Chinese industrialization poses “unprecedented” threat
The Economist writes that China's industrial might may now threaten the architecture of the global economy, Photo: Eugene Hoshiko / AP
"Tensions over China's industrial might now threaten the architecture of the global economy," The Economist writes in its cover editorial:
- "America's trade representative this week called China an 'unprecedented' threat that cannot be tamed by existing trade rules."
- "At the heart of these tensions is one simple, overwhelming fact: firms around the world face ever more intense competition from their Chinese rivals."
- Why it matters: "China is not the first country to industrialise, but none has ever made the leap so rapidly and on such a monumental scale."
- "Little more than a decade ago Chinese boom towns churned out [zippers], socks and cigarette lighters. Today the country is at the global frontier of new technology in everything from mobile payments to driverless cars."