China's rise as a manufacturing nation has been astounding. It is achieving the economic status of a superpower on the strength of its membership in the World Trade Organization; a young, motivated, low-wage workforce; and aggressive industrial policies. With annual economic growth in the 8% range, China is fast attaining a world manufacturing ranking in the same league as Japan, the European Union and the U.S. Cheap consumer goods are part of its portfolio, but so are microchips, ...

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