In a remarkable United Nations summit on Thursday (Sept. 24), President Hu of China made a smash hit as he met with world leaders including President Obama of the USA and President Medvedev of Russia. So who cares? You and I do. Very much.
Mr. Hu had an articulate message of four points regarding collaboration and increased trade with the world for - peace. I know, I know - 'solve world hunger' right. Except he's not bluffing.
I did some recent research of trade patterns in the Europe, Middle East and Africa regions. The US and Germany were by far the main trade partners to EMEA up until a few years ago and then...yep, China came into play. China has surpassed the US as trade partner to EMEA and continues to secure it's source of raw materials. Africa has all the trade products needed by China.
Twenty years ago I think we all sort of smirked about the 'Yellow Peril' and Flash Gordon's 'Ming the Merciless' charicature of Chinese emperors - but that is just silly - China has earned its place at the world trade negotiating table - and not for just cheap and inferior goods - but for really good products and top notch production. I have no problem purchasing high tech goods with the label 'made in China'.
Folks - let's get the 'they have a lower standard of life and are paid lower wages' argument out of our heads. We need to understand what the world needs - did you realize that the bulk of US trade is agriculture? Soybeans to be exact. So we are the super cool nation and our main export is - soybeans - not in any way to 'diss' this product. What does does China export? A little more than soybeans...
More after the summit.