Not everyone is fixated on troubles in United States (or European, for that matter) financial markets.
According to the Israeli business newspaper "Globes," the government of China's Jiangxi Province has signed a $200m R&D collaboration agreement with Israel. This is the first agreement of its kind between a Chinese provincial government and Israel, raising hopes for similar agreements with other provinces.
The Israeli and Jiangxi governments would each budget up to $10m a year over ten years for the joint R&D ventures. Jiangxi Province in eastern China is responsible for 75% of the world's production of photovoltaic cells and 60% of China's output of flat screens.
China has targeted Israel for R&D investment as part of the country's foreign investment strategy. The cooperation agreement is said to be a critical tool for the establishment of Israeli R&D centers by Chinese corporations and the expansion of Israeli exports to China.
This is the kind of economic development initiative you can pursue when you aren't preventing your financial infrastructure from cratering, .i.e., you have the "luxury" of focusing on the future.
On the other hand, Israel must deal with other challenges to its well-being and security that most other nations do not face. Maybe we should just give the Israelis credit for this visionary effort that ties in so well with Israel's efforts to occupy a leadership position in solar and renewable energy technologies.
