WTO invitation will go out in Nov., and China will accept early next year. China's gov't must revamp trade, financial and judicial systems to meet WTO standards. It will take a decade before all the changes are made, some reluctantly. U.S. financial services firms will be early winners under reforms China will make by '06. Gains by farmers and others will be more gradual.
Mideast violence carries a heavy economic as well as human cost .
Countries throughout the region are paying the price for conflict. Terrorism plus a slump in high tech will slow Israel's growth to a crawl. Egypt, Jordan, Syria and Lebanon all will lose badly needed growth in their economies as long as tourists and investors feel safer elsewhere. Also strengthens the hand of extremists in those and other Arab countries. But Bush will resist efforts to use U.S. troops as peacekeepers, even if Israel were to accept a deal.