And as China shifts from a manufacturing to knowledge-based economy, expect it to invest in "knowledge based" sectors like insurance, finance and hi-tech software firms.

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David Marshall, a vice president at the Greensboro Partnership, which was formed in 2005 from the merger of Greensboro Economic Development Alliance, Action Greensboro, and the Greensboro Chamber of Commerce, says the Partnership has developed a strategic plan that focuses on transforming Greater Greensboro from a traditional manufacturing-based economy to a knowledge-based economy.

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One of the world's most conspicuously successful centres of enterprise lies in that bit of California known as Silicon Valley: computing is today's knowledge-based industry par excellence (see survey) The new jobs in tomorrow's industries, in manufacturing and services alike, will call for more than button-pressing automatons.

ECONOMIST: Education and the wealth of nations | The