Who will win?

<h>90 US-cents</h> - this is the average cost of a Chinese employee per hour. In Europe, the comparable figure is USD 22.40. In competition with the US and China, the EU is at risk of falling behind.

In light of the rapid growth of the Chinese economy, discussions abound on how long the boom of this burgeoning economic power can last. Some experts fear that the recent boost could be followed by a sharp bust. Others, like the economists from the World Bank, expect China to become the major growth engine of the world economy in the next years.

Apart from these speculations there are some hard facts that should be considered. Comparing the potential of the three major economic powers, the EU, the US and China, the findings are sobering: Europe could be threatened from both sides in just a few years. On one side, the US, with its lead in high-tech and high-value services, and on the other side China, with lower costs and growing technology competence.