LOOKING INTO CHINA'S FUTURE
David Olive
Toronto Star, December 6, 2009
China's economic transformation has been so rapid that even its abysmal human-rights record is set aside in the minds of economic planners elsewhere, who marvel at a nation whose Industrial Revolution has compressed two centuries of Western industrialization into what seems like a mere two decades.
Even as the West remains in the sick bay, China's continued dynamic growth will see it overtake Japan this year as the world's second-largest economy, and Germany as the world's biggest exporter.
But beneath the veneer of spectacular Chinese infrastructure projects at home and Wal-Mart stores abroad seemingly stocked with nothing but Chinese goods, China remains a poor, developing country without a Western-style social safety net. It remains an exporter with only a nascent consumer economy, heavily reliant on imported technology, and propelled by an artificially devalued currency that effectively takes jobs from other countries, notably its fellow developing nations.
On the latter score, "China's bad behaviour is posing a growing threat to the rest of the world economy," Nobel laureate economist Paul Krugman wrote recently, describing Beijing's persistence despite years of external criticism of refusing to let its currency float the way the loonie does, to the detriment of Canadian exporters.
(...) [artículo aquí]
David Olive
Toronto Star, December 6, 2009
China's economic transformation has been so rapid that even its abysmal human-rights record is set aside in the minds of economic planners elsewhere, who marvel at a nation whose Industrial Revolution has compressed two centuries of Western industrialization into what seems like a mere two decades.
Even as the West remains in the sick bay, China's continued dynamic growth will see it overtake Japan this year as the world's second-largest economy, and Germany as the world's biggest exporter.
But beneath the veneer of spectacular Chinese infrastructure projects at home and Wal-Mart stores abroad seemingly stocked with nothing but Chinese goods, China remains a poor, developing country without a Western-style social safety net. It remains an exporter with only a nascent consumer economy, heavily reliant on imported technology, and propelled by an artificially devalued currency that effectively takes jobs from other countries, notably its fellow developing nations.
On the latter score, "China's bad behaviour is posing a growing threat to the rest of the world economy," Nobel laureate economist Paul Krugman wrote recently, describing Beijing's persistence despite years of external criticism of refusing to let its currency float the way the loonie does, to the detriment of Canadian exporters.
(...) [artículo aquí]
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