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Chinamerica: The Uneasy Partnership that Will Change the World
by: Handel Jones
•Publisher: McGraw-Hill
•Number Of Pages: 304
•Publication Date: 2010-06-17
•ISBN-10 / ASIN: 0071742425
•ISBN-13 / EAN: 9780071742429
Product Description:
Praise for ChinAmerica
“A must-read for anyone seeking to understand the emergence of China as a major industrial power and how profoundly it is changing the world economy.” —Dr. Henry Kressel, author of Competing for the Future: How Digital Innovations Are Changing the World
“This book is essential reading for business leaders and observers everywhere as this dramatic shift of economic and political power from the West to China continues.” —Ray Bingham, chairman, Flextronics International
“ChinAmerica provides extremely in-depth visibility into the interactions and interdependency of China and the United States. I believe everyone who takes the time to read it will learn of the many challenges and opportunities that exist for both China and the United States.” —Richard Kulle, president and CEO, gEM Services, Inc.
“Handel Jones lays out concisely what China is doing right and the United States is doing wrong. This is a wake-up call because China today is the most serious economic competitor that the United States has ever faced. This book should be required reading for all U.S. politicians and business leaders.” —Wilfred J. Corrigan, founder, chairman, and CEO (retired), LSI Logic Corp.
Conventional wisdom pits China against the United States in a war for economic supremacy. However, in ChinAmerica, Handel Jones, one of the leading experts on China's industrial and economic emergence, demonstrates that the wave of the future is cooperation between the two titans, not conflict-and how America will benefit from increased economic engagement and competition with China.
To some, conflict between China and the United States appears to be both imminent and unavoidable (indeed, in some eyes, the battle has already begun). But this perspective badly overlooks one vital fact: both nations have no choice other than to act in their mutual interest. Focusing on several key areas of conflict and mutual interest, Jones gives a thorough and eye-opening portrait of the policies, history, and habits that have led to the intersecting fortunes of the two superpowers. Jones also outlines actions the United States must take to hold on to its leadership role by forging equilibrium with China that's based on mutual respect and dependence.
As Jones makes clear, the contrast between the two powers couldn't be more startling: while China is amassing through trade nearly one-fourth of the world's foreign exchange reserves (nearly three-fourths of that amount in USD), the United States excels mostly as a consumer of finished goods, with Americans unconcerned about debt and other consequences of living beyond their means. China subsidizes development of more efficient manufacturing techniques, and in response America threatens protectionist barriers. Developments such as these, however, don't necessarily put the nations on a collision course. To Jones, these facts point to a very real opportunity for Chinese and American governments and businesses to work together rather than be separated by economic tensions.
Filled with cogent analysis and expert advice, ChinAmerica is the most comprehensive look yet at the interdependency of the world's two leading powers. This is a book that will change minds about Sino-American relations.
Handel Jones is the founder, owner, and CEO of International Business Strategies, Inc., a market and strategy consulting and analysis company whose client list includes IBM, Nokia, Samsung, Sony, Toshiba, TSMC, and China Resources. He has been involved with Chinese governments and state-owned and private businesses for more than 30 years, and he is one of the leading experts in directing international business investment in China and Chinese corporate investment/expansion overseas. He lives in Los Gatos, California.
“Handel Jones lays out concisely what China is doing right and the United States is doing wrong. This is a wake-up call because China today is the most serious economic competitor that the United States has ever faced. This book should be required reading for all U.S. politicians and business leaders.” —Wilfred J. Corrigan, founder, chairman, and CEO (retired), LSI Logic Corp.
Summary: Excellent Perspectives -
Rating: 5
Handel Jones is worried about the U.S. vs. China - especially our ability to compete for global wealth. As he sees it, in today's competition CEOs have replaced generals as the leaders of conquering armies. Asian CEOs are not rewarded with stock options, and are thus more focused on long-term success than their American counterparts. Part of this is also due to many large Chinese firms being majority-owned by the government; also, foreigners (read 'Wall Street') cannot buy voting shares of any Chinese stocks. On the other hand, our 500 largest firms paid more in foreign than U.S. taxes in 2008. Rich benefits and retirement plans, along with skewed taxes (47% in the U.S. pay no federal income tax; another 30% pay relatively little) have created an easy money attitude in the U.S. that loads down American firms. Jones also blames U.S. companies and our government for not challenging foreign governments enough on various trade impediments. (Conversely, numerous foreign firms have established successful U.S. manufacturing plants, including BMW, Honda, Nissan, Subaru, Mazda, and Toyota, despite Chrysler, Ford, and G.M.'s problems; Jones did point out Arcelor Mittal Steel's success in taking over former U.S.-owned plants.)
A considerable portion of "Chinamerica" is taken up reviewing America's recent history and current global status in various markets, especially electronics. With the exception of Intel and its CPU products, he sees further losses in U.S. market share in electronics, including cell-phones and mobile communications infrastructure. Jones wryly notes that Washington places more emphasis on growing the peanut industry through farm subsidies than the wireless industry. U.S. semiconductor industries are already mostly using wafers from Taiwanese manufacturers, and assembly work is essentially long-gone (overseas). We now excel in living beyond our means, while China is accumulating enormous currency reserves (mostly ours).
Capitalism often focuses too much on shareholders, and socialism overemphasizes workers - the ideal would be a balance between the two. Jones sees the 'balance of payments' number as a key metric to evaluate national competitiveness - U.S. figures show heavy, year-after-year deficits over a period of decades. (Yet, somehow, Germany, despite its even higher wage and benefit levels, usually has a positive trade balance - Why?) Sparsely populated agricultural states such as Wyoming, Montana, Idaho, and Kansas use their over-representation in the Senate vs. high-tech states such as California, Massachusetts, Texas, and North Carolina to over-focus on farmers; high-technology firms usually aren't unionized either, depriving them of strong Democrat support; Republicans don't want government involvement at all.
Jones notes that Boeing outsources much of its production, and attributes that to excess-thinking about short-term cost-savings; reality, however, is that this is part of their marketing strategy to attract foreign buyers. Increasing R&D conducted in Asia by American firms is another Jones concern. De-regulation deprived AT&T of its ability to fund Bell Labs, and Xerox's transition away from a monopoly position to a commodity product also undid PARC.
China's government easily controls what is manufactured, by whom, and where - manufacturing licenses are required from it, and the government also owns all land and land leases. Firms that engage in conflict with the Chinese government are likely to find their business opportunities restricted - eg. Boeing's supplying military planes to Taiwan will not help Dreamliner sales to China.
Jones' recommendations for the U.S. include getting to a positive trade balance, reducing government benefits, providing incentives for exports, and increasing employment within high-level manufacturing and service sectors. The first step in moving forward is to improve government leadership by employing those who recognize the serious reality of our trade losses, and are not tied to past practices. I couldn't agree more - absent rapid change, China's GDP will equal ours in terms of purchasing power parity by 2019!
Summary: THIS BOOK HAS IT ALL - A MUST READ!
Rating: 5
Chinamerica is the best resource out there into China's history, culture, economy, and political agenda. There is no other book that provides this much information or level of detail.
Jones is a dynamic writer with in-depth understanding of both the U.S.'s and China's economic policies, and in his book, he reveals why China experienced such explosive success and what the U.S. needs to do to regain its competitive strength.
The rise of China has been monumental, and the synergistic relationship between the U.S. and China is a burning topic that everyone is talking about. This is A MUST READ!
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