A Quote by Salman Khurshid
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.
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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.
I think the only way to actually move China in a positive direction is to disengage from China, to decouple our economy, our cultural ties, our sporting ties so that you put pressure on their regime.
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.
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.
During the 1999 debate over Permanent Normal Trade Relations with China President Bill Clinton said, 'In opening the economy of China, the agreement will create unprecedented opportunities for American farmers, workers and companies to compete successfully in China's market. WRONG: Our trade deficit with China has increased from $83 billion in 2001 to a record breaking $342 billion in 2014.
Instead of being focused on teaching what we already know, we now have to be focused on creating new knowledge that is China-based, because it's absolutely clear that China is going to shift from a production economy to a knowledge economy.
I don't think Donald Trump is a conservative. I think his line on China for example, that he's going to talk tough to China. China didn't create Social Security, Medicare. China isn't spending a fifth of a billion dollars every hour that it doesn't have.
Our goal there, in my view, is to work and lean strongly on China to put as much pressure. China is one of the few major countries in the world that has significant support for North Korea, and I think we got to do everything we can to put pressure on China. I worry very much about an isolated, paranoid country with atomic bombs.
I fully understand the One-China policy. But I don't know why we have to be bound by a One-China policy unless we make a deal with China having to do with other things, including trade.
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.
The way business is conducted on a governmental and legal aspect is completely different in China. The idea for us to have Facebook or Twitter as 'oh, well it's the Internet, anyone can put up whatever they want and be whatever they want.' It doesn't work like that in China. There are much more govermental restrictions on a lot of things.
Obviously, what's happening in China right now is crucial, in the party congress, which as someone said has anointed a new emperor of China in President Xi. So there's the rise of China, and their active involvement in the United States internally in our business and financial realms. That certainly bears watching.
We [USA and China] have a common responsibility with different numerical targets, and that's the situation ultimately we are going to have with China. We emit six times more per person than they do. It's hard to tell them to cut theirs in half right now until we start moving. Being the ostrich with your head in the sand and tail feathers in the air like some would have us to do while China continues to pollute is simply not an option.
The reason why China forecasting has such a poor track record is that Westerners constantly invoke the model and experience of the West to explain China, and it is a false prophet. Until we start trying to understand China on its own terms, rather than as a Western-style nation in the making, we will continue to get it wrong.
Deng Xiaoping made a calculation. He bet on demographics. What he knew was that China had this enormous population of young, underemployed people, people who he could move from the farms to the coast and put them to work in factories, and that would be the lifeblood of China's economy.
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.
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