Minnesota Journal of International Law
At the height of the Industrial Revolution, Britain was called "the Workshop of the World." 1 That title surely belongs to the People's Republic of China (PRC) 2 today. For example, China already is the world's fastest-growing large economy and the second largest holder of foreign-exchange reserves. 3 Furthermore, China is now the world's largest producer of coal, steel, and cement. 4 It is the second largest consumer of energy and the third largest importer of oil. 5 China's exports to the United States have grown by 1600% over the past fifteen years, and U.S. exports to China have grown by 415%. 6 Lastly, China is a huge manufacturer and exporter of consumer goods, producing two thirds of the world's copiers, microwave ovens, DVD players, shoes, and toys. 7
John H. Matheson, Convergence, Culture and Contract Law in China, 15 Minn. J. Int'l L. 329 (2006), available at http://scholarship.law.umn.edu/faculty_articles/105.