A Quote by George Osborne
At the moment we are hard-wired into the European markets - 50% of our exports go to Europe - and that has not been good for the UK. So I'm not saying "make Britain entirely dependent on China". I'm saying "let's diversify a bit". When I became chancellor, China was our ninth largest trading partner. This is the world's second biggest economy. China was doing more business with Belgium than it was with Britain.
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I think we woefully failed to connect Britain to the growing Chinese economy in the previous decade, and I have sought to remedy that. China is now the sixth biggest trading partner with the UK. We have attracted now the lion's share of Chinese investment that is going into Europe.
After all, China is our largest trading partner. As I said, country-wise, Russia trades the most with China. That is my first point.
China is still our largest trading partner; however, complementarity between our economies is decreasing. We had the ability to organize a manufacturing process, and then we moved our manufacturing capability to China to make use of their labor pool.
China is our largest trading partner in Asia. The normalization of our relations will create major opportunities for Norwegian businesses and for job creation. We also hope to resume negotiations on a free trade agreement with China.
U.S. exports to China have more than quintupled since China entered the WTO and have grown more quickly than imports. In fact, China is America's fastest-growing export market.
What I'm interested in is Britain projecting itself abroad, and through that its values and the things it holds dear. And I don't think you do that by refusing to talk to the world's second-largest economy [China]. In fact, that is positively counter-productive in my view.
We all know that China is industrializing at a growth rate of 8 to 10 percent per year. China is on track to pass the U.S. as the largest economy in the world in 20 to 25 years, and China is determined to give its people a chance at this high standard of living that we enjoy.
China is absolutely one of the biggest players in the world and if Britain wants to be connected to the world it has to be connected to China.
China's own recent history proves that when it opens itself, there is nothing its people cannot accomplish. A more open China will lead to a more prosperous and stable China. That's good for China, the United States and, indeed, the entire world.
Well, I think we are seeing some shifts in manufacturing. China, when you go in and you talk to the big manufacturers there, the biggest problems in mainland China are recruiting and retention. There isn't an endless supply of cheap labor anymore in China. And it's now true that the labor rates in Mexico are lower than in China.
Of course I have the license to make up things, but I think a lot of what's written about China is misleading, and most Americans don't know much about China, in-depth, even though China is such a crucial business partner, rival, whatever.
China's reform and opening-up programme and Europe's integration process have both contributed significantly to global peace, development, and prosperity. China firmly supports the integration of Europe and regards the E.U. as a strategic partner that deserves our confidence.
Of course, the UK is a significant economy that makes up a quarter of American exports to the EU, more than 50 percent of our exports in certain sectors and over 25 percent of the government procurement opportunities we have in Europe. Brexit reduces the size of the TTIP deal for the United States, and there will need to be an adjustment of expectations accordingly, but Brexit underscores the value of reaching an agreement at this critical moment in the evolution of Europe.
The world may view India more benignly, but it does more business with China. It courts China; it needs China. Look at the genuflecting Europeans and the fork-tongued Americans!
The threat of China is not military. The threat of China is they can't be intimidated. Europe you can intimidate. When the US tries to get people to stop investing in Iran, European companies pull out, China disregards it. You look at history and understand why - they've been around for 4,000 years, they have contempt for the barbarians, they just don't give a damn.
From 1947 to 2001, the American economy grew annually at a rate of 3.5 percent. After China got into the World Trade Organization, got access to our markets and flooded our markets with its illegally subsidized exports, we grew at a rate of 1.8 percent from 2002 to 2015. That's almost cut in half.
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