In the past few days many stories in the mainstream media have noted a new study released by the Organization for Economic Cooperation and Development that shows China has surpassed the U.S. as the world's top exporter of high—tech communications and information products such as cell phones, laptop computers and digital cameras.  Once again, the editors at New York Times (and its subsidiary publication the International Herald Tribune) have shown their ignorace of how many multinationals operate in today's competitive global environment. According to the report, the value of China's combined exports and imports of such goods soared to $329 billion in 2004 from $35 billion in 1996. Over the same period, the value of U.S. information technology trade expanded at a slower rate, to $375 billion from $230 billion. With its large population of semi—skilled laborers, China's economy has long been dominanted by labor—intensive industries.  Now a story by Mr....(Read Full Post)