reforms will be implemented after opposition gathers, as it surely will. reform is hard in any country, as can be seen from italy to brazil to india, countries are very reluctant to impose short-term pain for long-term gain. china has been the exception to this rule, but now it faces its biggest test. success will suggest that there is still life in its unique brand of authoritarian capitalism and will extend the power of its ruling communist party. and if it fails, well, china becomes just another emerging market with a model that worked for a while. for more go to cnn.com/fareed. there is a link to my column in the "washington post" this week. let's get started. when we look around the world, the emerging markets are slumping, europe is stagnant, japan is finally moving but it