Neoliberalism ‘with Chinese Characteristics’

this was ‘the third largest bailout in the banking system in less than

six years’.

23

 Although the non-performing loan portfolio accounts

for perhaps 35 per cent of China’s GDP, this pales in comparison

with the overhang of US federal government and consumer debt

that stands at more than 300 per cent of GDP.

24

In one key respect China evidently learned from Japan. The

modernization of education and science had to go hand in hand

with a de

finitive strategy of research and development for both

military and civilian purposes. Chinese investment in these 

fields

has been signi

ficant. It now even offers its services as a commercial

satellite provider (much to the irritation of the US). But from the

late 1990s on, foreign corporations began to transfer a signi

ficant

amount of their research and development activity into China.

Microsoft, Oracle, Motorola, Siemens, IBM, and Intel have all set

up research laboratories in China because of its ‘growing import-

ance and sophistication as a market for technology’ and its ‘large

reservoir of skilled but inexpensive scientists, and its consumers,

still relatively poor but growing richer and eager for new technol-

ogy’.

25

 More than 200 major foreign corporations, including such

giants as BP and General Motors, have now placed a signi

ficant

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