In the emerging markets inflation is the big problem, particularly in China (see chart).

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Part of the problem in China is that running a big company even a giant such as China Telecom, with its 220m customers still has a lower status than a political job such as governor of a province.

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The big problem, he says, is the complete lack of any concept of civil society in modern China, that space between the individual and the government that has long been filled in the West by religious or civic organizations.

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