It's Time to Rethink China

It's Time to Rethink China

Asia

The world economy has passed an important watershed during the past year. China has displaced the United States as the world's largest consumer of most industrial raw materials, including copper, aluminum, nickel, platinum and iron ore. China's steel industry now generates more output than the US and Japan combined. The market capitalization of China's steel industry is over $40 billion, compared to $11 billion for the US steel industry. In 2003, China produced 40% of the world's cement compared to 6% for the US. While China now consumes 22% of global copper output and 11% of nickel output, its per- capita consumption of most materials is still equal to only about 20% of US per capita co

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