China's flourishing economy is resulting in "national jealousy" in the U.S. where industrialists and politicians have been criticising the Chinese government for favouring local industry and indulging in currency manipulation, reports the Financial Times, quoting Sandy Cutler, chief executive of U.S. conglomerate Eaton.
“There is a strand of political thought in the US that is against the idea of free trade, with China bearing the brunt of a lot of negative comments," Cutler told the Financial Times. Cutler adds that imposing high tariffs and other import barriers would only damage growth in the long run.
Citing the IHS Global Insight economics consultancy, the Financial Times says that in 2011 China is likely to surpass the US as the world’s biggest manufacturing nation by output.
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