(UPI/Boeing Aircraft Handout)

A senior administration official says China will announce deals Wednesday to purchase $45 billion in U.S.
exports, including a $19 billion agreement to buy 200 Boeing airplanes, according to the Associated Press.

The official says the deal will create 235,000 jobs in the U.S.

It is important to note, however, that these planes will be commercial aircraft. Moreover, the St. Louis division of Boeing, which produces military aircraft, is unlikely to benefit directly from today's deal.

The news that China has surpassed Japan as the world's second largest economy sent a shiver through the collective soul of economic pundits. It needn't have.

During the late 1980s, we were warned of Japan's expanding economic machine. The Japanese economy was then expanding at a rate that made ours look puny. Everyone looked to Japan as the source for economic inspiration and guidance: Recall the movement to adopt their management techniques or face economic defeat?