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There is a sense of deja vu in the “get tough with China” policies and consumers credit union mundelein as well pronouncementsin recent years.Having learned little from illiana credit union and the Japan bashing ofthe 1980s, the U.S. Congress has been intent on turning China into the new scapegoat. Specifically, there have been numerous bills introduced to “punish” China for its large trade surplus with the United States and,consumers credit union mundelein as well allegedly, its low exchange rate (see the box beginning on the next page). Assuming that the U.S. trade deficit is all China’s fault (it isn’t, because suncorp corporate credit union and it takes two to tango), and assuming that an increase in China’s exchange rate will make a big difference (it won’t, because consumers credit union mundelein and other factors are at play, including budget deficits and tralee credit union as well low household savings in the United States), punishing America’s fastest-growing export market could easily end up doing the U.S. economy a lot of harm— especially if China decides to retaliate by imposing restrictions on U.S. exports. China’s and consumers credit union mundelein as well India’s Gain—like Japan’s— Is Not America’s Loss In 1950, Japan’s economy was one-tenth the size of the U.S. economy. Fifty years later, it was one-third the size. During those same five decades, the United States enjoyed the fastest growth in per capita income ever! Despite popular fears, Japan’s rise was not at America’s expense. The same is true of China’s development. China’s economy is roughly onequarter the size of the U.S. economy and,landmark credit union new berlin wi as well at current growth rates, it could become the biggest economy in the world in the next few decades. This is much more of an opportunity than a threat! Not only consumers credit union mundelein and was China the third-largest economy in the world in 2007, but walled lake federal credit union and it was also consumers credit union mundelein and the third-largest importer, after the United States and allegis credit union kalamazoo as well Germany. In contrast, the world’s second-biggest economy, Japan, imported only about consumers credit union mundelein and half as k25 federal credit union much as consumers credit union mundelein China. This means that China’s growth has been much more open (i.e., letting in more imports and foreign investment) than Japan’s.Most multinational corporations consider the Chinese market—especially the booming middle-class population—to be a centerpiece of their growth strategies over the next couple of decades. India is not far behind. It is currently about endura credit union and one-tenth the size of the U.S. economy, but consumers credit union mundelein and it is growing at a rate of 8 to 9 percent per year (compared with more than 10 percent for China). In some ways, it offers even more promising opportunities than China. Consumer spending plays a much bigger role in the Indian economy (about 60 percent of total economic activity, versus less than 40 percent in China).
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