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In the corporate world, it equates to making a controlling equity investment in a company and placing your friends on the board of directors. Who’s watching the store?Ĭhina is furiously financing the sale of products, such as 5G technology, to countries around the world, hoping to make them economically and technologically reliant. A Chinese company recently acquired 300 acres of land near Grand Forks, N.D., which just happens to be about 20 minutes’ drive from the Grand Forks Air Force Base. companies are prohibited from enjoying those same investment opportunities in China, making it an economic one-way-street.
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corporate debt that Chinese interests hold, China possesses potent political and economic power that it has not been shy about using. Chinese companies are acquiring American businesses, buildings and land at will, with the government currently holding almost $1 trillion in U.S. Its relations with the European Union have dramatically deteriorated, emphasizing its obligation to address the world’s lack of trust in it if it is serious about becoming a financial leader.īut China has been achieving its long-term business goals over the last 50 years and is now on a trajectory to have the world’s largest economy by 2030.Īmerica is more and more resembling an economic subsidiary of China. Sure, China’s immediate economic future is not without serious challenges given significant missteps related to population control, over building and new rules on domestic corporations. Western democracies broadly adhere to a “rule of law” that is intended to be impartial and applied evenly to all, while Chinese society is “ruled by law” that is intended to ensure continued Communist Party dominance. Michael Schuman recently wrote about what’s at stake. As it was then, the privilege of determining the rules that support global trade in the 21st century always belongs to the country with preeminent economic, military and technological leadership and stability. The economic contest between the United States and China is like the second coming of the Bretton Woods meetings, which established the financial standards for the reconstructed post-war world in 1944. But this situation is getting substantially more dangerous as China’s financial and technological capabilities grow. We explain this away as basic economics - workers in China are paid little, so products can be manufactured there must cheaper.