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The MGI report argues that a failure to get online and go digital is another big factor.Although millions of Chinese businesses sell their products on Taobao, an online marketplace owned by Alibaba, vast numbers remain offline: only 20-25% of small firms in China are internet-connected, compared with 75% in America.
(The law asserts that the force Fi due to attracting mass i with gravitational mass mgi is Gmgmgi ri / ri3, where mg is the gravitational mass of the original body, ri the position vector of mass i originating from the original body, and G the universal constant of gravitation).
In our above example, Newton's law for gravitational forces would be reformulated as: "There exist an inertial system and constants G, mi, mgi such that for each particle the product of its mass times its acceleration equals the sum of the gravitational forces as given above".
Yougang Chen, one of the authors of the MGI report, predicts that the web will also help millions of small entrepreneurs across the country collaborate, producing a powerful network effect that boosts productivity.The staid stateCould the internet also work wonders in the state-owned sector?
And fewer Chinese internet users shop online than in other markets.With more non-shoppers starting to shop and the rest of China's population getting online, MGI predicts the market will be between $420 billion and $650 billion in 2020.
The economic burden of obesity, MGI estimates, is 2.8% of global GDP, roughly equal to that of smoking or war.Almost all the measures analysed in the report are cost-effective, offering health-care savings and productivity gains that would outweigh their cost over the lifetime of the target population.
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Tiny computers will be able to perform jobs once regarded as the peculiar preserve of humans: most middle-class people will soon have access to electronic personal assistants (to book flights or co-ordinate diaries) and wearable physicians (to keep a permanent watch on their vital organs).MGI puts a typically positive spin on all this.
Thanks to a less favourable demography it can expect to grow only 1.6% a year over the next two decades, other things equal, according to the McKinsey Global Institute (MGI .Governments are not entirely powerless to deal with the effects of demographic trends.
In the last month Celgene agreed to acquire Pharmion for $2.9 billion, and Eisai of Japan said it would buy MGI Pharma for $3.9 billion.
In June, Daiichi Sankyo bid up to $4.6 billion for control of India's Ranbaxy Laboratories, while Eisai snapped up cancer specialist MGI Pharma in December for $3.9 billion.
Several months after he gave up the chairmanship in 1998, the company went bankrupt, though it was then sold to the Toronto-based MGI Software, allowing investors to break even.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com