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We all know that China is industrializing at a growth rate of 8 to 10 percent per year. China is on track to pass the U.S. as the largest economy in the world in 20 to 25 years, and China is determined to give its people a chance at this high standard of living that we enjoy.

One of the major problems with China is that its innovation is largely borrowed technology.

In a couple of years, the Chinese will be seen as regular participants in international industry. Their companies have to report to shareholders as well as to the Chinese authorities. They need to make money, they have to be efficient.

Contrary to what you might think, China's economy is relatively less efficient, and more polluting, than those of rich countries.

China is not only formidable, it is also aggressively building its own economic infrastructure. Just a few years from now, China will rival the U.S. and the European Union in global market power. It already has surpassed us in population.

U.S. exports to China have more than quintupled since China entered the WTO and have grown more quickly than imports. In fact, China is America's fastest-growing export market.

The Chinese economy has huge potential and flexibility.

Globalised manufacturing and procurement mean that a lot of high-polluting, heavy duty jobs are transferred to China. We will ask major companies, such as Wal-Mart, Microsoft and IBM to put pressure on their Chinese suppliers.

Increasingly, the Chinese will own a lot more of the world because they will be converting their dollar reserves and U.S. government bonds into real assets.

Globalisation has powered economic growth in developing countries such as China. Global logistics, low domestic production costs, and strong consumer demand have let the country develop strong export-based manufacturing, making the country the workshop of the world.