China- Looking for some investment ideas for China. Any ETF that cover that country? Also, here is a letter written to Richard Russell that was forwarded to me on this subject. I guess RR had it in his newsletter. JS
Dear Richard --
to back up what you've been surmising...a patient of mine just returned from
china where he spent a few weeks and is being paid as a consultant. (he was
one of the people who figured out how to bond metallic oxides to other
materials like astronaut face plates)...he went with some trepidation as he
has been in Thailand and Korea ,etc.....well he came back astounded...he was
in a mid-sized town on the coast, no big city metropolis, his hotel was all
marble and beautiful ...$43/day and from his 12th story room he counted 19
hi-rise cranes building other structures...nice paved roads and no cars. the
plant he was at had thousands of workers imported from farm areas 2000 mi
away, they had uniforms and lived in co. supplied very nice dorms..they wok
9 hour days 5 days a week with 1/2 hour lunch and do not talk to fellow
workers..in other words a giant beehive filled with worker bees -- they are
paid $10/week and encouraged to work on weekends, most do. The factory
parking lot had four parking spaces for cars and 2000 bicycles
.They want his help in building a new factory, and he said he would need to
get together with some engineers to discuss it ..the next day they had 60
engineers in one room and started laying out the needs...he said they
accomplished in 2 days what would take 6 mos. here. Also the Chinese will
not buy Chinese tools and there are no import taxes on tools from
elsewhere...why? because they take apart imported tools and copy them, and
they are excellent copies.He said they copy everything from music c.ds. to
DVDs (they don't have tape they skipped that phase of development and went
right to c.d's.
He said it was the most amazing thing he has ever witnessed to use his words
"we don't have a chance". On a tour of one work area in the plant with 45
workers all trimming plastic flash from an extruding machine one employee
looked up at another of his fellow drones and then went back to work..the
supervisor leading the tour dropped everything and berated the man grabbed
his I.D. badge and dismissed him on the spot.
Growth rate 19% year, and this is not a major metropolitan area. It looks
like Mao's cultural revolution in reverse, instead of moving every one to
the farms they are moving everyone back from the farms and there so excited
to have jobs they work 7 days a week. He said there was a school below his
room and the students ran to get to school, and the children all seem to be
learning english..he said it was actually kind of scary.
regards norm
PS -- tell you children to learn Chinese!
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