Gone is the low value-added export model, and in its place is an economy increasingly dependent on its own people and their consumption.
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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.
Japan's export-driven model, once the envy of nearly every other economy, has been largely written off, the consequence of a decadelong battle to revive growth.
With a heavily export-led development model, the feeling was that it was in China's interest to prop up the dollar system.
Mr. Geithner is certainly right that China needs to adjust its export-dependent growth model, which has struggled amid the decline of global demand.
The yuan's acceptance among investors would also require the kind of reform China needs to wean its economy from its investment-heavy, export-oriented growth model.
The commitment of China to an export-led growth model, matched by a willingness from rich-world consumers to keep spending, created persistent surpluses in China in particular.
On China, Soros says the country has to change its economic model from depending on export-led growth to consumption-led growth, and that that transition is already underway.
Already, Russia is seeking export orders for its smaller Superjet (a demonstrator model of which crashed in Indonesia in May, though apparently not due to any technical fault).
They read the foreign press like anyone else, and they know the case that is made against them: namely that Germany deluded itself for years that it was a model of virtue because it was an export champion, offsetting relatively weak domestic consumption linked to wage restraint and high savings rates.
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.
This is a good point, and it was reassuring to hear that Google is not simply planning to export the US settlement to the rest of the world and present it as the only model.
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