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Many believe that public-sector investment is a good way (perhaps the best way) to use the global economy's productive resources and increase its efficiency and growth potential. But this requires a multinational effort. China's leaders surely want international recognition of their country's global stature. But they also want China's rise to high-income status to occur in a way that is - and that is perceived to be - beneficial to its neighbors and the world. The new external focus of China's growth and development strategy seems to be intended to make that vision a reality.
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