they are perceived to be....http://www.theatlantic.com/international/archive/2010/10/kicking-off-a-china-discussion-land-of-saint-louis/64516/A foreigner who has worked for years in China's manufacturing industry writes about a story that has just struck him, involving one of his Chinese employees. This is long, and not directly responsive to the "should China raise the RMB?" question. But it's an indication of the variety, chaos, emotions and ambitions, and sheer vivid humanity involved in China's recent economic history, which is often hard to keep track of as we parse the latest export or investment figures. The manufacturing person writes (with certain details identifying details altered, at the writer's request):
Back at the end the 90's I hired a young girl to fill an admin role....Over the years we have seen her progress in various roles to head of our Chinese shipping team where she is today. ... A couple of weeks ago someone in the office said to me did you hear about Emma's trip to Europe? I hadn't so what I heard is a milestone for globalization amongst other things. Emma went on a ten day trip to Paris and spent 100,000 RMB on a handbag shopping spree! Can you believe it? What's more she was greatly disappointed as Louis Vuitton didn't have the style she wanted. Hermes, Prada and Channel delivered the goods! Somewhere in the region of 10 fancy purses.I think there's hope in here for the western world as I don't think the Chinese are as skilled in global domination as they are perceived to be.... America needs to think outside the box, take what Apple has done and do more of it. Apple has done in electronics what Louis Vuitton has done with handbags. Apple has amassed well over 50 Billion dollars in the past ten years using US design and Chinese manufacturing. On Sunday
I was in the busiest Apple store that I have visited (and I have visited many of them) where was it? Shanghai! Who was spending - Emma's, hundreds of them! There were long lines at the checkouts spending RMB that was probably converted from US$ IOU's treasures! As I stood outside the store I could hear a huge sucking sound of dollars back the California!I think the China Deficit is more or less balanced as all of the products for sale in the store were made in China then exported and then reimported paying some duties to the Chinese revenue and crediting China for with imports. I'm not sure about the net net because, as Wen Jiabao said,
in the manufacturing of an iPod only $4.00 stays in China the other $295 comes from elsewhere. So America needs to pick itself up dust itself down and start innovating and designing handbags and gadgets to entice Emma & Co to spend the dollars that Apple paid factories to pay her for the work that she does for me to help Apple get those products to their customers all over the world!
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