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Manufacturing is still critical to the economy United States. Clyde Prestowitz, says it's time to start realizing the positive spillovers that manufacturing creates... Read more  

Events & Activities

Stephen Olson at Chinese Development Institute Conference

 

 Clyde Prestowitz giving presentation to CDI...

 

Steve Olson teaching trade negotiations at the Mekong Institute...

 

Stephen Olson to speak at upcoming workshop organized by the International Institute for Trade and Development on 

"Economics of GMS Agricultural trade in goods and services towards the world market"

Chiangmai, Thailand Sep 8-12.

(06/12/05) Clyde Prestowitz in the Charlotte Observer

(06/12/05) Clyde Prestowitz in the Charlotte Observer
6/12/05 Charlotte Observer (N.C.)
2005 WLNR 9324773
Charlotte Observer (NC)
Copyright 2005 The Charlotte Observer
June 12, 2005
Section: BizDaily
Scared by China's high-tech boom?

Scared by China's high-tech boom? Think new free-trade pacts are a threat? Biggies are talking the tough issues of foreign competition in the Carolinas -- and they don't agree.

Lou Dobbs, CNN anchor and outspoken opponent of outsourcing, speaks Wednesday at a Raleigh forum on the N.C. economy. Members of the General Assembly, state Supreme Court and business leaders -- including Dan DiMicco, chief of Charlotte-based Nucor steel -- will take part.

The Insider traded e-mails with Dobbs on topics of his talk. "North Carolina has lost nearly two-thirds of its textile jobs, or 173,000 workers, since 1991," Dobbs wrote. "That figure may only increase if our government passes the Central American Free Trade Agreement, which represents a clear challenge to North Carolina's textile industry."

Another major concern of Dobbs' -- and DiMicco's -- is China's currency.

"The Chinese currency has been pegged to our dollar for more than a decade, and it's widely believed the yuan is undervalued by anywhere from 15 to 40 percent," Dobbs wrote. "Yet our Treasury Department says it will not `have a firm view' of the value of the yuan until its next currency report in October. I'd say it's time for the Treasury Department to get a firm grip."

On Tuesday, author Clyde Prestowitz talked his book "Three Billion New Capitalists" to the World Affairs Council in Charlotte. His view: We are too in debt to the Chinese, but there are opportunities for the U.S. He said we need to adjust by paying our debts, consuming less and fighting to keep high-tech factories here.

Mark Vitner, an economist with Wachovia, believes an economy like Charlotte's can remain flexible by retraining workers when needed and pursuing new opportunities. Every expert we spoke to agreed on one thing: We have to fix the schools to remain competitive. Next year, CMS begins teaching a few classes in Mandarin Chinese. An immersion program could follow.

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