Afraid of China?
September 17, 2008 | Written by
As big banks fail and stocks tumble, there is a sense of doom and gloom here in New York. Uncertainties about our financial future and the health of the economy have me wondering about America’s leadership in many areas, and that feeling was exacerbated yesterday during a presentation from Jean-Michel Dumont, Ruder Finn’s Managing Director of North Asia.
Reviewing Ruder Finn Asia’s history and experiences over the last eight months, it became clear that China has been positioned to demand attention. This was made most apparent when considering that the world’s top banks are in China, and particularly when considering that they have been somewhat insulated from the sub-prime lending that has taken down Bear Sterns and Lehman Brothers.
China’s leadership is apparent in Internet usage as well. All the statistics I’ve seen seem to confirm this. China is adopting the Internet at rates much faster than the U.S. and being much more active in using it. In the most recent issue of MOVE! magazine, Barry Diller, Chaiman and CEO of IAC is quoted as saying:
"Chinese people seem to be way ahead of Americans in living a digital life."
But before you click through to read the article, let’s play a digital trends numbers game (stick your guesses in the comments section):
Does that mean we should be afraid of China?
As the MOVE! article, Jean-Michel, and my colleagues in Shanghai all agree, China is developing at breakneck speed, and that demands attention.
Do you think China merits attention?
How will companies in China and the U.S. be be affected by China’s Internet craze?
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