In the 21st century, one may view China's influence in the Middle East in a similar vein.

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They view the event as China's coming-out party to the world.

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Other investors, though, are taking a long-term view, and sticking to their bets that China's economy will soon regain momentum.

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Both sides are of the view that it is imperative to handle China- U.S. relations and properly address our differences in accordance with the principles of mutual respect, noninterference in each other's internal affairs, equality and mutual benefit, and seeking common ground while putting aside differences.

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The thorniest question is whether the rise of China and other emerging-markets is affecting wages in the U.S. The textbook view is that trade hurts some workers and helps others and on balance is a net plus.

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As China continues to gain strength and to use its growing economic resources to gain allies in Africa, Southeast Asia, South America and Europe, it will be imperative for American leaders to learn how to look at issues not only from the U.S. point of view, but also from the point of view of China.

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Franchising, an approach central to the U.S. hotel industry and Cendant's way in China as well (see " The Bed Business"), is for another day, in Liang's view.

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