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When China Rules the WorldThe other obvious losers are blue-collar workers in the developed world who have found their jobs being outsourced to China. By far the greatest impact of China ’s rise has been felt in East Asia. The main gainers have been the developed Asian tigers of North-East Asia — South Korea and Taiwan, together with Japan. They have been the beneficiaries of cheap manufactured goods produced in China while at the same time enjoying growing demand from China for their knowledge and capital-intensive products. [563] Their own companies have relocated many of their operations to China to take advantage of much cheaper labour, as in the case of the Taiwanese computer industry. [564] The losers have been the same as those in the West, namely those workers displaced by operations outsourced to China. Unlike the United States, which has a huge trade deficit with China, all of these countries enjoy large surpluses with China. The nearest example in the region to a grey area is South-East Asia, whose economies are not so dissimilar to that of China, though Singapore and Malaysia, in particular, are rather more developed ...» |
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