TIME sketches the China effect: as the economy matures, multinationals look elsewhere in Asia for low-cost manufacturing. As China progresses from a low-cost manufacturer dependent on exports to a service-oriented economy driven more by domestic demand, wages there are rising. As salaries and spending power in China rise, the Chinese are importing more goods from the rest of Asia. At the same time, those rising salaries are forcing China to outsource more of its low-end manufacturing. As a result, the lowest-end factory work once done in the China, is now being done in neighboring countries, from Malaysia and Thailand to Vietnam and Bangladesh. But still, we are only talking about fractions of European or US wages. The average hourly wages for manufacturing workers in 2010 was 2.00 dollars in China compared to 1.40 dollars in Thailand and 1.10 dollars in Vietnam.The US focus in the magazine is on savings. As described in earlier issues, next year’s election could well be about the national deficit and how to get it under control. The US spends nearly as much as the rest of the world combined on defense policy. It is obvious that there is a world to win here. But which candidate will have the guts to save on national security. Regarding the US election campaign for 2012 TIME analyses the chances of Mitt Romney, a rather controversial figure. In a weak field of Republican candidates, Romney is currently the frontrunner. This is in spite of how TIME brilliantly describes him as being “the sum of its negative parts”.
But this is only a fraction of the variety of interesting items this week. Take your time for the extensive reports on the Nigerian elections, the Euro monetary crisis, people that never grow old and an interview with comedian-actor Robin Williams (who is now a Broadway actor and wineyard owner, despite being in alcohol rehab during 2006).


