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Within a very short time, from nowhere seemingly,[link widoczny dla zalogowanych], China has leaped forward, becoming a top manufacturing center and a top trading nation. In 2005 alone,[link widoczny dla zalogowanych], China manufactured 80 million TV sets, 300 million mobile handsets, and 70 million air-conditioning units. These things were unimaginable in the Mao era. What was behind all this?
A basic fact is this: China’s quick development is tied to the outside world. The international involvement has many dimensions. First, the outside world had invested more than $640 billion in the Chinese market by early 2006. Second, overseas investors created over a half-million companies in this frontier market. Third, through their direct involvement, China’s economy is now directly linked to the global markets. These overseas businesses are responsible for the majority of China’s exports. In 2005 alone,[link widoczny dla zalogowanych], nearly 60% of exports from China came through foreign-funded enterprises inside the nation.
This expanding manufacturing power is altering the global production map, and the changing reality also causes trade frictions of all sorts. Different nations have different interests. Reaching common ground is burdensome, to say the least. But there is no alternative and no shortcut. The economic interdependence demands rational thinking and actions.
Among the trade issues, the yuan’s exchange rate stands out. Some people feel that a rising yuan offers an immediate solution to the trade imbalance as well as advantages to the world. But will a rising yuan resolve the deeper issues? Are there any other options?
But the key is a fast changing world production and trade. That is,[link widoczny dla zalogowanych], China and India are fast becoming low cost manufacturing and serice centers,[link widoczny dla zalogowanych], while the developed West is fast becoming hightech and service oriented industries and economies.