The scariest thing, Shanghai, is that the US is increasingly owned by China:

http://archives.tcm.ie/businesspost/2003/09/21/story947255360.asp

US is deeply in hock to China

By David McWilliams
By 2016 China will be more important to the world economy than the EU. Think about that.This forecast comes from Lehman Brothers - one of the most respected investment banks in the world.

Also this week, figures were published showing that Ireland's imports from China increased by 64 per cent last year. A glance at any pub, convenience store or supermarket in Dublin shows that the hardest workers are Chinese kids.

In the financial world, China is fast becoming one of the biggest lenders to America. In fact, Chinese money is keeping the US afloat. It is clear that Chinese workers will have as much influence on whether George Bush gets re-elected as Saddam Hussein.

China is emerging more rapidly than people expected. The 19th century belonged to Britain, the 20th to America and the 21st may belong to China. If it does,what will it look like? And will China's ascent be smooth and trouble-free?

China is having a remarkable effect on the price of manufactured goods worldwide. This effect is similar to the impact America had on agricultural goods in the late 19th century.