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To see why and how, start with an overview of China's current growth model.
It expects China's current-account surplus to double in dollar terms between 2010 and 2014.
China customers prefer current generation phones rather than discounted older phones, she adds.
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In reality, China has a current-account surplus, which means that savings must exceed investment, not the other way around.
That turnaround exceeds the increase in China's current-account surplus over the same period.
It has been nearly 18 years since China adopted its current criminal code.
China's current-account surplus has fallen from 11% to an estimated 6% of GDP.
Companies like it are using China's current patent regime as a launching-pad.
With stimulative fiscal and monetary policy bolstering domestic demand, China's current-account surplus has shrunk by two-thirds, from 10% of GDP in 2007.
Mr King concludes that the biggest problem for China's current exchange-rate policy is not the yuan itself but the performance of the dollar.
America can take some comfort from a narrowing of China's current-account surplus, from 11% of GDP at its peak in 2007 to 6.1% last year.
Few expect China's current account to balance even in the medium term, but the country's surpluses are likely to stop growing so quickly and may even shrink before too long.
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Another way of looking at China's current-account surplus with America is that in exchange for selling lots of cheap shoes and fridges to American consumers, China receives little by way of return except IOUs in the form of American Treasuries.
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Fiscal and monetary stimulus, which jolted domestic demand, has caused China's current-account surplus to narrow dramatically, from 10.1% of GDP in 2007 to a projected 2.9% this year, according to Nomura, a financial services group, which sees it almost disappearing by 2013.
But China's current account was already in surplus when the investment slowdown started, and is rising faster than it did a decade ago, so if and when the effects feed through to consumption, the change in the current account could be much bigger than last time.
Some think China should be cautious and not disrupt the current system as China's growing prosperity has been built on trade and interaction with America and the outside world.
As many people know, our current Ambassador to China, Jon Huntsman, has decided to step down from his current job.
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The delicate process of freeing up China's capital and current account restrictions to allow the yuan to play a role commensurate with China's industrial power will take time.
Piper Jaffray called Baidu their top pick in China based on the current valuation.
The official line is that everything will be fine if China continues on its current path of development.
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According to Goldstein, China's total current account surplus has ballooned from 1% of its gross domestic product in 2001 to 9% in 2006.
It is struggling to shift China away from the current unsustainable model, where growth is propelled by vast investment and export-led manufacturing, towards one where domestic consumption plays a bigger role.
That is the reason why the current emphasis in China is on the construction of 500kv extra-high-voltage lines and long-distance power transmission.
If economic growth carries on at the current rate in China, it will require up to 1, 000 gigawatts of new electricity generation in China.
The Economist Intelligence Unit, a sister company to The Economist, expects China to move to a current-account deficit in 2001, after years of surplus.
In a little-noticed comment during the weekend's meetings, Yi Gang, a deputy governor of China's central bank and head of the country's foreign-exchange reserves, said that China aimed to bring its current-account surplus below 4% of GDP within 3-5 years.
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