Passage 1 The World Economy Canada's new Liberal government "has to start rebuilding the economy, "Dornbusch writes. "Public finance is rotten; industry is dull. But... there is an understanding of what has to happen." Inflation is lower in Canada than in the US, allowing the Bank of Canada to lower interest rates over the next year without much risk of a rout for the Canadian dollar on foreign exchange markets The Japanese economy remains in trouble, with output falling two quarters in a row for the first time in decades. An appreciation of more than 15 per cent in real terms in the yen over the past two years has hurt Japanese competitiveness Dornbusch notes. The fiscal package to stimulate the econ- omy, to be implemented next April, "will help some but not much" At best, Dombusch predicts, the Japanese economy will grow a real per cent next year. Japan which business is singularly ill-equipped to handle The entire belief system of decades-superiority of the Japanese culture and business system, sustained growth, social cohe- ent, accommodating finance, the US can be managed-are all up for grabs. Bad news! Outside Japan, Asia booms. China tried to slow down its economy, but apparently abandoned that effort at a Communist Party meeting last month. Growth in national output is expected to run at an astonishing 13 per cent this year. South Korea has its woes, and so do a few other economies, Dornbusch notes. But"there are no major obstacles to continued growth in Asia: savings rates are high access to external capital is plentiful, and the world trading system is staying open. Asia cannot fail to do well."Asian countries, having solved all their problems, are going to fare through 1993.

Passage 1 The World Economy Canada's new Liberal government "has to start rebuilding the economy, "Dornbusch writes. "Public finance is rotten; industry is dull. But... there is an understanding of what has to happen." Inflation is lower in Canada than in the US, allowing the Bank of Canada to lower interest rates over the next year without much risk of a rout for the Canadian dollar on foreign exchange markets The Japanese economy remains in trouble, with output falling two quarters in a row for the first time in decades. An appreciation of more than 15 per cent in real terms in the yen over the past two years has hurt Japanese competitiveness Dornbusch notes. The fiscal package to stimulate the econ- omy, to be implemented next April, "will help some but not much" At best, Dombusch predicts, the Japanese economy will grow a real per cent next year. Japan which business is singularly ill-equipped to handle The entire belief system of decades-superiority of the Japanese culture and business system, sustained growth, social cohe- ent, accommodating finance, the US can be managed-are all up for grabs. Bad news! Outside Japan, Asia booms. China tried to slow down its economy, but apparently abandoned that effort at a Communist Party meeting last month. Growth in national output is expected to run at an astonishing 13 per cent this year. South Korea has its woes, and so do a few other economies, Dornbusch notes. But"there are no major obstacles to continued growth in Asia: savings rates are high access to external capital is plentiful, and the world trading system is staying open. Asia cannot fail to do well."China's national output growth running at 13% is considered very high and implausible.

Passage 2 Made-in-China Goods in the US It's been ten years since China joined the World Trade Organization. Since then, the country's exports, particularly to the United States, have skyrocketed. Most Americans regularly buy products made or assembled in China. Steve Mores reports from the US city of Denver on how residents of that city feel about the made-in-China label. They know it or not, the Americans are massive consumers of Chinese-made products. The US -China Business Council says the United States imported 365 billion dollars worth of products from China last year, more than tripled the amount ten years ago. China says the US is its top export mar- ket. And many shoppers here in Denver say they buy made-in-China goods almost every day. While electrical equipment tops the list of imports from China, Americans flock to discount re- tailers like this to buy Chinese-made clothes, toys, footwear, and furniture. US International Trade Commission number showed the United States imported 29 billion dollars worth of apparel from China in 2010, and 16 billion dollars worth of footwear and accessories. "But I think made-in-China . I think it's probably going to be an affordable product. But series of safety concerns in recent years surrounding a number of products from China, including children's toys, has prompted some US consumers to look for alternatives close at home. "If could, I would buy everything made-in-America, and know that it was a high-quality product; I can trust it; I wasn't putting my family in any kind of danger." But not all the US consumers are worried about the safety of products carrying the made-in- China label. "Are those products made well? Yes, they are. The American corporations have the same standards when they have their products made in China as they do when they had their products made in the United States." China has also become a major export of food to the United States. The US government says food imports from China more than tripled in value over the last decades. With so many goods for sale in the United States carrying the made-in-China label, most people we spoke to say they don't need to think twice about it. However, the vast majority say that they welcome the importation of Chinese goods as a way of keeping prices lower at American stores.Most Americans buy products made or assembled in China regularly

Passage 2 Made-in-China Goods in the US It's been ten years since China joined the World Trade Organization. Since then, the country's exports, particularly to the United States, have skyrocketed. Most Americans regularly buy products made or assembled in China. Steve Mores reports from the US city of Denver on how residents of that city feel about the made-in-China label. They know it or not, the Americans are massive consumers of Chinese-made products. The US -China Business Council says the United States imported 365 billion dollars worth of products from China last year, more than tripled the amount ten years ago. China says the US is its top export mar- ket. And many shoppers here in Denver say they buy made-in-China goods almost every day. While electrical equipment tops the list of imports from China, Americans flock to discount re- tailers like this to buy Chinese-made clothes, toys, footwear, and furniture. US International Trade Commission number showed the United States imported 29 billion dollars worth of apparel from China in 2010, and 16 billion dollars worth of footwear and accessories. "But I think made-in-China . I think it's probably going to be an affordable product. But series of safety concerns in recent years surrounding a number of products from China, including children's toys, has prompted some US consumers to look for alternatives close at home. "If could, I would buy everything made-in-America, and know that it was a high-quality product; I can trust it; I wasn't putting my family in any kind of danger." But not all the US consumers are worried about the safety of products carrying the made-in- China label. "Are those products made well? Yes, they are. The American corporations have the same standards when they have their products made in China as they do when they had their products made in the United States." China has also become a major export of food to the United States. The US government says food imports from China more than tripled in value over the last decades. With so many goods for sale in the United States carrying the made-in-China label, most people we spoke to say they don't need to think twice about it. However, the vast majority say that they welcome the importation of Chinese goods as a way of keeping prices lower at American stores.The imported products from China to the United States nearly doubled over the past ten years

Passage 2 Made-in-China Goods in the US It's been ten years since China joined the World Trade Organization. Since then, the country's exports, particularly to the United States, have skyrocketed. Most Americans regularly buy products made or assembled in China. Steve Mores reports from the US city of Denver on how residents of that city feel about the made-in-China label. They know it or not, the Americans are massive consumers of Chinese-made products. The US -China Business Council says the United States imported 365 billion dollars worth of products from China last year, more than tripled the amount ten years ago. China says the US is its top export mar- ket. And many shoppers here in Denver say they buy made-in-China goods almost every day. While electrical equipment tops the list of imports from China, Americans flock to discount re- tailers like this to buy Chinese-made clothes, toys, footwear, and furniture. US International Trade Commission number showed the United States imported 29 billion dollars worth of apparel from China in 2010, and 16 billion dollars worth of footwear and accessories. "But I think made-in-China . I think it's probably going to be an affordable product. But series of safety concerns in recent years surrounding a number of products from China, including children's toys, has prompted some US consumers to look for alternatives close at home. "If could, I would buy everything made-in-America, and know that it was a high-quality product; I can trust it; I wasn't putting my family in any kind of danger." But not all the US consumers are worried about the safety of products carrying the made-in- China label. "Are those products made well? Yes, they are. The American corporations have the same standards when they have their products made in China as they do when they had their products made in the United States." China has also become a major export of food to the United States. The US government says food imports from China more than tripled in value over the last decades. With so many goods for sale in the United States carrying the made-in-China label, most people we spoke to say they don't need to think twice about it. However, the vast majority say that they welcome the importation of Chinese goods as a way of keeping prices lower at American stores.The United States imported 19 billion dollars worth of footwear and accessories from China in 2010.

Passage 2 Made-in-China Goods in the US It's been ten years since China joined the World Trade Organization. Since then, the country's exports, particularly to the United States, have skyrocketed. Most Americans regularly buy products made or assembled in China. Steve Mores reports from the US city of Denver on how residents of that city feel about the made-in-China label. They know it or not, the Americans are massive consumers of Chinese-made products. The US -China Business Council says the United States imported 365 billion dollars worth of products from China last year, more than tripled the amount ten years ago. China says the US is its top export mar- ket. And many shoppers here in Denver say they buy made-in-China goods almost every day. While electrical equipment tops the list of imports from China, Americans flock to discount re- tailers like this to buy Chinese-made clothes, toys, footwear, and furniture. US International Trade Commission number showed the United States imported 29 billion dollars worth of apparel from China in 2010, and 16 billion dollars worth of footwear and accessories. "But I think made-in-China . I think it's probably going to be an affordable product. But series of safety concerns in recent years surrounding a number of products from China, including children's toys, has prompted some US consumers to look for alternatives close at home. "If could, I would buy everything made-in-America, and know that it was a high-quality product; I can trust it; I wasn't putting my family in any kind of danger." But not all the US consumers are worried about the safety of products carrying the made-in- China label. "Are those products made well? Yes, they are. The American corporations have the same standards when they have their products made in China as they do when they had their products made in the United States." China has also become a major export of food to the United States. The US government says food imports from China more than tripled in value over the last decades. With so many goods for sale in the United States carrying the made-in-China label, most people we spoke to say they don't need to think twice about it. However, the vast majority say that they welcome the importation of Chinese goods as a way of keeping prices lower at American stores.American corporations have the same standards when they have their products made in China as they do when they had their products made in the US.

Passage 2 Made-in-China Goods in the US It's been ten years since China joined the World Trade Organization. Since then, the country's exports, particularly to the United States, have skyrocketed. Most Americans regularly buy products made or assembled in China. Steve Mores reports from the US city of Denver on how residents of that city feel about the made-in-China label. They know it or not, the Americans are massive consumers of Chinese-made products. The US -China Business Council says the United States imported 365 billion dollars worth of products from China last year, more than tripled the amount ten years ago. China says the US is its top export mar- ket. And many shoppers here in Denver say they buy made-in-China goods almost every day. While electrical equipment tops the list of imports from China, Americans flock to discount re- tailers like this to buy Chinese-made clothes, toys, footwear, and furniture. US International Trade Commission number showed the United States imported 29 billion dollars worth of apparel from China in 2010, and 16 billion dollars worth of footwear and accessories. "But I think made-in-China . I think it's probably going to be an affordable product. But series of safety concerns in recent years surrounding a number of products from China, including children's toys, has prompted some US consumers to look for alternatives close at home. "If could, I would buy everything made-in-America, and know that it was a high-quality product; I can trust it; I wasn't putting my family in any kind of danger." But not all the US consumers are worried about the safety of products carrying the made-in- China label. "Are those products made well? Yes, they are. The American corporations have the same standards when they have their products made in China as they do when they had their products made in the United States." China has also become a major export of food to the United States. The US government says food imports from China more than tripled in value over the last decades. With so many goods for sale in the United States carrying the made-in-China label, most people we spoke to say they don't need to think twice about it. However, the vast majority say that they welcome the importation of Chinese goods as a way of keeping prices lower at American stores.Most Americans welcome the goods carrying the made-in-China label because goods made in America are not affordable.

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