To win a competitive edge in international circulation, China has in effect sacrificed domestic circulation, and in particular the spending power of its households. The real question is whether this China model actually serves China's interests.

For China's reform and for Chinese history, Baumol was a precise physician who prescribed exactly the right remedy, even though he never made China his main subject of study.

Today's weak confidence is the concentrated eruption of old problems in the domestic market at a moment when the external environment has closed up. Ownership discrimination and the blurred boundary between government and private business have run through the whole history of the private sector.

Respect for entrepreneurship is one of the most important legacies of China's reform era, and only in comparison does its full weight become apparent.

Only through the constant stream of information from many directions, whether optimistic or pessimistic, internal or external, supportive or opposed, can they remain continuously alert.

The Chinese entrepreneurial community hopes for continued reforms to continuously unleash entrepreneurial talent. They also hope for continued opening up, embracing the wisdom of broad inclusivity.

In China today, the bustle in the streets and the gloom in the office towers can both be true at once.

Years of close contact and field surveys with China's entrepreneurs, together with long study of entrepreneurship, have given Mr. Fu an unusually precise portrait of this group, and what entrepreneurship has meant for China.