Posted on 07/01/2002 6:19:29 PM PDT by maui_hawaii
Edited on 04/29/2004 2:00:47 AM PDT by Jim Robinson. [history]
HONG KONG, China (CNN) -- When Mary Painter came to Hong Kong in 1976 with her husband, a civil engineer, she was one of hordes of British who flocked to the colonial outpost.
Drawn in part by the mystique of the Far East, and the dream of making it rich in a colony, British opium traders, backpackers and bankers have made the Pearl of the Orient with its tiger economy their home for more than 150 years.
(Excerpt) Read more at asia.cnn.com ...
Now consider: about 7% of our exports to Asia go to China, and about 20% of our imports from Asia come from China...
At the same time, first China will demand that everything be made in China... then it will demand that everything be sourced in China also...
China? a big export market for US products? No way. Thats a joke.
US corporation's exports (hence revenues, hence profits) to Asia will suffer, and the market will see a mass contraction.
If corporation XYZ has 20% of its revenue derived from Asia...its going to be a pretty big blow to Wall Street when they report "our overall revenues shrank by 10%"...
China won't care because anything that 'keeps the party in power' is a 'good economy'...they will get what they want and to hell with everyone else....it will be just one more reason for America to withdraw from Asia...
Keep in mind that those 'services' these countries will supposedly render 'to China' as a result of 'China's rise' will rather quickly be sourced inside of China.
Cheap Chinese imports are not all they are cracked up to be. They are only self serving for a few.
OK, this is the 2nd time today that I've seen this term (phrase) posted at this site. Is this a new use of a foreign phrase that is now in vogue with liberals? What does it mean, and how is it pronounced?
That's not a joke unless you don't have confidence in American technology and innovation.
But after a quick look in the dictionary....
Of or characteristic of the last part of the 19th century, especially with reference to its artistic climate of effete sophistication.
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[French : fin, end + de, of + siècle, century.]
Actually, its not the French people, its the people who quote French people that tend to be light on their toes...
The Chinese seem to have enough confidence in American innovation for the both of us.
In fact they can't steal enough of it.
Stealing technology has been a common practice all over the world and throughout the history. Japanese used to be accused of stealing technology from the US, so what? Things are changing. You have thousands of new technologies and innovations everyday. You are always ahead of them. Over 90% of innovations in the world in the past 10 years are originated in the US.
This attitude pretty much sums up why we cannot count on "fair" trade with China, nor should we treat them like equal trading partners.
This is the key to the fallicy of the China dream. The CCP will want everything to be internalized. Countries and corporate entities expecting a huge windfall from the PRC may get a shocker if they are not careful.
Thanks for the article. Good one. Here's a related article:
Survey shows trust in government and Beijing dipping
It's not a black-and-white issue. China will play the same role in Asia that America plays in N. America as their respective regions' engines of growth. That is, just as America simultaneously engages in domestic and international trade, so will China. It's not a situation where America and China are completely self-contained economies that don't engage in any international trade. Neither America nor China can indigenously produce all the products their peoples demand. No economy in the globalization era is an island. China will indeed eventually develop its own world-class global companies whether it's a bank or a car company or whatever. But the rise of such companies doesn't mean that Citigroup or General Motors will no longer be able to do business in China. Foreign and domestic Chinese companies will duke it out in China, just as foreign and domestic American companies duke it out in America.
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