Idle factories, moored container ships, widespread bankruptcies, massive migration back to the hinterlands, strangely clean air--the signs of depression are everywhere in China. But like America [during the Depression], China will use tough times to design innovative products that will get it the high profits and the high-value jobs Americans kept to themselves for decades. And that is very bad news for the United States, unless it uses tough times to reinvent itself, too.
