THE SLEEPING GIANT AWAKENS

Why is China called the Sleeping Giant and the Topsy-Turvy Land? It is because China has been inactive in the past that's why it was called the Sleeping Giant. But now, the Sleeping Giant has awaken and it's returning to its past power and wealth. China is topsy-turvy since it is changing, turning into something much better that we are used to but still their customs are opposite the west.

The Sleeping Giant of the 21st Century is China. Virtually all of Asia is within its political sphere of influence. While still a second-rate conventional military force, China is one of a small group of nations with a nuclear arsenal capable of turning a large chunk of this globe into a radioactive wasteland.

With more than a billion people, China has the potential to become Asia's economic engine in the new millennium. "Eventually, progress will override backwardness, science will win over ignorance and justice over evil," Chinese President Jiang Zemin said of his country's future in a New Year's Eve address.

We have been systematically impressed by the way the Chinese government and the Chinese people have learned from the experience of other countries which have attempted similar transitions. Last year, China's economy grew at the robust rate of more than 9 percent, the fastest in seven years and "a milestone in the history of China," according to Li Deshui, head of the National Bureau of Statistics.

Consider these indicators of China's economic performance

* Tax revenues increased by 20 percent last year;
* Profits soared by 40 percent;
* Manufacturing activity is rising at an annual rate of more than 10 percent;
* China is now the most popular place on earth for foreign investors to put their money, with investors from America, Taiwan, and Hong Kong leading the parade;
* China added over $400 billion to its foreign exchange reserves in 2003

And sometime in the next two decades or so -- projections vary -- China is expected to overtake the United States as the world's largest economy. China is definitely on an upward trajectory. There's a new player on the scene and it is going to be out there in ways we've never seen before.

So where is this rising power headed? Is China, as some suggest, set to become the next superpower? Certainly China already has several badges of superpowerdom stitched to its jersey.