SEARCH

Entries in China (57)

Wednesday
May042011

Report: $1-2 Trillion in Chinese Investments Could Create American Jobs

ChinaFotoPress/Getty Images(WASHINGTON) -- A new report from the Asia Society out Wednesday says that Chinese companies will be working to put $1-2 trillion of that country’s wealth to work outside its shores in the coming decade. And, if the U.S. is open to Chinese investment, it could result in hundreds of thousands of new jobs here.
 
"If just five percent of China's expected outflows target the United States over the coming decade, the numbers will be enormous," the report's authors, economists Daniel Rosen and Thilo Hanemann, said.
 
The authors of the report say Chinese firms in the United States have already created more than 10,000 American jobs and that direct investment by the Chinese has more than doubled in the U.S. in the past two years.
 
But fear of foreign investment in the U.S., especially from economic competitors like China, might keep the door closed to getting cash to U.S. shores.
 
"Japan's first investments in the United States during the 1980s were almost as controversial as China's but in the following years, Japanese U.S. affiliates put $1 trillion into America and today employ nearly 700,000 Americans," the authors said.
 
At a Washington D.C., press conference to release the report, Commerce Secretary Gary Locke took the opportunity to criticize current Chinese government policies which keep American firms from getting into China’s massive and quick-growing market.
 
He urged China to lift restrictions it places on American investments in China. Locke said there is an "imbalance of opportunity," with Chinese companies freer to operate here than U.S. firms are in China.
 
Many Chinese companies are wary of investing in the United States because of the political outcry caused by some previous high-profile forays, such as Chinese oil company CNOOC's unsuccessful attempt to acquire Unocal in 2005.
 
Much of that has to do with an incorrect suspicion held by many U.S. officials that "because China has so many state-owned enterprises, market forces and profit motives do not necessarily apply in that country," Rosen and Hanemann said.
 
"Therefore, they suspect that if a Chinese firm is coming to America, it must be for some political purpose rather than simply to make money. This conclusion is wrong and if we are to maximize U.S. interests, such misapprehensions must be corrected," they said.

Copyright 2011 ABC News Radio

Thursday
Apr282011

Donald Trump Blames China for Fact That Much of His Gear Is 'Made in China'

ABC/Ida Mae Astute(NEW YORK) -- Donald Trump, who has repeatedly accused China of stealing manufacturing jobs from the U.S., acknowledged Thursday that an array of Trump-branded clothes, accessories and other products are made in China.

The real estate and casino mogul, who is considering a run for the Republican presidential nomination, blamed China for the fact that Trump ties, Trump cufflinks and even Trump teddy bears come with a "Made in China" label.

"The answer is very simple: Because of the fact that China so manipulates their currency it makes it almost impossible for American companies to compete," Trump told ABC News.

"You see it with all of the items you are talking about. You also see it with building products. If it continues this way, America won't have any jobs, except for taking care of the elderly."

Asked if he ever looked at having his Trump products manufactured in the U.S., Trump said, "Always do. There are very few companies that do it because they can't compete with the manipulation."

Trump has made the flow of U.S. jobs overseas, especially to China, as much a centerpiece of his exploratory campaign for president as his questions about whether President Obama was born in America, saying, "The problem with our country is that we don't make anything anymore."

Trump hammered at China again Wednesday during a visit to New Hampshire. "China is raping this country," Trump told employees at Wilcox Industries, which makes tactical equipment for U.S. military forces.

"When this country became great was the industrial revolution," said Trump, a Republican. "We are now the opposite of the industrial revolution, and pretty soon we are going to fall off a cliff."

But visitors to the Trump Store in the lobby of the Trump Tower on Fifth Avenue in New York City, or to the displays of Trump clothing at Macy's in New York's Herald Square, would be hard-pressed to find much labeled "Made in the U.S.A."

At the same time Trump was speaking in New Hampshire, his Trump Store was contributing to the growth of Chinese manufacturing, arguably at the expense of American workers, selling $80 Trump-branded cotton sweaters and $70 Trump-branded warm-up tops, all made in China. Also available with the made in China tag: golf hats stamped with the Trump crest and stuffed animals.

Among the few items made in the U.S.A.: Trump chocolate bars, books, teas and Christmas tree ornaments, priced at $15 each.

As first reported by Salon.com, the Trump wear sold in Macy's, part of the Donald J. Trump Signature Collection, is manufactured overseas, including ties in more than 50 different styles and colors (all made in China), suits (made in Mexico and Vietnam), and dress shirts (five styles made in China).

All the Trump tie pins ($22) and tie clips ($28) are labeled as "Made in China," as are the cufflinks ($35 to $45 a pair) and even the boxes containing them.

Although many Chinese-made products are sold under the Trump name, Trump repeatedly has complained about the quality of Chinese-made goods compared to American products. "Our companies make a better product, that's very important to know. We make a better product," he told a major gathering of conservative activists, the Conservative Political Action Conference, in Washington in February.

Adding to the outrage, in Trump's view, is that China is using its windfall to buy U.S. debt. He says the U.S. should slap heavy taxes on imported Chinese goods to jack up their prices.

"Hey look, I know lots of folks in China, they think we are the dumbest son of a bitches in the world, all right?" he said earlier this year. "They are laughing at us behind our backs, taking money out and then they loan it to us."

Copyright 2011 ABC News Radio 

Wednesday
Apr272011

Donald Trump: ‘China Is Raping This Country’

Mike Stobe/Getty Images(NEWINGTON, N.H.) -- Donald Trump came to a defense contracting firm on Wednesday, condemning in the sharpest possible words President Obama’s fiscal policies and the country’s economic competitiveness with China.

“China is raping this country,” Trump told employees at Wilcox Industries, a company that manufactures tactical equipment for U.S. military forces.

As a potential presidential candidate Trump has been critical of the Obama administration’s approach to the Asian economic powerhouse. At a news conference at the airport just after landing his helicopter in New Hampshire, Trump said China is taking over the world because its leaders are smarter.

Trump also vowed that, if elected, he would “put the country back to work.”

“I’m a worker,” Trump told a crowd of about 100 people in Newington.

“When this country became great was the industrial revolution,” he said.  “We are now the opposite of the industrial revolution, and pretty soon we are going to fall off a cliff.”

Copyright 2011 ABC News Radio

Monday
Feb282011

Groupon Targets Chinese Market with New Venture

Photo Courtesy - Scott Olson/Getty Images(CHICAGO) -- Web coupon giant Groupon Inc. announced a new group-buying service for Chinese consumers Monday.

The new site, Gaopeng.com, will enter a Chinese group-buying market already dominated by similar sites. Gaopeng is backed by major Chinese investors including Tencent Holdings Ltd. and Yungfeng Capital. The company did not reveal the breakdown of shareholders.

Groupon made headlines last December when it rejected a $6 billion offer from Google Inc.

Copyright 2011 ABC News Radio

Sunday
Feb272011

Groupon 'Out Innovated?' Not If They Can Help It

Photo Courtesy - Getty Images(CHICAGO) -- An internal memo sent to staffers at Chicago-based coupon giant Groupon Inc. revealed that the company's profits skyrocketed in 2010 to $760 million, up from $33 million the year before, according to the Wall Street Journal.

The email, sent by Groupon chief executive Andrew Mason, also gives a glimpse into the aspirations of a company whose first coupon offered half-price pizzas at the joint on the first floor of its Chicago headquarters.

"By this time next year, we will either be on our way to becoming one of the great technology brands that define our generation, or a cool idea by people who were out executed and out innovated by others that were smarter and harder working," Mason wrote in the message.

Mason added that the company, which offers daily deals and discounts, may be on track to reach revenues in the billions of dollars in 2011. And much of that may come from beyond our borders.

According to the memo, overseas sales accounted for more than a third of total revenue last year, or about $285 million. Fitting, then, that the company is poised to expand operations.

According to published reports, the company is teaming up with one of China’s largest internet companies, Tencent, to launch a discounted goods website based in Beijing.

Copyright 2011 ABC News Radio

Friday
Feb252011

LinkedIn Shut Down in China Following 'Jasmine' Post

Photo Courtesy - Getty Images(BEIJING) -- Social networking site LinkedIn reports that China has blocked it in certain regions Friday.

The company is investigating the unsurprising obstructions, which follow similar firewalling by the Chinese government in an attempt to block online forums. One user may have prompted the suppression by posting a "Jasmine Revolution" forum in emulation of the social media-charged uprisings in North Africa and the Middle East.

LinkedIn did not say that the Chinese government was responsible for the shutdown, although it fits a pattern of censorship.

Copyright 2011 ABC News Radio

Friday
Feb252011

Volvo to Boost Chinese Production

Photo Courtesy - KAREN BLEIER/AFP/Getty Images(BEIJING) -- Volvo announced that it plans to inject $10 to $11 billion into its global production Friday.

The car manufacturer was purchased by a Chinese automaker, Geely Holding Group, in August. The company now plans to open a new factory in southwestern China, and is considering opening another one in northeastern China.

Volvo intends to adapt to the demands of Chinese consumers, who have opulent needs when it comes to cars. With the increase in luxury accoutrements, the car company plans to increase its sales in China by over 150,000 vehicles within the next four years.

Copyright 2011 ABC News Radio

Sunday
Feb202011

G20 Reaches Deal on Economic Indicators, Bends for China

French Finance Minister Christine Lagarde appears on ABC's 'This Week.' Photo Courtesy - ABC News (file)(PARIS) -- After two days of negotiations at the G20 Finance summit in France, leaders have reached a compromise on indicators used to detect economic balances.

"The negotiations were frank, sometimes tense, and led to a final compromise which cannot attribute to any one delegation but which I can say represents a spirit of compromise and of ambition," French Finance Minister Christine Lagarde said at a press conference.

A large part of negotiations revolved around getting China to jump on board, who had resisted the inclusion of current account surpluses, a measure of cash flow in and out of a country from trade and other activities, in determining economic balances.

Although the G20 will not exclude current account surpluses from their list of indicators, they have agreed to make adjustments for China by excluding the interest payments the country makes on its foreign currency reserves.

Copyright 2011 ABC News Radio

Saturday
Feb192011

Groupon May be Headed to China

Photo Courtesy - Getty Images(CHICAGO) -- Internet deal site Groupon Inc. appears to be getting ready to set up shop in China.

According to published reports, the Chicago-based company is teaming up with one of China’s largest internet companies, Tencent, to launch a discounted goods website in China. The company has reportedly set up a Beijing office and is in the process of hiring staff to handle its China operations. Staff at the Beijing office say the company will operate under the name Gaopeng.com, a website registered by someone from Shenzhen-based Tencent.

Groupon was launched in Nov. 2008, and features daily deals on a variety of products and services from more than 300 markets and 35 countries. The company already has offices in the U.S., Europe, and Latin America.

Copyright 2011 ABC News Radio

Wednesday
Feb092011

Facebook Opens Office in Hong Kong, Second in Asia

Photo Courtesy - Getty Images(HONG KONG) - Social networking giant Facebook is set to expand its global operations with an office in Hong Kong, reports the BBC.

The office will be its second in Asia after one was opened in Singapore last year. The site, however, continues to be banned from operating in China where the company would have access to an additional 450 million Internet users.

Facebook currently has 500 million users worldwide.

Copyright 2011 ABC News Radio







ABC News Radio