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“All Business is Local” author John Quelch on what is needed to boost U.S. economic growth and competitiveness globally.
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We now tonight's and tonight's Moneyline segment John -- -- -- of the China Europe.
International business school -- -- the new book -- business is local.
Especially if you happen to -- in China great to have you with -- -- I'll let let's start with I think Jay Leno nailed it this -- the second half nonsense all the political controversy whatever.
Right now on this country's economic policies and trade policies.
Seem absolutely pure.
22 China is -- -- this misperception on my part well Lou Lou I think we're -- -- redouble our efforts that's for sure in terms.
Can -- in us in terms of stimulating -- entrepreneurship and stimulating research and development funding.
The key to America's success has been in my view a combination of innovation.
Entrepreneurship and open market system.
And if you look at China's.
Current investment and just so that we put it in perspective sure it's gonna reach one point 5% roughly of GDP this year.
The United States has been investing 3% of GDP roughly in aren't the four bode.
Plus years are slew so let's not let's not -- game move like Jerry is just yet on the other hand what I don't know he was just giving you the score for those.
Second half of area I regard -- -- credit right I think he nailed it because we -- we've got a fifteen trillion dollars national debt on its way to sixteen.
We have just about two trillion to record setting their reserves and China.
And I would say that that's running up the score right now.
And I think there's some fools in this country who want to blame China instead of not looking for public policy choices were making.
And the business practices were following.
Would you disagree.
No I would not disagree with that I think -- it's very important -- all policy makers level with the American people in terms all the long term.
Competitive threat that so potentially China poses to to US business and to the US position worldwide.
But I think we have to.
Take a measured view of it because look GDP per capita in China is still only 5200.
A year.
What we've we've we've got time to get our act together.
But of the same time the Chinese are getting a a terrific boost from the fact that the US is stalled at the moment in terms of its economic growth cycle.
Then you you're you're the dean you're in your views are gonna turn this -- for you to grade -- it.
9% growth and the United States if we do succeed 2% -- -- -- their growth turns out to be geometric forms there arithmetic.
And a and we'll see them.
Voting to all force over the next decade we've languish at these levels that we've we've got -- we've got to improve our game we've got up on game we've got to realize that we have to compete more aggressively in the world economy.
But of the same time China also faces some in pressing challenges.
It has to rebalance quarterly -- -- well I'm not one of these guys are who who takes China in any kind of comfort -- in the challenges they face a look at the challenges we've got the opportunities -- energy reserves.
The dollar -- -- labor force we've got.
And this sort of the you know it's -- it's an -- -- when he went and turned for national leadership person business or whether it's politics right now.
That's -- -- -- I want to see.
Removed by right great leadership but but don't you feel that sometimes our politicians don't really level with the American people in terms of how.
Intense.
The compact competition now is out there in the world and those.
-- yeah we we need to -- on game surely on a number of -- areas do you think you're not satisfied.
With all of our schools in this country are public schools -- turning out.
Accomplished.
-- members of society and stated.
-- we're watching just about a third of all students drop out of our high schools.
You mean you're not you're not pleased with the fact our colleges and universities.
Can't seem to get Bob -- -- our eleventh percentile.
In mathematics and natural sciences and testing across the OECD countries I've got visibly Asian it's it's it's a very.
War record for sure and I remember one thing you once -- which was.
We ought to be citizens -- and consume -- second loan and I believe our product Paper it's very interesting you know in China these days I think people would say where citizens -- than consumers' sector in China.
Lesson learned I hope -- come back and talk for the center for what you have here -- --
