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China to Have No. 1 Economy Within 20 Years?

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    Former Kellog CEO Carlos Gutierrez on what is needed to boost U.S. economic growth.

  • Duration 3:44
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Remember those predictions that went in fifty years China could become the world's largest and most and the premier financial economic giant.

Well they've moved that to twenty years and it's -- getting.

Well let's let's time as we speak the so within twenty years trying to -- us as the financial juggernaut of the world former commerce secretary Donald CEO Carlos Gutierrez.

You make of.

Well you know its side in the incredible thing is that they've actually reduce the growth rate to about 5% in the out years.

So they must be making some very low assumptions about US growth rate.

On a per capita basis are still about 151000 so we're gonna be while ahead of them.

But I think it is a wakeup call that we've got to be thinking about the future.

And for some reason you know that the -- -- talks about a governance GAAP.

I think we have better -- is governance GAAP I think we have a political crisis.

That.

That stems from the fact that we can't seem to be looked to look forward.

We're always solving yesterday's problem or today's crisis.

But we've got to start looking into the future we have an immigration system that dates back -- the fifties.

We're not opening up new trade markets.

-- you know we're just not there -- energy we could have energy independence by 20/20.

-- we we should be running full speed ahead.

Senator -- this and I -- and says it is -- dressing and looking at the future.

And by looking at solar and green technologies that the Chinese are buying up like crazy including some American firms that were.

Supported -- rescue by us and I've put out.

That that that is a way to do that China has so revise its way.

Into these technologies.

Even copies us in so doing even buys are companies that are doing it.

But if we don't so the same fervor that is our government -- the same fervor.

We're gonna be the on the ball what do you make it.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Our reserves of natural gas and our reserves of shale oil.

They would be all over so we we have the opportunity to become the Saudi Arabia of natural gas by 20/20.

I don't see the urgency I don't see.

The thrust coming from government to open up federal lands.

To incentivize.

Production so you know we're just not doing what we need to be -- I think we're -- I.

That.

We are at a stand over the each other -- ourselves and the Chinese that.

They need us as much as we need them and that because of that because we need them to keep buying our debtors supporting the -- that they own.

And they need us to keep buying this stuff that they make.

We we have been mutually beneficial.

I don't know Tony Soprano like packed with what what do you what do you think and.

Well Ed -- we have further opportunities with China -- the -- Chinese companies.

And the Chinese Government they state -- enterprises.

They have made it a point to go global that's their next wave of growth.

And that's a lot of money that they're going to be investing and making acquisitions.

In Greenfield sites.

I think we should do everything we can to make sure that as much of that money comes here.

Armed but you know the higher we have taxes -- the more regulations we impose on business.

The more we scare them away and they go to different countries and foreign direct investment as good.

-- -- I'm -- -- there's a concert on secretary always good -- immigrant thank you thank you appreciate you love it.

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