Local manufacturing can replace imports if China’s economy is no longer able to function
Nicholas Shubitz outlines the impending demographic crisis in China, Japan and South Korea, and how this threatens the global economy .
He is right to be concerned. SA, alongside the rest of the world, is economically linked with the fates of China, Japan and South Korea. China, for one, is SA’s largest import partner and its second-largest export partner. If China’s economy is no longer able to function due to a lack of workers, SA loses a huge source of its manufactured goods.
But a decline in the East is an opportunity for the South. While there will be growing pains and suffering, a change in the economic world order is a potential opportunity for SA. But only if we seize it. We can replace Chinese imports with local manufacturing. We can find new trade partners. But only if we move away from the governing party’s obsession with socialism and embrace a true free market. Petty regulations on businesses must end, labour laws must become realistic and allow for employees and employers to enter into their own contracts, parastatals must be privatised and the market must provide for the infrastructure that the government has proven incapable of running themselves.
If we can grow our economy and create a free market whereby people can start businesses, get jobs and produce wealth, we won’t need China anymore. And we may even be able to replace them in the global economy. It just takes policy changes, a vision and some hard work. We are up to the task.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LETTER: Pravin Gordhan is a hypocriteMinister did not mind CEOs speaking out in his defence when Zuma attacked him but uncomfortable when De Ruyter blames senior ANC leaders
Read more »
LETTER: History could repeat after naval exercises with Russia and ChinaGerman submarines briefly succeeded in closing the Cape route in World War 2
Read more »
LETTER: Scrap food levies to ease hardship on consumersMore than 22 industries charge statutory levies of 3%-4%
Read more »
LETTER: Who has been feeding at Eskom?It can’t be that, year in and year out, millions are given to the utility but the power supply doesn’t improve
Read more »
LETTER: Will the ANC try to postpone 2024 elections?The ANC might be wary of a repeat of 2021 when the Constitutional Court rejected the Electoral Commission’s attempt to delay the elections
Read more »