2008 Woodie Awards
Panel questions whether China can sustain economic growth
Justin Oswald
Issue date: 11/28/07 Section: News
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11/28/07 - China. China. It has become the mantra that the U.S. economic heart beats to but businessmen and academics question if the beat is sustainable or destined for cardiac arrest.
In 2006, the United States accumulated a $230 billion trade deficit, a figure of great concern to George Shuster, CEO and president of Cranston Print Works. Shuster said Cranston Print Works currently imports about 90 percent of its greige goods - unbleached and undyed fabrics - from China.
"It is amazing that we manufacture anything at all in this country with all the disadvantages we have," Shuster said at last night's University of Rhode Island Honors Colloquium.
The colloquium, China Rising, is in its 10th week and has offered a variety of Chinese knowledge, from environmental aspects to social conditions and economics. Last night was the colloquium's first panel discussion, which played host to Shuster, Ming Wan, a public and international affairs professor at George Mason University and Satya Gabriel, an economics professor at Mount Holyoke College.
Although their focuses were different, everything was intertwined regarding China's economic sustainability. From a businessman such as Shuster to a conglomerate like Wal-Mart, which imports from about 5,000 Chinese factories, China is impacting everyone.
Ming said he does not think China will continue its nearly 10 percent annual growth rate and unprecedented success. Previous economic powers like the United States and some nations in Europe were sustainable because they were leaders in technological innovations, but China is unique because it merely produces mass quantities of things efficiently, Ming said. He added that political problems may erupt and affect China's growth.
"The silver lining in the long run is that China's rise puts greater pressure on developing and developed countries to make economic reforms," he said.
Shuster agreed that China's lack of innovation would slow its progress, specifically in the textile field where the design aspect of the industry is primarily controlled outside of China.
In 2006, the United States accumulated a $230 billion trade deficit, a figure of great concern to George Shuster, CEO and president of Cranston Print Works. Shuster said Cranston Print Works currently imports about 90 percent of its greige goods - unbleached and undyed fabrics - from China.
"It is amazing that we manufacture anything at all in this country with all the disadvantages we have," Shuster said at last night's University of Rhode Island Honors Colloquium.
The colloquium, China Rising, is in its 10th week and has offered a variety of Chinese knowledge, from environmental aspects to social conditions and economics. Last night was the colloquium's first panel discussion, which played host to Shuster, Ming Wan, a public and international affairs professor at George Mason University and Satya Gabriel, an economics professor at Mount Holyoke College.
Although their focuses were different, everything was intertwined regarding China's economic sustainability. From a businessman such as Shuster to a conglomerate like Wal-Mart, which imports from about 5,000 Chinese factories, China is impacting everyone.
Ming said he does not think China will continue its nearly 10 percent annual growth rate and unprecedented success. Previous economic powers like the United States and some nations in Europe were sustainable because they were leaders in technological innovations, but China is unique because it merely produces mass quantities of things efficiently, Ming said. He added that political problems may erupt and affect China's growth.
"The silver lining in the long run is that China's rise puts greater pressure on developing and developed countries to make economic reforms," he said.
Shuster agreed that China's lack of innovation would slow its progress, specifically in the textile field where the design aspect of the industry is primarily controlled outside of China.