Frank Langfitt

In China during the Lunar New Year holiday, more than 200 million people will travel home in the world's largest annual migration. Every year, Chinese tell horror stories about trying to get train tickets.

The season the New Year falls on Monday, and it was supposed to be different: For the first time, China's rail ministry created a website to reserve seats.

Things didn't work out as planned.

Last fall, wealthy Chinese gathered at a Beijing hotel to hear a pitch by Patrick Quinn, the governor of Illinois. He wanted them to invest in a convention center project at Chicago's O'Hare International Airport.

"You can't have capitalism without capital," Quinn said to the group of potential investors. "So we really are interested in encouraging people from everywhere, particularly here in China ... to consider the state of Illinois as a place to make investments."

The required minimum investment: half a million dollars.

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Apple has halted store sales of its iPhone 4S in China after fights erupted outside its flagship outlet in Beijing.

As NPR's Frank Langfitt reports, scalpers and angry would-be customers marked the phone's Chinese launch.

FRANK LANGFITT, BYLINE: At the Apple store in Beijing's Sanlitun shopping district, scalpers scuffled overnight causing the store to keep its door shut. Some in the crowd responded by hurling eggs at the windows.

The Da Vinci furniture company showroom in Shanghai looks like a salon in Versailles. The price tag on a gilt-covered, Italian-made grandfather clock: more than $40,000.

So it was big news last summer when China Central Television — the government's flagship network known as CCTV — reported that some of Da Vinci's ornate furniture didn't come from Italy, but from a common factory in South China.

Chinese leaders made a rare condolence visit to North Korea's embassy in Beijing last month.

Broadcast on China Central Television, the leaders – dressed in black suits — bowed in unison towards the portrait of Kim Jong Il. Why show so much respect to a man who had so much misery?

One reason: fear of something worse.

In recent years, China's real estate market has boomed. A three-bedroom apartment in Shanghai overlooking the river would cost more than $3 million. But that's beginning to change. The slide comes as the world's most dynamic economy grapples with other challenges, including massive local government debt and slowing growth.

As the U.S. and Europe have struggled with debt, China has seemed to be largely immune. This fall, the European Union even asked China for financial help, but China has a debt problem of its own.

Over the past several years, local governments have run up at least $1.5 trillion in bank loans for infrastructure projects intended to prop up the nation's economic growth. Analysts think much of that money will never be repaid.

Chinese love World Cup Soccer and NBA basketball. Selling them NFL football has proven much more difficult. On Sunday, the NFL set up an elaborate, interactive exhibition outside a Shanghai stadium in an attempt to build a fan base in the world's most populous nation.

China's "one-child" policy has repressed and stabilized the number of births, but the market for baby products has exploded. The growth is driven by rising incomes and the intense focus on the single child with interesting twists. For instance, baby formula sales have gone way up because people are now spending more money on foreign formula products because they no longer trust Chinese companies after the melamine poisoning of several years ago.

China has made a fortune producing cheap products that sell for low prices around the world.

Yet many high-end goods manufactured in China –- everything from iPads to Coach bags — actually cost more in China than they do in the United States.

To figure out why, I recently visited a luxury shopping mall in Beijing with Professor Nie Huihua, who teaches economics at the People's University.

The Chinese government slapped artist Ai Weiwei — one of China's most famous dissidents — with a $2.4 million tax bill last week. The move was widely seen as punishment for Ai's relentless criticism of the Communist Party.

Since then, in an outpouring of support rarely seen for a government critic, thousands of people have loaned Ai nearly $1 million to help pay the fine.