There is a ferocious competitiveenvironment and that is why many of the foreigncompanies did not strive to compete but that said… they would say they haven’t got any access I mean a lot of them don't have any access,it's just a fact that’s only true: Facebook and Google that's right, information related eBay competed with Alibaba Amazon is still there but they're allcompeted by JD But that I have to say that landscape isshifting as well because of the new sector the Interneteconomy there's just much more level playingfields, much more competition it might not have been the same kind ofenvironment in the past when we're talking about automobilemanufacturing competition Malcolm what do you think…I want to go backto Martin's point about the blocked transition do you think there's a sense in the Westthat they're kind of looking at China thinking well, you know the carrots are not lookingthat great anymore so maybe we'll treat them as an enemy now because we can wield a stick, becausethere's nothing to gain I…think part of the Trump administration'sattitude to Chinese trade and indeed the view of people in the numberof other Western countries is sour grapes I mean the Chinese happen to have been verysuccessful exporters that's not a unique Asian phenomenon we have went through exactly the same withJapan in the 1950s and with South Korea and other Asiancountries they've shown themselves to be able toproduce the goods that we are consumers freely choose to buy because of quality, because of price andall the another…other market considerations so that aspect of it is sour grapes and I don’t go along with the Trumprhetoric or the Trump analysis However and there’s a huge However because what China has done so far and in asense you almost acknowledged it if I may say so, is that they've taken thebenefits of the global economy without this one you, yourself said it'snow time to give something back and by saying that you were acknowledgingthat that's what they have not been doing uptill now and what they have refused to do in any real sense apart from rhetoric is to allow Western companies but not justWestern companies other Asian companies as well to have the same access to penetratingChinese markets as they expect to have when they proudly goto Davos and say we believe in globalization and weare now the champions of globalization now that Washington has given that up at this moment in time I hope that willchange but at this moment in time, the ability notjust of American companies but companies from any country other thanChina to actually get into the Chinese market andcompete with Chinese companies is severely restricted not just because ofconsumer choice in China but because the Chinese government wantedthat way and how you do you agree with that? in fact when China joined the WTO, the… one of the conditions were to have certainsectors be open up to foreign competition and foreign companies wanted to come in forthe Chinese market and some even voluntarily traded in some oftheir key technologies now that said those are not the bestcompanies in the world because they wanted the Chinese market so that's…inaccurate to say that there wasno foreign access whatsoever there were certain sectors Now today, financial sectors is beingliberalized and they're inviting the foreigninstitutions to come in which will be good for China as well because we need competition to fix thefinancial system problems those kind of regulations, those kind ofrelaxation of rules have already happened it's already been completed, So we'reseeing that you know, Tesla is the first foreign whollyowned car company in China and so we're hoping to see more change which is puzzling them the quest…the kindof language out of Washington DC the trade war language, because if thingswere changing fundamentally why would the corporate lobby in the US notbe fighting Trump every step of the way and saying, look the doors open we don't have a problem here, we're happywe're getting the business that we need In fairness, The trade war has acceleratedthe opening up of China which includes not only financial servicesbut also lowering tariffs so that Chinese can import more from abroad now this is a very important event that China recorded the first currentaccount deficit in decades it's going to import more than it exports and it will serve as a great source ofaggregate demand but it's Trump that… the trade war canalmost be said as… thought of as a strategic gift because it's pushing for greater reforms, domesticreforms as well as more opening up and it's actually consistent with a long-termeconomic goals of China Okay, Martin, Can I just say does that turnyour argument on its head that…
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