"We are focused too much on a financial story of yesterday. Now the dollar is the . The U.S. financial crisis is an aftermath. The financial history or... story of today and tomorrow is going to be about... China's . ...[W]hat is new, and I'm not sure the world is... prepared for it, is... a few firsts of an emerging country. 1) It is the first time a country with only 25% of GDP of the U.S. is leading in many core areas of technology. 2) It is the first time ever that the second largest economy is a middle-income superpower. That has enormous consequences for the... global financial arena. As we encourage China to open up more, are we prepared for, potentially the greater volatility, exchange rate volatility, s... [W]hat... is lacking... even though we've heard so many positive aspects... and I'm completely in agreement, is that China still lacks the micro-foundations in the financial industry, with many more speculators than s, and in that kind of situation, when China opens up completely, is the world ready to absorb the kind of shocks and volatility that even a little tremor of China can send shock waves to... the global economy. So I would pose it as, China's ready for opening up, but is the rest of the world?"