that others throw rocks in their harbours is no reason for us to throw rocks in our own
However, a long history of trade can show this to be an imperfect view of the world. There are many ways to manipulate trade beyond pure trade barriers of old. The one that has me and most of the spooks in the US worried of late is the emergence of cybertheft. China is the undoubted king of this, with it being allegedly officially sanctioned and backed the the People's Army.
President Xi Ping is meeting with President Obama in California today (so they are not Bildebergers eh!) and this is one of the top concerns of the US, the pure theft of IP and the huge amount of cyber attacks on US firms. Given that Western Countries are increasingly relying on service industries that generate IP over physical manufacturing this theft is critical.
Yet in the UK we are remarkably unmoved by the new cyber threat. The case in point has hit the news again today in the case of Huawei. This is a Chinese telecoms firm which again the US bans from working in the Country due to its strong ties to cyberwarfare. Whereas in the UK, we have allowed Huawei to deal with BT and expand as a major telecoms provider.
Of course, the arguments trotted out are that we should be open to business from China. but there is business and there is spying and the line for Huawei is compromised. Huawei has grown to become the second largest telecoms firm in the world and its integration into our key national infrastructure is now too late to reverse. But really at the time it should have been crossed off the tender list, it is no as if there are not a myriad of other suppliers that could have been used. Huwawei offered good prices, offers of jobs etc, clearly buying its way to the work; questions should have been raised.
It's a challenge which I can see the UK and Europe failing in, which is a shame as we are trying so hard to build an IP based economy. And you just thought we were bad a bank regulation!
