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Why China will not buy the world

China frightens the west. Rarely, however, do westerners look at how the world looks to China. Yes, it has made enormous economic strides. But it still sees a world economy dominated by developed economies.

Among the few westerners able to look at the world from the Chinese point of view is Peter Nolan, professor of Chinese Development at Cambridge university. In a thought-provoking book published last year, he addressed one of the big fears about China – that it is buying the world.* His answer is no: we are inside China but China is not inside us.

To understand what Prof Nolan means by this, one must understand his view of what has happened during three decades of technology-driven global economic integration. The world economy has been transformed, he argues, by the emergence, through mergers, acquisition and foreign direct investment, of a limited number of dominant businesses, almost entirely rooted in advanced countries.

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馬丁•沃爾夫

馬丁•沃爾夫(Martin Wolf) 是英國《金融時報》副主編及首席經濟評論員。爲嘉獎他對財經新聞作出的傑出貢獻,沃爾夫於2000年榮獲大英帝國勳爵位勳章(CBE)。他是牛津大學納菲爾德學院客座研究員,並被授予劍橋大學聖體學院和牛津經濟政策研究院(Oxonia)院士,同時也是諾丁漢大學特約教授。自1999年和2006年以來,他分別擔任達佛斯(Davos)每年一度「世界經濟論壇」的特邀評委成員和國際傳媒委員會的成員。2006年7月他榮獲諾丁漢大學文學博士;在同年12月他又榮獲倫敦政治經濟學院科學(經濟)博士榮譽教授的稱號。

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