From BBC News:
Virginia Kamsky, chair of the China Institute in New York, smiles when I asked her how Americans should view their growing economic rival 9,000 miles away. Her answer is telling. Companies and industries that re-invent themselves to take account of China can do well; those who don’t will lose out.
But China is also a threat to other US companies, and has already destroyed some industries.
The once-thriving fashion district of New York is now a shadow of its former self because homemade textiles simply could not compete with the cheaper Chinese imports that have flooded the market in the US. [Full Text]