The result has been the creation, from Chile to China, of a highly dynamic international environment replete with exciting new opportunities, and potential perils, for the United States and other Western powers.

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The backing is meant to answer the criticism that Europe lags behind more dynamic competitors such as the United States and China in economic growth and scientific research.

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That dynamic, however, may not apply in China.

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This competitive dynamic provides very little slack for competitive focus outside China.

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Economist Peter Morici, for example, suggests dynamic job growth will be sparked by increasing domestic oil production, tackling the trade imbalance with China, relaxing regulations for big businesses and curbing health care mandates.

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China is restructuring the economy, moving away from its old export driven model towards a more dynamic one with new, cutting edge technology and industry.

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"China is very flexible as a culture - extremely high energy and that's the makings of a dynamic economy and culture, " he said.

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