Dr. Tang Hao speaks on the relationship between the Chinese and American economies

There are several reasons why the Chinese economy is primed to continue to grow, said Dr. Tang Hao, our speaker at our May 3 lunch meeting.
Tang, a visiting Fulbright Scholar and associate professor at Randolph-Macon College, said that the Chinese tradition of saving has given the Chinese people access to capital as their economy expands. He also said that the compulsory education system in China, where students will be in school for 12 to 15 hours a day, helps dedicate them to learning. Tang said that an improving secondary school system, one that graduates 500,000 engineers a year, will only add to their manufacturing abilities.

He also said that the interdependence with the United States economy is a strength and described it as one of "mutual economic possession" and one where "made in China, really means made in the USA" because of the direct investment. As a example, he said that out of a $299 IPod that $163 goes to the designers, $132 goes to investors and transportation and that $4 goes to the Chinese worker. While $4 is not a lot of money, Tang said that it goes a lot way to help keep unemployment low.

The Fulbright Program is the U.S. government’s flagship international exchange program. The Fulbright Scholar-in-Residence Program brings visiting scholars from abroad to lecture at U.S. colleges and universities. While at Randolph-Macon, Tang’s lectures and courses will focus on the economic relationship between China and the world and China’s contemporary economy and politics.