This article compares the practice of great power federalism in terms of global/local economic policy and relations in a context of expanding regional influence and transcontinental reach. The authors contrast China's recent decentralization experience with that of the FRG and the United States with respect to management of productive ventures, regulation of the economy, trade and commerce, fiscal relations, monetary policy and labor mobility. The three great-power states manage their complex and far-reaching economies through systems of multi-level governance that exhibit elements of convergence at the same time as each is headed in a defining direction. German federalism is making room for supranational involvement, US federalism emphasizes new managerialism at all levels of government and China's post Mao de facto federalism is launching provincial and sub-provincial governments on a booming economic trajectory. China's recent performance is particularly impressive given the size of its population and ...