The emergence of China as an economic superpower

Here are some of the nominees for the biggest news of week in China:

- Following the 2% and near-5% plunge in Dow Jones and the Nikkei last week, the Heng Seng Index, Hong Kong's benchmark index, was down arouind 2.7% at the close of the morning session.

- In additon to the weak employment figures in the US, China shows signs of faltering in terms of employment opportunity for university graduates, with more than 1 in 5 unable to find jobs. Education programs are to blame.

- The Chinese national soccer team pleged a promising bid for the next World Cup finals.

- China's largest railway construction project, the Beijing to Shanghai high-speed railroad, is set to begin on Tuesday and to be completed in 5 years. Zhong-Tie Construction Group received bids for 40% of the $11 billion project.

- Tourist visting the Three Gorges Dam on the Yangtze River reached an all time high of 1.25 million visitors, a 6% increase from last year. The Dam construction project is to be ultimately completed in 2008.

- Hong Kong ends the year with 9.35 million mobile phone users, up 7 percent from last year's total.

- China Eastern shares fall in Hong Kong after Air China, one of its largest shareholders, says that it will outbid Singapore Airlines in an attempt to keep management within China. China Eastern yearned for foreign expertise on management but failed to convince minority shareholders to marginalize Air China.

But the biggest news of the week is:

- Air China operates its flights with security guards who carry an arsenal consisting of a short dagger, handcuffs, rope, torch, screwdriver and pliers...but no guns. Three guess as to why they would need pliers.