China is on the move, but it will be close to a decade before it can challenge
U.S. for technology prowess.
China is closing the technology gap
U.S. every year, but it will be many
years before it challenges the
U.S. for dominance of the technology
market, according to Fred Hu, co-head of Investment Banking for
China at Goldman Sachs.
The country is also
improving human rights conditions and vows to resume a human rights dialogue
United States over its "sweat shop"
policies—particularly in light of the upcoming Beijing Olympics. However,
slowly churning human rights changes in China will still result in cheaper IT
manufacturing prices for U.S. companies, Hu told an audience, Feb. 26, at
Goldman Sachs 2008 Technology Symposium here in Las Vegas.
China has been making great strides in
a lot of areas. It's making large strides in IT to close the gap with the
U.S., but that gap remains very, very
big," said Hu. "There are reasons to think one day
China will become of the leaders in
technology—there is the human capital [quotient] where every year
China trends 600,000 graduates in
engineering. That's by far the greatest number of engineers. So there is an
abundance of human capital. And there is the social aspect….but I haven't found
anything event remotely compatible to Microsoft. Is it in five years
[competitors will emerge]? I think even longer."
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