Pressure for a stronger yuan is mounting. Last week Treasury secretary John W. Snow named a special envoy to engage China on exchange-rate issues, signaling a deepening commitment across the Bush administration to draw a harder line with Beijing. The administration began raising pressure on Beijing amid sharp criticism in Congress that Chinese companies get an unfair advantage in the market from Beijing’s currency-management practices, The result is well known, the trade deficit with China has been soaring to $155 billion last year.

The creation of a thriving domestic economy attests to the success of the government's efforts over the last twenty years. Allowing people to work for personal gain has unleashed the entrepreneurial drive and capacity for hard work and thrift that characterizes those Chinese in Hong Kong and overseas. The result is both an incredibly dynamic and competitive domestic marketplace and one that is seeing the emergence of an increasingly affluent middle class.

Most Chinese companies, that are listed in the U.S. stock markets as American Depositary Receipts (ADR), reported 2004 fourth quarter and yearly results so far. To be actual, out of those thirty ADR that are listed either on the NYSE or NASDAQ at present, twenty three reported earnings with mixed results.