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China in danger of losing gold medal for competitiveness

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The 2012 Olympic Games aren't due to begin for another 10 days, but China has already taken the gold medal for competitiveness.

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When the athletes of Team US march into London's new Olympic stadium for the opening ceremony next Friday, they will be wearing uniforms made, not in America, but in China.

Forget for a moment that the high-value element of these costumes - their design - was contributed by an American company, Ralph Lauren. Only the low-value process of actually stitching them together was done in China.

Even so, the news that American athletes would be representing their country wearing Chinese-made uniforms ignited a political firestorm in the United States.

Mindful of November's general election, politicians from both main parties have thrown themselves into an orgy of China-bashing.

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In recent weeks, US President Barack Obama's campaign team has slammed Republican candidate Mitt Romney for profiting from investments in companies that outsourced American jobs to China.

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