Goldman's Courtis: China's century
Asia chief says U.S. should embrace new economic power
By Steve Kerch, CBS.MarketWatch.com
Last Update: 11:05 AM ET Nov. 1, 2003
SAN FRANCISCO (CBS.MW) -- If America looks realistically at China today, it just might see itself as it stood 100 years ago, says Kenneth Courtis, vice chairman of Goldman Sachs Asia.
"The real issue with China is not the currency issue that every politician is talking about. The real issue is a little bit like what the rest of the world faced 100 years ago with the rise of America as the world's dominant economy," Courtis told a gathering of the Urban Land Institute on Friday.
"The fact of this century will be the rise of China," he said.
"The question will be how do we integrate China into the global balance of power, how do we deal with such a powerful new player who wants to sit at the main table. If we can do that, then all of us will gain immensely."
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Where the jobs go
The job issue, though, is likely to linger. Courtis argues that fears are unfounded that "everything is going to be transferred overseas."
"Of course there will be difficulties in transition. But the job declines in this country are not China's fault -- it's a factor, sure, but the bigger reason is because the U.S. has been generating productivity higher than real growth, meaning jobs can be cut," he said.
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