Monday, October 17, 2016

Rise of China and engineering expertise

The rise of China should give a warning to America. China has developed expertise in engineering, high speed train, manufacturing, innovation and entertainment.

During the initial stage of its industrialisation, it depended on American manufacturing expertise. China has gone beyond that stage. It is now able to innovate and create its own products and brands.

America used its talents on financial engineering. This is just gambling and ripping off unwary investors. They do not create any value.

The jobs in America have gone to China and other countries where the people are willing to work hard to produce things.

Singapore should also learn the lesson of the decline of America. Like America, we have also been using our talents on financial services, financial engineering and wealth management. We should now move to non-financial services.

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