With $20 billion in venture capital floating around and a gaggle of startups, it'd be easy to confuse modern China with Silicon Valley at its peak, Sarah Lacy observes. But they're not at all the same, she says. "What makes China so staggering is that everything that happened to corporate America over decades -- think the television and media studios build out of the 1950s, the greed of the 1980s, the dot com bubble, the build out of physical and IT infrastructure, current Web 2.0 and CleanTech innovation -- is all happening to China at once."

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