Well, in the last two years, wage rates increased quite a lot. Yet still the average wage rate for migrant workers, the bulk of the Chinese workforce, is about 2,000 yuan per month, which comes to a little bit over $300 per month. That is still way below American levels. I think American workers receive at least $2,000 per month. That is still a huge gap, so I don’t think the jobs would easily go back to United States. To create American jobs, it might be much better for the United States to increase exports to China.
You actually never know what kind of products the United States can export to China. There’s one interesting story in National Geographic about a company in South Carolina, I think, making chopsticks to export to China. The problem, of course, is that China still puts high tariffs on imports, especially on consumer goods. Hank Greenberg has called for a U.S.-China Free Trade Agreement, which I think is a wonderful idea.
We also did a simulation study on that. If you believe our figure, in five years' time the U.S.-China trade deficit will come down by 75 billion dollars to about one-third of current American trade deficit with China.