On the subject of Modernization

Foreign Affairs published an interesting article concerning the impact of the Olympics on China, albeit with a heavy western bias that is evidenced by a heavy emphasis on the "Three Ts."

In other news, today the U.S. Federal Reserve postponed approvals that would have allowed two of the PRC's Big Four state-owned banks, ICBC and CCB, to open branches in New York. The United States has been lobbying China to uphold commitments made under the WTO Accession accord to open its own financial services market to US firms, so I wonder if the two were related.