The China conundrum.(Industry Forum)

NO other trade issue comes close to commanding the attention China is getting from large and small [National Association of Manufacturers] member companies," said Franklin Vargo, NAM's vice president, international economic affairs, in testimony before the House Committee on International Relations hearing on U.S.-China ties.

In the last three years, according to NAM, roughly one in every six manufacturing jobs has been lost, and probably won't return. But, as Vargo pointed out to legislators, the Chinese labor issue, which people often blame for most of those losses, is only a part of the problem we have with China, and with manufacturing in general. In fact, China …