What really matters for jobs and competitiveness is not consumer price inflation, but the rate of change of unit labor costs. (Unit labor costs are wage rates adjusted for changes in productivity.) A recent study from the Boston Consulting Group suggests that Chinese unit labor costs will grow at about 8.5 percent per year over the next five years.

FORBES: Chuck Schumer and the China Currency Bill

As a result of these changes, several trends are emerging, including movement toward outcome-based payments, higher labor productivity, decreased demand for hospital-based care and better, more efficient consumer markets.

FORBES: How Three Federal Initiatives Are Set To Transform U.S. Health Care