Chinese business helps revive rusty Detroit
14 May 2013
Chinese business investors are helping to revive Detroit, which had become very much part of America's rust belt, reports the International Herald Tribune of 14 May 2013.
Dozens of companies from China are putting down roots in Detroit, part of the country's steady push into the US auto industry. They are following in the footsteps of Japanese companies which implanted themselves in the US in the 1980s as a way of getting around US trade barriers.
Chinese-owned companies are investing in American businesses and new vehicle technology, selling products like seat belts and shock absorbers in retail stores and hiring experienced engineers and designers in an effort to soak up the talent and expertise of US automakers and their suppliers.
While starting with batteries and auto parts, the spread of Chinese business is expected to result eventually in the sale of Chinese cars in the United States.
Self-interest is certainly driving this Chinese investment. But it will also help revive America's manufacturing sector and create much needed jobs.