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DJT comments on Denmark's comments on its contributions to NATO overseas operations like the one in Afghanistan. DJT stated the facts about participants such as Denmark that made small contributions in numbers- DJT said on Fox News -We’ve never needed them. We have never really asked anything of them. They’ll say, they sent some troops to Afghanistan or this or that, and they did. They stayed a little back, little off the front lines.” About 41 Danish soldiers were killed in Afghanistan and about 800 Danes went in. DJT is probably talking about the  brunt of the action being taken by the US including the effects of road side bombs. About 2500 US soldiers died and 20,000 were wounded and the US took the brunt of the fighting. These were Bush-Obama wars that during that time distracted the Nation from the serious challenges that emerged later in drug cartels in Mexico that led to more deaths in the US than in the Korean and Vietnam wars and World War combined, and the deindustrialization of the US that began with the Clinton era decision to allow China to enter the World Trade Organization without any safeguards continued into the second term of the Obama administration. In the European media there is rarely any mention of the huge losses from drug trafficking into the US that requires action along the lines of the Monroe doctrine which also protect Europe from drug trafficking into the EU. ...

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Indian prime minister Modi shown in a meeting together with Biden of the US, Fumio Kishida of Japan and Albanese of Australia at the Izumi Gallery in Tokyo during the announcement of the joint efforts for launching and promoting the Indo-Pacific Economic Framework for Prosperity. The IPEF led by the US will have four pillars of trade and supply chain resiliency, clean energy and climate change action, taxes to promote investment in infrastructure, and good governance. Seven of 10 members of ASEAN have joined including Indonesia. India is a key partner of US and Japan for the new IPEF economic alliance. Prime Minister Modi of India says about IPEF- "India will work together with its IPEF partners to build an inclusive and flexible Indo-Pacific Economic Framework. I believe that resilient supply chains must be based on three pillar foundation of trust, transparency and timeliness, and I am sure that this framework will make these pillars strong and lead to prosperity, peace and prosperity in the Indo-Pacific region." Attracting large investments in India and other reliable partners in a new supply chain that shifts out of China are part of the Biden plan working together with Japan and South Korea. Investments directly into the US are also part of the same plan. Gina Raimondo US Commerce Minister says- "I would say, especially as businesses are beginning to increasingly look for alternatives to China, the countries in the Indo-Pacific Framework will be more reliable partners for US businesses." US National Security Advisor Jake Sullivan says the IPEF is intended to boost US manufacturing. By boosting US manufacturing and technological advancement with investments inside the US that directly benefit American workers and families the IPEF will serve the US and the free world in ways that will shape the coming decades to 2030 and 2040. With investments in the US will come investments in India as a reliable manufacturing partner to replace China by 2030 is envisioned by Jake Sullivan and president Biden. ...

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Media accounts have given so much attention to the Nixon Feb. 1972 visit to China that most people may be unaware that this was just an important yet small beginning. The significance of what happened after 1972 is not fully understood. In 1973 the US liasion Office was setup in Beijing and China's liasion office in Washington DC.  Beyond this not much happened. Why? In 1972 election year the Watergate scandal started in June of that year only 4 months after the Nixon China visit. Nixon was too engaged with fighting impeachment that there was not much followup to the visit to China. In 1974 Nixon resigned and Gerald Ford became president. Till Carter became president in 1976 and in 1977 negotiations began to upgrade relations with premier Deng Xiaoping visiting the US in 1979. In China too a lot was happening. Mao was hospitalized in 1972 during Nixon's visit to China, the reason for the urgency on the Chinese side. In 1976 within a few months first premier Chou en lai and then chairman Mao passed away. A power struggle led to the head of the Military Commission Deng taking control. It was not till 1977 under Jimmy Carter 5 years after 1972 that China began full normalization, gained diplomatic recognition as the People's Republic of China and trade, cultural contacts were started.   ...

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India's currency is one of the hardest hit in emerging markets. India's rupee dropped by about 14% in 2018. India increased import duties by about 10% on airconditioners, refrigerators, washing machines and other categories for a total of $11.8 billion in imports in fiscal year ending in March.

India sees the possibility that with rising trade tensions between China and the U.S., president Trump increasing tariffs on Chinese imports, some of these Chinese exports to the U.S. could be dumped into the Indian market. The Federation of Indian Export Organizations sees the move in a positive light that it would help the rupee, increase local manufacturing and lead to foreign investments. India's current account deficit increased to 1.9% in the year ended March 31, 2018, from 0.6% a year earlier.

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MacKinnon argues that (while correcting the trade imbalance by American consumers increasing savings over time and becoming frugal), the stable exchange rate for the yuan and the dollar helps global economic growth by making it possible for China to engage in fiscal stimulus beyond the half trillion dollars it plans for 2009. From the Chinese point of view anchoring the yuan to the dollar at a stable exchange rate help China's internal price level. After the inflation rate exploded to 20% in 1993-95, the fixed rate anchor helped China regain price stability. The China stimulus in his words is most effective with a stable exchange rate.

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The influence of business executives who helped shape president Trump's views on Mexico, China, Export Import Bank, and other issues is covered by Stokols and Bender of WSJ. On Mexico the departure of Mike Flynn helped moderate views, Wilbur Ross, the Commerce Secretary also provided a moderating influence. The plans are now to change NAFTA but not entirely redo the agreement. On the Export Import Bank the views of Boeing CEO Muilenburg, who explained to Trump why the Bank supported U.S. exports and how other countries had similar banks, led to the president filling the bank vacancies. On China the influence of NEC head, Gary Cohn, former president of Goldman Sachs, and other business executives, led to a less confrontational position. The president once called NATO obsolete during the campaign but he met this week with NATO secretary general Stoltenberg this week and expressed strong support for NATO after rising tensions with Russia.

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American corporations lost faith in the American worker with a series of missteps by labor in the US by 1999 which were also failures of top management and engineering for quality on the assembly line and wages to compete with low cost outshoring. In losing this faith in the American worker America's corporations lost faith in their own country, in their own people- the people of America. Larry Summers was mentored by Treasury Secretary Rubin from Goldman Sachs. Deputy Treasury Secretary under Rubin, president Clinton. Following Rubin in 1999 as Treasury Secretary. Several key events happened that damaged America and the working people of the Nation -and each time Rubin and Summers are seen as giving wrong advice. The first deregulation of financial markets setup by Clinton-Rubin-Summers in 1999 led to financial crisis of 2009. The second setting up China's entry into the World Trade Organization without safeguards that caused China to use unfair practices to destroy much of America's manufacturing base. The 2009 financial crisis-  The support for repealing the Glass Steagall Act in 1999 and for deregulation of financial markets by Rubin and by Summers led to deregulation that caused the financial crisis of 2009 with overleveraging of US banks and faulty mortgages. This was the first blow to the social and economic fabric of America, to America's workers and families. The second body blow came from decisions made by president Clinton with advice of Larry Summers as Deputy Treasury Secretary and Treasury Secretary in 1999.  Advice that Clinton regrets  and sees as wrong and which have shaken American workers faith in the traditional Republican and Democratic parties of Bush, and of Clinton-Obama 1992-2016, a 20 year period which saw almost the entire industrial base of the US shipped to China  by American corporations working with China. American corporations lost faith in the American worker with a series of missteps by labor in the US by 1999 which were also failures of top management and engineering for quality on the assembly line and wages to compete with low cost outshoring. In losing this faith in the American worker America's corporations lost faith in their own country, in their own people- the people of America.     ...

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Dow Chemical CEO, Anthony Liveris, is co-chair of the Advanced Manufacturing Partnership, an effort to bring together federal government, industry, universities and other groups to invest in new technologies that would generate good-quality jobs and increase U.S. competitiveness. He writes this letter in the Wall Street Journal to correct two misperceptions. The first, is that government has no significant role in nurturing an environment that is good for business and manufacturing industry. Because other countries, including China, are now operating like companies, it is important not to let the U.S. be in a disadvantageous position. Government has always been involved in its writing of tax and incentive policies, regulations, trade agreements, and creating a climate of certainty. The second, is that the loss of manufacturing capacity and job losses in the last 10 years are different from the job losses in the 1980's. These are not the low tech and less efficient manufacturing job losses of the 1980's, but job losses as a result of moving advanced manufacturing capacity and research and development centers to outside of the U.S. Of the 8 million jobs lost in the last recession, he says two million manufacturing jobs of higher pay and supporting employment in other sectors were lost. His point: its time to focus on expanding manufacturing in the U.S. because manufacturing is the sector with the highest multiplier effect on other sectors. Public-private partnerships are critical to this effort for increasing technology development and increasing investment. This view is supported by other experts....

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Under Article 23 of the Basic Law, Hong Kong's constitution stated Hong Kong would pass legislation to stop national security crimes such as treason, secession and espionage. The Basic Law also had a provision to grant universal suffrage. It is important that the universal suffrage or democracy was never granted or made a priority by Hong Kong people during the boom years under the British, as a French commentator for La Croix aptly points out in FR24. He says he watched incredulous as Hong Kongers selfishly pursued money.  The Article 23 also provides for the National Peoples Congress to add laws for national security. The last time that Hong Kong people were faced with the National Peoples Congress passing such laws was in 2003 when half a million came out in protest. This was shelved at that time. It is now law today. Why now? More protests are expected and an election in July would bring more seats in the legislature for the pro-democracy parties, says the WSJ. Another factor is that Hong Kong at one time represented 16% of China's GDP in 1997, today it is down to about 3% in 2019. It is no longer that important to China, even while continual protests from Hong Kong detracted from other vital issues facing China as it shifts away from its trading relationship with the U.S. and as the U.S. imposes strict conditions on trade, investment and technology flows. Under the Hong Kong Human Rights and Democracy Act passed by U.S. Congress in 2019 an annual assessment has to be made by the State Department whether "one country, two systems" is operating. This is why Mike Pompeo, U.S. Secretary of State has made his comments that "no reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China." The new assessment would diminish confidence among foreign businesses in the city, in addition to ending its special trading status with the U.S. ...

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This WSJ editorial says Donald Trump's first foreign policy speech is full of contradictions. Mr. Trump says foreign policy should be "unpredictable" yet this also means says the WSJ, that the country should trust his instincts, and everybody else a loser- "I'm the only one-believe me, I know them all- I'm the only one who knows how to fix it." It says the speech gets an "Incomplete" at Trump University. It criticizes Obama, but in failing to stand up for peace through strength that marked the post war peace since 1945, WSJ says that more than people realize Mr. Trump is a continuation of Mr. Obama's policies of withdrawing from global engagement that has ensured that peace. Trade wars with China, Mexico and Japan could lead to a world recession. Though much needs to be done to ensure trade is fair to U.S. workers and business, Trump has no clearly stated path to do this, instead relying on brinksmanship that could end up in trade wars.

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There is a ton of cheese lying in storage -1.4 billion pounds - as Americans shift to foreign varieties and exports to China and Mexico are hurt by the tariffs war.  Americans are becoming more adventurous in their cheese eating habits. Many say they cannot stand eating processed cheese anymore. Processed cheese consumption is going down just as foreign cheese varieties are picking up strongly. Mozzarella cheese is up and cheddar cheeses is down with mozzarella popular in pizzas.   Cheese producers such as Sargento in Wisconsin are shifting to Gouda, a Dutch variety and other European cheeses as they adjust to the changing habits of Americans tired of processed stuff including processed cheeses.  Cheesemakers from Ireland and Quebec and local makers in Wisconsin were ramping up their production of cheese when the trade tariffs with China and Mexico hit dairy products. Cheese exports to China are down 63%. The result is that 1.4 billion pounds of cheese are now in storage in cold storage warehouses. Americans still eat a record 37 pounds of cheese every year, but processed cheese per capita is now half of what it was in 2006. Netherlands based Gouda producer Campina is expanding in the U.S. to meet the demand for gouda and other varieties.  Dairy farmers that supply cheese makers are hurt. Milk prices are down around 40% from a 2014 peak. 600 dairy farms closed in Wisconsin in 2018 alone. ...

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India moves ahead with the the purchase of $5 billion S-400 long range surface-to-air missile system from Russia durinf president Putin's visit to New Delhi. Delivery of 5 of the systems will take place over 2 years. India hopes to have a transaction specific waiver for the purchases as the U.S. is placing sanctions on defense purchases by countries from Russia. U.S. sanctioned China in September 2018 for its purchases of 25 Sukhoi jet fighters and S-400 missile systems from Russia.

India has set a goal of diversifying its arms purchases. From 79% of arms purchases sourced from Russia, the figure dropped to 62% in 2013-2017 compared to the preceding 5 year period.

India and Russia have set the goal of expanding bilateral trade from current $10 billion in 2017 to $25 billion  by 2025. 

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How Ohio which lost quarter million jobs since 2005 and is skeptical of free trade policies that cost jobs at home is being pandered to by the Clinton and Obama campaigns in primaries March 4, 2008, before a Presidential contest. Criticism of Nafta by both candidiates and a call for 27.5% tariff on Chinese imports as action against China for manipulating exchange rates. The working class white male, steel worker or factory worker is becoming important part of the determiners of this election campaign for primaries and for President. See his concens in the link in the WSJ. One thing is for sure a tariff on Chinese goods would upset a delicate trade balance that has existed for the last 2 decades. Its also ironic as China is finally shifting policy that will make Chinese goods more expensive in the USA, which is already apparent in apparel on American store shelves. And exchange rates are gradually shifting to add to price pressures inside the USA. Whats more the Fed finds it more difficult to raise rates while inflation picks up so a tariff would add to inflationary pressures and lower consumption in the US. See the links on this under China inflation policies. ...

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The French view of the DJT administration is that it is a rupture, an "historic rupture with immigration repression, aggressive trade policy, and undermining of federal and state institutions." This is far from the reality. In fact it is not a rupture, and far from that policy that DJT brought in the waning days of a tired cautious Obama administration that extended the war in Afghanistan long after it was clearly a failure from the Bush years. DJT called it common sense during his Inauguration speech waving his hands- so obvious, stay out of wars we have no purpose pursuing. Regain America's manufacturing base shipped out to China in the Clinton-Bush-Obama years 2000-2016 that helped the rise of China in phases of supply chain partner, competitor, adversary. French view Le Monde is that this is "aggressive trade policy," when in fact small towns across the US and France, and other industrialized EU nations, by losing their factory and industrial base to China have gone downhill losing jobs and standard of living. Tariffs and DJT policy was continued by Biden- there is no rupture. What French in Le Monde call "Immigration repression," is a policy of protecting border security including illegal drug and fentanyl flows and gang activity that was accepted by Biden and Biden-Republican Lankford legislation was agreed in 2024 to close the Border. There is no rupture from Biden on closing the Border.  With millions having crossed the Border illegally Republicans now have the support of Democratic Senators Gallego of Arizona and Fetterman of Pennsylvania in passing the Laken Riley Act in Congress to protect Americans and safeguard life in America.   ...

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DJT tariffs are selective and reciprocality makes them fair. This also cushions the impact on consumers and countries. Countries who have blatantly unfair tariffs for decades can then decide as in EU, China, India, Japan, S. Korea, Mexico and Canada, can decide how they will respond by looking at what they need to do for fair trade. Some tariffs are intended also as domestic policy for failure to control of fentanyl into the US as with CMC countries Canada, Mexico and China. US producers will make goods sourced from these countries at home and as DJT says about autos from Mexico this will lead to American producers in Detroit picking up production and bringing manufacturing back home to USA. Most goods Americans use were made in the US in the postwar period from 1950-1980, American manufacturing will get the boost it so badly needs after unfair trade practices from other countries in the EU, Japan, Taiwan and China. By April this policy will be in place, by June in 6 months the policies will be fully operational at entry ports in the US including Los Angeles and Long Beach. All tariffs are selective, carefully evaluated for individual countries and products and regions based on reciprocality a principle that is fair to all countries and the principle on which the world trading system is founded. Individual companies and industries that gain this or that benefit may present it differently saying is good or bad based on their interest and profits- for the US and American people the principle of reciprocality provides a yardstick that is both fair and in the long term interest of bringing jobs and higher wages to the US. ...

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An August survey by Japan's Ministry of Economy, Trade and Industry, shows 40% of the country's manufacturers saying they would shift production and R&D facilities overseas if the yen remains at 85 to the dollar. It has dropped below that. Nissan will make 71% of its cars overseas in 2010, compared to 66% in 2009. Murata Manufacturing plans to double its foreign output to 30% by March 2013. By buying Dutch printer maker Oce NV in March, Canon Inc., saw its overseas output jump to 48% for the first half of 2010. Toyota is on track to produce 57% of its output overseas in 2010 , compared to 48% in 1995. The popular Prius will now be built at a plant in Bangkok, Thailand. Sony did 20% of its television manufacturing in Japan in 2010, it is aiming to do 50% in 2011. As a result Sony showed a profit for the April-June quarter, after 6 straight years of losses. Its also important to note that when inflation is taken into account the yen has not strengthened the way it appears, which reduces domestic pressures to dampen the yen's rise. Tohru Sasaki, head of foreign-exchange research at J.P. Morgan Chase & Co. in Tokyo, says that in inflation-adjusted terms, the yen is 30% below the rate it reached in April 1995. U.S. consumer prices have risen by 69% since 1990, in Japan the prices rose only 8.5% during the same period. In inflation adjusted terms the April 1995 exchange rate of 80 yen to the dollar would be 56 yen to the dollar today. Japan's exporters can also benefit from the fact that a large part of Japanese trade is denominated in yen- according to Japan's Ministry of Finance 48% of exports to Asia were paid for in yen in 2009. Like China and Germany, Japan remains highly dependent on exports for growth- which provide two thirds of its growth. The yen's strength increases the outflow of production facilities. In July 2010, 10.3 millon workers were employed in manufacturing in Japan, down from 12 million in 2002. Japan's unemployment rate was 5.6% in 2009....

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The English Bible in the Texas K-12th grade schools curriculum for children in 2025. Critical for young children is an understanding of how the Christian faith was critical in the struggle against the evil of slavery, and how it was Abraham Lincoln's faith in Christianity that sustained him through the long and difficult struggle to end slavery in the Union, and to preserve the Union. How millions gave up their lives to end the evil of slavery in the Civil War. One passage from the new curriculum for Texas children says- "Even as the use of slave labor grew, opposition to slavery also grew, driven by colonists morally opposed to the practice, often based on their beliefs as Christians." Lyrarc.com has Lincoln's devotional- with parts of the New Testament from a British publisher in the 1840's that show how Lincoln's faith preserved the Union, and created the society in which all men are created equal envisioned by Washington and Jefferson in the 1770's and 1780's, right upto the French Revolution's rallying cry of Liberte, Egalite, Fraternite that was heard in America in 1800. It is strange that it is forgotten that for most of the period from 1600 to the 1950's there was never any doubt for 350 years that the US derived it's unique identity and ideals from it's Christian faith, just as China and India have derived their unique identity and ideals from the Buddhist scriptures and the Bhagavad Gita. The novel idea that the Bhagavad Gita and the Buddha should have the same level of understanding for America's children as Christian faith of countless generations since the settlement of North America from 1600 is hard to grasp. ...

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This report on Germany's view of US DJT Tariffs does not cite any German economists or experts. It simply rehashes the views of American economists who are the source of the problems America has on world trade because they supported textbook ideas about trade that have no connection to reality onthe ground - the experience in towns and communities dependent on factories across America for two decades. It says nothing, prefers to ignore and present a false narrative that has been around for so long in America that has led to it's deindustrialization with loss of 5 million jobs and tens of thousands of factories. It is destroying America's industrial base, while Germany sends its millions of cars Made in Germany into the US.  This is the kind of approach taken by Germany and China because they benefit from a system that American companies and economists, and three previous presidents have allowed or tolerated from Clinton, Bush, Obama for 25 years. ...

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The treaty of handover by Britain of Hong Kong under one country, two systems was flawed in the way it was negotiated. French commentators looking at the problem say the city is caught between its past in the British Empire and the new monolithic state that China represents. Under the British French visitors looked at the city and wondered how there was freedom but no democracy, people were just selfishly just interested in making money. Chris Patten, Britain's administrator of the territory tried but failed to get democratic process, During the negotiations in 1984 for handover the chief British negotiator, Percy Cradock, a former ambassador to China, tells the Australian Broadcasting Corporation that - In Hong Kong where there is such a disparity in strength between the two sides, you go for the best you can get, I take the simple view that half a loaf is better than no bread." Britain had very little leverage to secure a separate future for Hong Kong because it was small compared to much larger China resulting unequal negotiations. The same is true today as the best Britain could do is to get out a joint declaration with Australia and Canada saying that it did not approve the new security law, that it violated the treaty signed by Britain and China. The French view expressed by the editor of La Croix is that hasty poorly planned British exits- as happened in British India -have led to crises and conflicts for postcolonial generations, a legacy of British colonial rule. India and Pakistan still sorting out Kashmir, and India and China still fighting about the McMahon Line border area. The situation is very different for the U.S. which now has to respond in some way, and this comes as trade tensions and coronavirus tensions about its origins in China and the failure of Beijing to allow quick entry for an American team into Wuhan. This being for 7 weeks between Jan 6 request and February 16 permission. America sees this as losing 7 precious weeks to make up its own determination of the dangers when every week health experts say means saving or losing tens of thousands of lives. With loss of 100,000 lives the Trump administration has a sense of being misled. This French report in FR24 points out that the lack of a strong response from the U.S. would be something similar to letting the Berlin Wall happen without a response. Both sides in a situation where the territory of Hong Kong remained mostly about money and with a disproportionate influence of business interests similar to its founding under the unequal treaties of the 1850's. ...

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The South China Morning Post provides this view of China on the day of the 70th anniversary of the Communist Party of China, on the long road from the founding of the government in 1949 under Mao, the Cultural Revolution, and the shift to a state sponsored market economy under premier Deng in the 1980's.  From being at early stages of industrialization to a fully developed modern and industrialized country over three decades.  The challenges China faces are whether its growth will slow with a high debt situation, trade war with the U.S., aging population and the housing bubble that has created problems in Hong Kong. This could lead to a situation where its per capita income stays in the middle range at around $12,000 per capita, referred to as a middle income economy by the World Bank. Some experts believe that the factors that propelled China since 1990- a youthful labor force, globalization reducing tariffs and benefitting from entry into WTO, easy access to western technology, land sales for local governments to finance industrial development, rapid urbanization, and infrastructure investment in electricity rail and highways, are now reaching their limits with smaller incremental steps and growth in the future. The big gains made in the last three decades could be limited by other factors also such as the high debt economy, build up of industrial overcapacity, limited domestic consumption to take the place of exports facing high tariffs. Countries normally face some slowdown in such situation after a period of rapid growth, Japan and South Korea being recent examples. During the transition period to a new kind of economy from the manufacturing export push Asian model many unseen social and other problems emerge. The situation in Hong Kong shows how the housing bubble can also lead to problems that require resources and attention.  There are other social problems that continue to remain hidden. It does not take long for hidden problems to emerge as the situation in Brazil for lack of sanitation and epidemic prevention shows. In China the cost of too rapid development has led to pollution of rivers and land that will need to be cleaned up. The effect of contamination of food supply is an ever present risk with the contamination of land and water. Little attention is paid to prevalence of smoking and its damaging effects on health. The one child policy also brings with it cultural issues of how a whole new generation of children without siblings. Many other social problems that affect the quality of life become evident as growth slows and addressing these problems can actually benefit the country and its people. ...

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Like hundreds of thousands of other young migrant workers in China's factories, Yuan Yandong is from a rural area and lived on a farm. Better incomes have brought them to the factories in urban areas. In this case travelling long distance by train from Guangdong province to Shenzhen. As living standards improved across China and the government expressed a keen willingness to encourage workers to exercize their rights to fair wages and working conditons- especially by creating increased awareness of new labor laws in the state run media- migrant workers are becoming restless with conditions they accepted a few years ago. The growing use of cellphones and access to the internet have made news travel faster. A visit to a Foxconn factory shows a young worker, age 24, sitting on a stool 6 nights a week, 12 hours a night, with a quota to assemble 1600 hard drives for American computer storage company EMC, with the pressure to work continuously against the clock for each step in the manufacturing process. Foxconn is known for its highly disciplined nature of work, akin to a military style. Behind the scenes factories like Foxconn employ methods once used in the US at a similiar stage of industrialization, with 500 technical people continuously looking for the most efficient way to organize each step in the production process. Each movement and action of the worker is measured for time taken and process efficiency, according to experts at Tsinghua University in China. This means many factories can use less automation- and so less capital intensive manufacturing- and go to extremes where workers perform like machines. Yuan's ambition is to work only for another 2 years and then use his savings to get into hotel management. His wages are 75 cents an hour, and with the overtime premium about $235 a month. Foxconn announced a 33% raise in wages as a result of worker protests. The mind numbing monotony is becoming less acceptable in a changing China, and worker turnover in such factories is rising. After the initial burst of industrialization in which young migrant workers played a signifcant role in manufacturing, a new chapter in China's development is beginning- one less likely to create the large trade deficits with the US and Europe- which is moving in the direction of a larger domestic market with higher worker wages....