A Quote by John Olver
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.
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Although investors have been concerned with China's slowing growth rate, China remains one of the largest and fastest-growing economies in the world.
You American people worry too much about the China economy. Every time you think China is a problem, we get better, but when you have a high expectation for China, China is always a problem.
In China, it was always said that a double-digit rate of growth would be dangerous. Now, the country has a growth rate of 6.9 percent and suddenly that is supposed to be a catastrophe for the global economy.
I have done business in China for 25 years, so I know that in order to get China to cooperate with us, we must first actually retaliate against their cyber-attacks so they know we're serious. We have to push back on their desire to control the trade route through the South China Sea through which flows $5 trillion worth of goods and services every year.
If we look at everybody's darling, China, there is an analogue called Taiwan that is inhabited by the Chinese as well. But the standard of living and of innovation of the Taiwanese economy cannot be compared with the Chinese growth rate.
As commerce secretary, I led the Clinton administration's effort to ensure China's entry into the World Trade Organization and the permanent normalization of trade between the U.S. and China - steps that produced a 76 percent increase in U.S. exports to China in just three years.
China is the big economic engine in Asia, so what happens is, as China growth expands, these countries in the periphery of China, whether it be Indonesia, Malaysia, Singapore, the Philippines, they end up growing with China because they become big exporters.
We can pretend that China is not there. But China is there, and unless we put our economy on the right track, it is going to overwhelm us completely.
China is very important. The future growth of China, China's influence is bound to rise.
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.
We haven't had a recession for 25 years in Australia. It's partly because of our trade with China. China's been doing relatively well. So some of the tensions around a low-wage economy haven't quite happened here in the same way as they have in the United States.
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.
People have put a lot of faith in the government's ability to get growth going in China. People have this, what I think, illusion that there are six people in China who really have their hand on every button. And what we're learning is, it's a very big economy and they're not that good at it.
China, the world's most populous country, 1.3, 1.4 billion people, will in the next decade or so have to begin looking for people outside of China.What does this mean? China will have to become a much more welcoming society. It means that China will have to attract immigrants from other countries in order to slow the aging of the population.
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.
The Chinese public is deeply nationalist, which matters to China's unelected political leadership as much as U.S. nationalism does to American politicians. As China becomes the world's largest economy, there is meaningful public pressure for its power status to advance in parallel. Any alternative would be humiliating.
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