Chinese Economy Grows 14.9 Percent Second Quarter 2009

Models of real estate projects at a fair in Shenyang, China, on Tuesday. Investors’ interest in the real estate market is picking up as economic growth returns across the Chinese economy. European Pressphoto AgencyGlobeTracker| The word is that China’s economy is back, while America’s is … well, we’re not sure. It’s fraught with problems.

The NYTimes reports that China’s economy surged 14.9 percent in the second quarter, whereas the U.S. economy shrank 1 percent in the period.

The confidence stems from China’s three-pronged effort — a combination of stimulus, liberal bank lending and broad government support for exports.

The two economies remain closely interwoven. China needs U.S. consumers to buy their products, and the United States needs China to to buy its debt.

Many Americans understand that this really isn’t a healthy long-term relationship? What to do? The answers are few in a country that continues to pat itself on the back, saying “no problem; we’re the best at everything.”