They aslo don't think he has gone far enough in meeting U.S. demands to open the economy to foreign goods and services. Others fear that Commuist Party hard-liners will attempt to undermine the new reforms in the name of political stability. That is not an idle concern. The risk of political backlash will rise as Jiang's campaign adds more unemployed to China's vast army of jobless workers. The degree to which China carries out its reforms will have a profound impact on the shape of the global economy in the 21st century.
China already is an export juggernaut of garments, appliances, and other low-end goods.
With its immense pool of engineers and huge domestic market as a lure to multinationals, China will put even more heat struggling Southeast Asian economites in the competition for new industrial and high-tech investments. But this emerging giant could also be a driver of global growth. The agenda coming out of the Party Congress may hold out hope that China, while not an outright ally of the U.S., will be a power Washington can live with. If China opens its markets and joins the World Trade Organization, as Jiang vows, it could become an enormous market and a valuable partner in the global supply chains of U.S. companies such as Motorola, General Motors, and Hewlett-Packard. Washington and its allies may also take heart from an expected political realignment in Beijing.