In an article, "China is U.S.'s "Central Challenge" in Wall Street Journal (November 16), Jeffrey Sparshott cited Robert Diamond, head of Barclays, PLC. Diamond said U.S. businesses could pick up the mantle, but lack the confidence to start hiring because of concerns the country isn't on the right path with spending, deficits and taxes.
Meanwhile, Sparshott cited Min Zhu saying China is moving up the value chain into high-tech capital goods and is poised to account for about a third of global manufacturing of advanced machinery and equipment within a decade, from 8 percent today. Mr. Chu said "China will probably lead global manufacturing restructuring. That will be a big impact for advanced economics, particularly for economies that want to export tech goods." Mr. Zhu is special adviser for the International Monetary Fund in Washington and former deputy governor of the People's Bank of China.