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Once again it's thanks to state support.
Author Michael Casey talked to an
Indonesian industrial leader in his book The
Unfair Trade: How Our Broken Financial System Destroys The Middle Class:
China with its state-sponsored
transportation expansion, "is like a never-ending red carpet" for
investors, says Hendrik Sasmito chairman of the PT Panarub group of
companies, which makes sports shoes for big brand names such as Adidas of
Germany, Mizuno of Japan, and New Balance of the United States. "As you
go inland, you always have the next town that is ready for development and ready
for you to invest." Samito's plant is near Jakarta's chaotic, polluted
Tanjang Priok port, which he says is the only viable place to build a factory
given transportation costs. "And that means the cost of land is much higher,
because everybody comes here," he said. "Whereas in China, what happens? You
move inland, they give you the factory. You just come in and turn the key. They
have these old state factories and they don't want them empty, so you just move
in. That makes a big difference to your working capital."
Other great anecdotes we've
pulled from Casey's
soon-to-be-published book show the
right way to default on a loan and the
ultimate sign the commodity boom has gone overboard in
Australia.
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