Some economists argue that as China gets richer it needs to allow its real exchange rate to rise, in order to reap the full gains of its economic success.

ECONOMIST: Economics focus

But while U.S. trade to China is increasing as China consumers get richer, and their currency gets stronger, it is miniscule in comparison to what the U.S imports from there.

FORBES: The Things China Buys From The US

Most of the future smartphone volume growth is likely to come from the emerging markets such as China and India as the wireless market in developed countries gets saturated and carriers there look to lengthen the smartphone upgrade cycle to lessen the subsidy impact.

FORBES: Qualcomm Can Dial Up $70 Despite Slower Growth

In government-bond markets, China's support for wobblier states may well dwindle as 2013 gets nearer: then a new euro-zone sovereign-debt fund will be able to promote the claims of European governments on some countries above those of other creditors.

ECONOMIST: Capital and companies from China are sidling into Europe

This implies that it is natural for China's exchange rate to be below its PPP, but as it gets richer and productivity rises, its real exchange rate should rise.

ECONOMIST: Economics focus: Burger-thy-neighbour policies | The

Asian markets, particularly China, will drive most of the growth as phone processors and screens improve and network access gets faster and cheaper, he says.

FORBES: Magazine Article