What China buys from us are high tech goods and agricultural and other commodities.

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When the economy turns down, businesses and consumers slow spending on hardware, software and other tech goods.

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That will be a big impact for advanced economies, particularly for economies that want to export tech goods.

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But punters must look beyond the handful of listed companies in the NICs that actually produce high-tech goods, mostly electronics.

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South Africa's trade unions recently complained that domestic industry was being flattened by cheap imports of hi-tech goods, computers, telecoms equipment and the like.

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Thus, the new policy aims to curb production of low-tech goods (like cheap plastic trinkets) by reducing the tax rebate for exporters more than 50% in many cases.

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Second, American businesses lobby for a softer line and for rule-changes at home to allow them to sell more in China, particularly for high-tech goods previously controlled on security grounds.

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Where once the West relied on China's lack of environmental enforcement to tamp down rare-earth prices and implicitly subsidize high-tech goods, in the future the nature of the subsidy will change so that China's cheap(er) labor will subsidize Western mid-tech goods.

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Manufacturers of small high-tech electronics goods, where freight costs account for a tiny fraction of the retail price, may not be that bothered about hedging freight rates.

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Meanwhile, China is moving up the value chain into high-tech capital goods and is poised to account for about a third of global manufacturing of advanced machinery and equipment within a decade, from about 8% today, Mr. Zhu said.

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Further, thanks to planned investments by companies like Cisco, 3Com, Lucent, Microsoft, United Technologies, Motorola and Texas Instruments, if Congress approves normal trade with China, expect American and world markets to be flooded with ever higher-tech Chinese goods: broadband routers, telecommunications switches, semiconductors, servers, applications software and aerospace engine parts.

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They want high tech, high fashion goods Made in the U.S.A. That is a fact.

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This has also meant the arrival on the world scene of multinational firms from emerging countries in sectors such as automobile manufacturing, consumer goods and high-tech industries like aircraft manufacturing.

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Infrastructure and high tech will get the nod, while consumer goods may get the axe.

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Of the few mentions of industries, the most notable is the rapid adoption of iPad devices with sales forces, most prevalent in legal, financial services, consumer goods, life sciences and high-tech industries.

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But in fact, there are a number of China tech startups innovating in areas unbeknownst to many in the West. (Virtual goods, which originated in Asia, is a good example.) YY Inc.

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