As China changes, so does its cash flow.

FORBES: How Much Longer Can China Accumulate Reserves?

It is true that an appreciation might modestly and temporarily slow China's growth as the economy changes gear but, since China's exports contain lots of imported inputs, it is hard to see even a double-digit yuan appreciation sending exports into a tail-spin.

ECONOMIST: China should loosen its currency peg��and quickly

The songs are also a vivid oral record of recent social developments in China as singers comment on the changes they observe around them.

UNESCO: Culture

As for the emerging economies, China is on the cusp of significant changes in its financial structure.

FORBES: Magazine Article

And just as Europe needs to make structural changes to engineer a recovery, China must fundamentally transform its economy if it wants to increase consumption.

FORBES: East Asian Economies Slump

The longer-term challenge for the Fed and other central banks is to build a new monetary-policy framework that takes account of recent structural changes in the global economy, such as the integration of China.

ECONOMIST: Yesterday's financial architecture needs refurbishing

China has relied more on quantitative measures, such as direct controls on lending and changes in the amount of reserves that banks must hold at the central bank.

ECONOMIST: Economics focus: A stitch in time saves nine | The

China is experiencing a surge in religious beliefs as the country continues to undergo rapid and profound changes.

FORBES: What Is The Chinese Dream?

The way to play it is U.S. and European companies that have growing China operations, as well as a handful of U.S. firms that are capitalizing on changes in how consumers here shop.

FORBES: Alger's Chung Sees Renewed China Growth Next Year -- After A Correction

Some forecasters, such as the IMF, expect China's trade surplus to start widening again this year unless the government makes bold policy changes, such as revaluing the yuan.

ECONOMIST: China's export prospects