Graham expresses concern at the increasing dominance of far Eastern imports to the UK
With reference to Ron Watts’ article last month on the growth of imports from the Far East, I, too, share his anxiety. Not only is our manufacturing base eroding fast but also China is rapidly becoming the economic powerhouse of the world. It is not only the UK that is running the risk of severe unemployment in the years to come but also other western nations. For example, Wal-Mart, the US giant retailing group, now has over 300 buyers in China and imported twelve billion poundsworth of goods last year. If Wal-Mart were a country they would rank ahead of Great Britain and Russia in total imports.
What can be done? Surely the World Trade organisation could draw up sensible limits of imports for each of its members to address the present imbalance? It is very worrying that if this does not happen, in the not too distant future China will rule the world with its manufacturing capability. With the “wrong” government in Beijing, they could rule the world, full stop.