China's Prospects
In Shanghai, a conference of capitalists ponders the country's future
It was the biggest gathering of top capitalists in the world's largest communist state. But the paradoxes of the Fortune Global Forum, held on Sept. 27-29, did not end there. Pudong district in Shanghai, the host city, was a showcase for space-age skyscrapers - many of which were eerily empty. During the banquets, Chinese guests often wielded knives and forks, while Western delegates struggled with chopsticks.
Held on the eve of the People's Republic's 50th-anniversary celebrations, the forum had as its main theme "China in the Next 50 Years." President Jiang Zemin gave the keynote speech. Foreign participants wanted to flag their interest in China's vast potential markets - and perhaps pick up a thing or two about tapping them. For their part, the Chinese were keen to rub shoulders with the helmsmen of some of the world's most successful companies, and to present their own views of China's challenges and directions. Notable comments gleaned by Asiaweek's editors and correspondents:
Kenneth Courtis, chief economist for Deutsche Bank Group Asia Pacific
"When the U.S. and China negotiate, the situation is unique. It is the superpower of today sitting down with the country that sees itself as the superpower of tomorrow. The discussions are about the transition. So they are not just about making room for China [in the global order], but making room at the top. China should become a core member of the WTO, the G-7 and the IMF. That means other countries will have to cede power - which is a very difficult decision for the West to make. But it must be made in order to develop a genuine mutuality of global interests. Then progress can really be made."
Mickey Kantor, former U.S. commerce secretary and trade representative
"During the Cold War, we [Americans] were afraid of the strength of Russia and China. Now, we should be concerned about their weakness."
Lee Kuan Yew, Singapore statesman
"My discomfit arises from the fact that even Chinese in their thirties, who will be in charge in 20-30 years, are beginning to get disenchanted with America. You have offended a whole generation of [younger] Chinese with [all the] China-bashing. You do that with a country with records that go back thousands of years, and you are creating unnecessary debits that you will have to square out in the future. The more you press [Beijing] to do these things [that you want], the more they will find it impossible, because it's an affront."
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cnn.com
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