China and India are leading the way in the race for economic development, but their approaches are very different - what China is to manufacturing, India could well be to services. Together, they could usher in a broader and more powerful strain of globalisation that will put pressure on the developed world.

China's manufacturing-led impetus has been nothing short of astonishing. The industrial sector's share of Chinese gross domestic product rose from 41.6 per cent in 1990 to 52.3 per cent in 2003 - accounting for fully 54 per cent of the cumulative increase in the GDP over this 13-year period. The impetus that services have given to India's growth has been equally impressive. The services portion of Indian GDP increased from 40.6 per cent in 1990 to 50.8 per cent in 2003 - accounting for 62 per cent of the cumulative increase in the country's GDP.