Exactly a week before the Hudson Institute event, the annual Fortune Global Forum opened May 16 in Beijing. The Global Forum was an invitation only event "limited to chairmen, CEOs, and presidents of major multinational corporations" according to its website, though Chinese government officials (including President Hu Jintao) were more than welcome. The description of the event stated, "As the world's economic center of gravity shifts to Asia, the dynamics of the global economy are changing dramatically. Already a dominant force in trade, China will overtake the US to become the world's largest economy by mid-century.... The focus of the 2005 Forum will be how multinationals can tap into the enormous potential of China. Among the featured speakers were presidents and CEOs from General Motors, Motorola, Wal-Mart, and Goldman-Sachs, which has put together the financing for many major Chinese projects.You also need to look at Frank Gaffney's take on China's
President Bill Clinton's Treasury Secretary, Robert Rubin, had been a co-chairman of Goldman Sachs. He recently told the Associated Press, "China is likely to be the largest economy in the world and a tough-minded geopolitical power equal to any other geopolitical power on the globe." So the business execs can't say they don't know what they're doing. Menges is right, they just don't care.