Oct

2010

2:33pm, EDT

Mick Tsikas / Reuters

A container ship from China comes into port in Melbourne, Australia, Oct. 19, 2010. Asian stocks fell on Wednesday, with Japan's Nikkei average tumbling over 2%, as investors fretted that China may be embarking on a money tightening cycle after it surprised the global economy with its first interest rate rise since 2007.

David Gray / Reuters

A construction worker carrying scaffolding walks past a billboard advertising the new residential building being built in central Beijing, Oct. 20, 2010. Property shares in China and Hong Kong fell sharply on Wednesday as a surprise interest rate hike by China raised concerns of fresh measures to cool the real estate market. It could mark the start of more aggressive monetary tightening, analysts said.

China's time

Newsweek has a good story about how many young Chinese view the United States as a place to get an education, but they want to return to China because of its business opportunities.

Rana Foroohar writes: I asked one physics genius in a fuzzy pink sweater what her plans were after graduation. She had already lined up a scholarship to pursue an M.B.A. at Stanford. After that, she said, "I'll probably stay in the U.S. for a while and work at McKinsey or a venture-capital firm in Silicon Valley." Then, she continued, "I'll come back to China and start a company.

Read the full Newsweek story here.

Msnbc.com's John Schoen writes that China wants home-grown innovators.