This month in Hong Kong, a single bottle of wine sold at auction for $93,000 to a Chinese buyer. No matter how good the vintage, that's not something to pop a cork over and celebrate. Those who witnessed Japan's spectacular rise and fall in the 1980s should be getting a familiar feeling watching China these days. In the eyes of the media and much of the world, China's decades of double-digit growth, military modernization, 2008 Olympics hosting, and picture-perfect celebration of the 60th anniversary of the 1949 Communist victory have raised the People's Republic of China to the top rank of global powers.
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