Recession Over in China

Still more breaking news and some China facts:

• China has emerged from recession. It's GDP grew by 7.9% in the second quarter. On the other hand, China has to grow at 8% just to keep unemployment at bay. However, must be nice to be keeping unemployment at bay...
  
• Industrial production increased 10.7% in June Y/Y.
  
• It's stock market has now surpassed Japan's in terms of market cap, making it #2 in the world (the U.S. is #1).
  
• Imports of copper and copper products increased 13% in June.
  
• It is the third largest world economy at $3.2 trillion
• This dude projects that the reminbi could replace the dollar as the global reserve currency by 2050.

Geopolitics is going to be interesting. Will China bend the rest of the world to it's ways because the rest of us will be bankrupt? Will China need to modify it's ways in order to do business with us? Something in between? None of the above? The world is interesting now and I like that.

There's been some debate whether China can lead the world out of recession, but now it seems that China is doing just that. As we are all painfully aware, China is the #1 buyer of U.S. debt and if it didn't buy it, we'd immediately be toast. Sales to China helped drive Intel's ginormous earnings upside surprise which took the entire market up 3% yesterday, and is increasing the topline of AMSC and other companies.

I want to start inner city factories in Cleveland and employ disadvantaged people so we can be China's China :-)

OK it's 8:26 pm, gotta go watch Squawk Box Asia. CNBC.com streams it live and free and puts up a "commercial break" frame during the commercials. Don't get left behind kiddies, it's not too late.