China has a good trade surplus. But if America was not importing so much from China, then China would have had a trade deficit instead, which shows the U.S. is a good customer for China, a good trading partner.
It is a correct observation that manufacturing in the United States needs further strenghtening, and the labour market could do with some reforms to make it more competitive on a cost basis.
Further, the kaizen (little improvements every day) that Dr. Edward Demmings left with the Japanese and which have helped Japan become the mighty powerhouse it is, is a philosophy that the Americans could do well to take to heart.
The Chinese entrepreneurs are said to be flying more airmiles than most other people, and China is fast expanding in importing ideas and adopting them suitably. China probably has the most number of people who will be ultra-wealthy over the next ten years.
Something that tells me there is a huge market for good quality European products as well, and the worldwide economic Recovery story can stay on track.