In the News (from Time): “The most important economic story of the first half of the 21^st century is how China is changing the global economy. There are a lot of benefits to this change – hundreds of millions of new consumers to drive global growth, fresh opportunities for entrepreneurship and job creation and heightened demand for everything from American corn to Australian iron ore. But not all of the impact is seen as positive. Low-skilled workers in the West have already felt the pain of competition from China’s manufacturing machine. As Chinese industry advances, it will present an even stiffer challenge to the competitiveness of the US, Europe and Japan. And as the Chinese economy continues to develop, new threats to the world’s established economic order will emerge. …

“Simply put, China’s SOEs [state-owned enterprises] are potentially poised to alter the rules of global economic competition. …

“As China remains wedded to its version of ‘state capitalism,’ Beijing’s support for large SOEs, and the impact that has on global economic competition, is likely to become an even bigger issue in the years to come.”

My Comment: Thus, they will gradually realize that not competition, but only a self-complementing system and solidarity, is possible in the world community.
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