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Blogs by Arthur Jackson
Global Changes 12/5/2006 9:45:17 AM
China makes great leaps in global markets In the ever-changing world of global economics it is good to report that at least some place in the world, the economic future seems bright. Periodically I get a phone call from a friend of mine who is heavily involved with business in China. Over the past few years I've had the fortune of working with this individual on a number of business projects and watching him grow internationally. He calls me usually in the early morning hours from China to give me some window into the changing economic fortunes of that country. He has gone from a small import/export business, to a major interest in oil exploration and offshore Services. His future seems bright, as he is not shy about telling me every time the calls. China is becoming a country with a growing middle-class, and a thriving class of wealthy persons. Over the last 10 years China has produced a number of individuals, despite the communist leanings of the government, who have amassed vast fortunes of private capital. These individuals, who live extravagant lifestyles, are quickly changing the landscape both economically and politically in that country. Earlier this year, for the first time China undertook to provide property rights to all its citizens. Although the measure was stalled by hard-line Communists interest, it is sure to resurface in the next session of the People's Assembly. This is indeed a major stride forward. I also noted that the Chinese are moving quite rapidly into the global marketplace in a number of areas. From electronics to automobiles, pharmaceuticals to biotechnology, they're beginning to compete with Western interests in the global marketplace. It was not surprising that over the last several months the Chinese government has expressed its intentions of renovating its antiquated educational systems, to allow it to produce over 1 million scientist, technicians, and engineers, and administrators each year in the near future. They're not only content to compete economically, there now beginning to compete for the top jobs in many of the Fortune 500 companies globally. It gives one pause when we remember that United States and Europe only produce some 250,000 of these types of individuals annually. In the world of tomorrow competition will be fierce on an individual basis and on a countrywide basis. Now if we can only get people like my friend to recognize the time difference between their country and United States so that they will not call in the wee hours of the morning, life will be good.
