Quote

The major economies are not American anymore. They are Asian and South American.

Latin America has much richer resources. You'd expect it to be far more advanced than East Asia, but it had the disadvantage of being under imperialist wings.

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.

The Chinese economy has huge potential and flexibility.

China is a country, still, of great contrast. While hundreds of millions of people are part of the middle class and yearn for things made in America - American brands, movies, music - there are other hundreds of millions of people throughout China who are living on the equivalent of one U.S. dollar a day.

China saves too much, produces too much, sells too much to Americans and consumes too little.

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.

A stronger yuan could lead to greater Chinese asset accumulation in the U.S. and elsewhere.