Search

Reports that from steel to oil to cars to credit cards, China is poised to become the world's biggest producer and market for many goods and services. Concern among some foreign business executives and appeal to others, depending on whether they see the country as a competitor, a cheap source of supply, a market, or all three; Pressure at companies across many industries to match prices available in China or lose their customers; Impact of deep price cuts, including job losses, cutbacks, and even closings; Decision by some American and European countries to move some of their operations to China, taking advantage of the country's vast and inexpensive labor force.

Examines China's economy in 2004. Comparison with Japan in the late 1980s; Role of multinational companies and foreign investment; Why China is an even greater economic challenge to the U.S. than Japan; Potential size of China's market; Concentration of new industry and commerce in China's southeast region; China's transition from a planned economy to capitalism; Views of analysts; Attitudes of U.S. politicians and of the President George W. Bush administration; China's biggest competitive advantage, its immense and low-paid work force; How China has benefited from opening up to the global economy; Outlook.