1.      The economic miracle of China in the past 30years

2.      The high saving rate of the Chinese public

3.      Why China continues to buy U.S. Bond even if itpays so little interest

4.      How the Chinese public is funding the prosperityof the State Owned Enterprises (SOEs)

5.      How wide spread corruption is making a fewChinese very rich at the expense of the public

Since there are no quantitative data given in the article,one cannot determine whether or not these explanations given are the principletruth and reason. But I don’t doubt their basic validity. Don’t mind therhetoric of the article but read it as an eye opener.