An investment boom from 2001-04, for example, paved the way for the ballooning surplus of 2004-07, according to Jonathan Anderson, formerly of UBS. That investment poured into heavy industries, such as aluminium, machine tools, cement, chemicals and steel.

ECONOMIST: China��s economy

This single work, made up of 53 low-lying pieces, was fashioned by a computer-directed machine extruding coils of cement.

ECONOMIST: Anish Kapoor