China Catching Up with the U.S. or Catching a Japanese Cold at Golden Networking's Biggest China Conference

Beijing, China, September 27, 2010 --(PR.com)-- A panel discussion on "With Japan in the Rearview Mirror, Can China Catch up With the U.S.?" will be featured at Golden Networking's 2nd China Leaders Forum, "Challenges and Opportunities for China's Economic Juggernaut" (http://www.ChinaLeadersForum.com), October 6th, New York City. 2nd China Leaders Forum will examine the challenges facing multinationals doing business in China, how to overcome potential obstacles to foreign investment, how to sustain economic growth after 30 years where average annual GDP growth rate was over 9.5%, as well as the threats and opportunities posed by China.

As reported by The New York Times, "For much of the postwar 20th century, Japan built an empire of private companies closely tied to and favored by the state. It erected a trade colossus whose exports were pumped up — American critics said — by an artificially depressed yen. Japanese manufacturers were accused of arrogating American technologies to churn out low-cost electronics. Japan’s retail and financial markets were all but impenetrable to American competitors. The United States trade deficit with Japan outraged Congress and helped prod Washington in the 1980s to orchestrate a wholesale appreciation of the yen’s value against the dollar to help protect American manufacturers.

"China today also has a stable of mega-corporations, although unlike Japan’s they are explicitly state-owned and often viewed as instruments of government policy. Broad sectors of the economy, including finance, communications, energy and some crucial manufacturing sectors, are effectively off limits to foreigners and even to most domestic competitors. The renminbi, China’s currency, is in global opinion — save in China — held unduly low to keep China’s export machine revved up. When Treasury Secretary Timothy F. Geithner arrived, an opening argument to his counterparts was that Chinese rules were forcing American companies to surrender their technological jewels just for a ticket to compete in the Chinese market."

2nd China Leaders Forum is produced by GoldenNetworking.net (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs, investors and diplomats, founded by former McKinsey consultant and Columbia Business School MBA Edgar Perez.

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