Friday, February 24

China's rise does not mean conceding to China



I'm currently reading China Inc. by Ted C.Fisherman. Here's a small extract:

"Americans tend to focus on the huge inequality in trade between the two countries. It is a worry American's help to create by buying more from China's humming factories. In 2003, the Chinese sold the United States $152 billion more in goods than they bought. Contrary to common wisdom, the trade deficit with China does not mean that American's are spending down the national wealth at a much faster pace than ever before. So far, most of China's gains with American buyers have come at the expense of the other counties that once lured American dollars, especially other Asian countries.

......Columbia University economist Jeffery Sachs, counselor to nations, advises Americans to prepare for a world where by the year 2050, China's economy could well be 75 percent bigger than their own.

But conceding China's rise does not mean conceding to China. However, it does mean acknowledging a remarkable truth confronting us all....we need to know what is happening today in China - worker by worker, factory by factor - and why it will affect everyone."

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