【導讀】strongmomentum,butbalancesheets?debtsarehigh,sparecapacity,assets. tougherin20xx-06?SMEweakness,overcapacity,no. exports. buttheeuro. restocking,capex. businesssubdued. consumers. jobs,pensions. Policyboost?debtlevels. pensionfears. Reformefforts?spreadsrising. Commodities,trade. Chinathekeyfocus. Newconsumermarkets,low-costlabour,Indiathechallenger. Skilledlabour,R&D,outsourcing. US&eurozonedominate‘operating. Regulation,petition,localprotection,Foreignanddomestic. SecondonlytotheUS