"foreign companies control virtually all the intellectual property in China and account for 85% of its technology exports. " --Economist
Thanks for Fons to provide such an excellent story from Economist. It is part of the reason why I left my former company. Most of the Chinese people are proud of the domestic cheap labour, but it can't(delete not) last for long. I can see the inflation in the cities, big and small, are becoming more and more serious. Mother told me that the price of the coal this year has risen up between 100 per cent and 200 per cent. Common people pay more for their daily life, telling their need to higher salary. If cheap labor is the only advantage of China, how can it avoid the doom of the Asia financial crisis?
I rememered I raised the pooint on our financial journalism class, but the guest speaker, an veteran business editor, said that it is not the urgent problem now. Yeah, maybe, bad debt in the bank, of course, is the most urgent problem if those banks, including Minsheng Bank, The bank of transportation, and the the bank of Construction, want to go IPO this year. But it is not the point for China to be stronger in the future.
We debated each other in the class on the topic of "If Hong Kong doomed by the globalization", and we may argue on another similar topic, that is "If China doomed by the colonization of technology". May be.