FIFTY years. It is just a moment in the history of civilisation. But its a long period of time in the life of a nation-state. China has managed to become a dazzling star on the international horizon during that period. Between 1978 and 1992 the average annual growth rate of real gnp in China was almost 9 per cent, one of the highest, if not the highest in the world. Life expectancy has doubled. China has emerged as the largest recipient of foreign direct investment and it leads the world in exports. Over the last 25 years, industry has grown at a rate of over 10 per cent, agriculture by 4 per cent, grain output by 3.7 per cent. A fascinating performance by any standards. It does not have to be overemphasised that Indias performance is nowhere near this standard. A critic might well argue that new economic strategies have worked in China and that they have failed in India. Erstwhile Communists seem to handle capitalism better than the various Indian avatars of Fabianism.