Senior fellow: China drives global growth

Senior fellow Andy Mok says China, as the “workshop of the world,” is boosting worldwide prosperity.

Transcript

00:00OK, Andy, respond to that and then we're going to move on to our next segment.

00:03Is it just that there have been weak US presidents

00:06and that's the only reason China's got a foot in the door here?

00:10Or is that simplifying things too much?

00:14Well, first, let me just make an observation

00:18that I think Carla has enormously created use of language

00:22to say that China's taking resources from Brazil or Peru

00:29this is trade, as I'm sure she must know,

00:33that China pays for the soybeans from Brazil

00:38or from minerals that they purchase in Peru.

00:42They invest in Chowkye Port, creating relatively high-paying port jobs as well.

00:51So I think that's important to clarify.

00:54When we look at a broader picture, what's happening here

00:58is that so China with 1.4 billion people

01:01has increased per capita incomes by phenomenal amounts since 1978.

01:08It started out becoming so-called workshop of the world.

01:13So creating enormous demand for inputs,

01:18whether that's iron ore, et cetera, from Australia, soybeans from Brazil.

01:25So actually it's been an enormous growth engine for global prosperity.