Reed Hundt, former FCC chairman and author of the book "In China's shadow: the Crisis of American Entrepreneurship," writes an article in the Denver Post titled "In China's Shadow: US must change to compete:"
All Americans are living their lives in the shadow of China's rising economic power. China is now to the United States what the United States was to Europe in the 19th century: the world's biggest new market in terms of consumption and production and the place where standards of living are rising most quickly. China is the birthplace of firms with a chance to take leadership in every sector of the global economy.
The Europeans failed to meet the American challenge. Whether the United States meets the challenge of China is not determined by fate, but rather by our willingness to reform the structures of law, technology and leadership in the ways necessary to encourage entrepreneurship in energy, health care and every other sector of the economy.
Let's look at how long China's shadow already is and will become.
The Chinese are the world's No. 1 consumers by units of refrigerators, televisions and cellphones. China is first in the world in Internet users under the age of 30. More than 300 million Chinese - roughly a quarter of the population - have just moved or will soon move from rural to urban China and in doing so will create within 20 years an urban consumer middle class with purchasing power equal to that of Japan, the world's second-biggest economy. In a generation, the buying power of China will shape much of the tastes, trends and technological choices of the world's sellers of goods and services..... (more) (with an except from his book here)
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Posted by: Edith | July 15, 2012 at 07:46 PM