Beijing RisingChina remains primarily a nation of farmers, and the transition to an industrial free market is much like the traffic on Highway 204-unpredictable. Few state-owned firms have been sold, and most are laggard behemoths. Growth is driven by new joint ventures, collectives and private busines-ses, which now account for more than 50% of China’s industrial production.For China’s newly-rising enterprises, profits are up throughout the region-thanks largely to low wages. Last year the BeiBei company in Zhangjiagang cleared $14 million on exports of 10 mil- lion pairs of shoes to U.S. department stores. Typically, Chinese workers in a plant like this make about 34 cents an hour, compared with $3.50 for Korean workers, according to South Korean esti- mates. That gives China a huge competitive advantage.Last fall Beijing agreed to open its markets to more U.S. goods, including everything from Polaroid film to automobiles. In return, Washington would support China’s membership in General Agreement on Tariff and Trade. Membership in this club, which includes all the world's leading economies, could provide a huge boost for low-wage export economy. Last year China’s trade surplus surged, buoyed by exports of toys, textiles and consumer electronics. "The trade surplus it- self will be the No.1 problem this year," says one Chinese officials. "After Japan, we’ll be first in line for retaliation."At the same time, Americans has an increasingly large stake in good relations with China.The Americans would not care so much as the Chinese in keeping good relations between the two countries.

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