As the Rational Investor, I've often commented on the remarkable resiliency of the United States economy. When faced with adversity, the American worker has the ability to work harder and more productively to carry us out of any decline in growth.

There is a good reason why most recessions only last a short period of time. We simply refuse to lose.

Well, if you think the American worker is determined, what does that make the Chinese worker?

In Robert Hsu's China Strategy, Mr. Hsu notes observations of the Chinese worker in a recent trip to China. As he puts it the Chinese are determined to succeed, and there is an intense desire to improve their standard of living.

How else do you explain workers happily hammering away on a construction project at midnight or the waitress gladly serving away for the 50-cent tip? The implication is that they will do whatever it takes to make things happen.

In China, making things happen has resulted in double-digit growth over the last several years with little sign of slowing significantly. Even this year, a down year by their standards, growth is expected to come in at 9 or 10%!

Has the China Boom Gone Bust?

Despite this, stocks in China are down some 40% this year. Does that mean the China boom is over?