The dapper and urbane Robert Hormats has visited China 50 times. In a diplo-matic career under presidents ranging from Richard Nixon to Ronald Reagan, and as one of Goldman Sachs' prominent faces on the international scene for the past 23 years, Hormats is steeped in perspective. At 62, he knows one thing well: China is a great place to invest. Now nobody doubts that China is a growth machine, with an economy expanding at a 9% annual clip. If it maintains that pace, the economy will overtake the American economy (growing at 4%) by midcentury. China's plentiful and cheap labor, plus a huge domestic consumer market, portend a bountiful future.
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