Getting China to Splurge
A Chinese consumer society would improve the lives of hundreds of millions of people in China and once again give hope to world economic growth, extending benefits outward.
For the rest of the world, the Chinese consumer is one of the best hopes for future economic growth. In the years ahead, when the United States, Europe and Japan will have no choice but to slow their spending and pay off their debts, China could pick up the slack. Millions of Americans—yes, millions—could end up with jobs that exist, at least in part, to design, make or sell goods and services to China. This possibility helps explain why Democrats, Republicans, economists, business consultants, corporate executives and labor leaders all devote so much time to urging China to consume more.