As per this article China is no more a Tiger. It is a Titan.
nationalpost.com
Some notable quotes:
Last year, China elbowed out Japan to become Canada's second largest source of imports after the United States.
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It is estimated China now produces more than 20% of the world's refrigerators, 25% of its washing machines, 30% of its air-conditioners and televisions, 50% of its cameras and 70% of the world's metal cigarette lighters.
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.. Rio Tinto recently calculated China had overtaken the United States as the world's largest consumer of raw materials.
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"The government has very wisely put such a large investment into infrastructure into roads, into transportation to provide the opportunity for the economy to grow and develop," Peter Goudie, executive vice-president of marketing for Inco Ltd. and the nickel company's point-man on China.
But the entrepreneurial drive is also fierce and a strong work ethic abounds. Overtime is the norm and construction can be heard at all hours of the day.
"I think a lot of people don't understand just how much the development in China really has been driven by the entrepreneurs and the private sector," said Mr. Goudie who was recently in Dalian in northeastern China. "This is where China really is so dynamic. "
And it's not just plastic toys and cheap clothes that are gaining market share in Canada. The number one import from China last year was computers and computer parts, then toys and video recording equipment. Aerials for faxes, cell phones and amateur radios are big sellers as are golf bags.
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"They've moved well beyond toys and games," Mr. Porter said. "The structure of trade between Canada and China would make you wonder which one is the developed economy and which one is the developing economy."
"Over the long haul it's an opportunity and trend you cannot fight," he said. "Production is concentrated at the places that are good at it. We're good at services and wealth management and scientific research. We're not good at producing electronic goods or clothes or shoes..."
The worst thing people can do is worry about job losses in those areas, he added, as long as we replace them with better jobs.
"Of course I want to lose jobs in those areas. If Chicago still produced textiles, U.S. per-capita [annual] income would still be a US$1,000 or US$2,000."
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