The Emergence of China Throughout Asia: Security and Economic Consequences for the United States: Hearing Before the Subcommittee on East Asian and Pacific Affairs of the Committee on Foreign Relations, United States Senate, One Hundred Ninth Congress, Fi

LC Number: KF26 .F6354 2005 OCLC Number: (OCoLC)64446822 Subject: China -- Economic conditions -- 2000-. Excerpt: ...e? With Japan and South Korea ... Show synopsis LC Number: KF26 .F6354 2005 OCLC Number: (OCoLC)64446822 Subject: China -- Economic conditions -- 2000-. Excerpt: ...e? With Japan and South Korea now more trade dependent on China than the U.S., does that impact the United States' ability to promote its interests in the region?China runs a trade surplus with each of the world's three largest economic centers--the U.S., the European Union, and Japan--yet because of their heavy purchases of raw materials from neighboring countries, some analysts believe China's global trade surplus will fall to zero in the next few years. So, those countries who export raw materials enjoy a trade surplus with China. How does that impact their interests?At the same time, the U.S. economy remains a strength. We have been the driving force for the global economy for some time. Even as China is experiencing 9 to 10 percent annual growth rates, signs are appearing that China is seeking to cool its economy before it overheats. But could that cool-down result in a hard landing for other countries in the region that rely on exports to China?Foreign-funded enterprises now account for about 55 percent of China's exports and imports. The United States consumer contributes to all of Asia's prosperity by buying goods made in Chinese factories, which, in turn, purchase components and raw materials from Asian suppliers. If there is a protectionist backlash in the U.S. at Chinese imports, it does not impact just China, but all nations whose companies export raw materials to China.On the energy front, my state of Alaska is rich in natural resources. Our state budget is heavily impacted by the price of oil. China's rapid economic development has been a leading reason for the rising global demand for energy and raw natural resources.Steel prices, once low enough, just a few years ago, to lead the President to provide import relief for domestic companies, have increased considerably. We are tryin... Hide synopsis