26 September

Old-fashioned (racist) ideas about China still dominate. For example, why do so many Western countries have their things manufactured there? Listen to Tim Cook. It’s not low labour costs, which we always assume because we won’t attribute any smarts to China itself. Nor is it China’s State giving Chinese industry an ‘anti-competitive’ advantage. It’s because China’s industrial capacity is so enormous, the depth and quantity of skills is unmatched anywhere. Chinese industry can re-tool entire production lines in weeks, not years. Look at the exquisitely engineered Apple products. Only China can make those, at scale.