Chinese Firms Boost US Employment By 80,000

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Chinese Firms Boost US Employment By 80,000

 news 2015-06-04 at 10:49:14 am Views: 175
  • #42687

    Chinese Firms Boost US Employment

    New York correspondent Amy He, writing for China Daily, has jumped onto a report released in the last week that claims 80,000 jobs were created in the US in the last 12 months thanks to investment from China.

    They are not jobs for Chinese people, but regular Americans, who otherwise would have been out of work.

    The report was sponsored by the National Committee on US-China Relations and was conducted by US research firm Rhodium Group LLC.

    Amy He reports that despite fears from United States politicians and companies about jobs being outsourced to China, investment from China has created 15,000 more jobs than before, and has seen $46 billion invested between 2000 and 2014, creating more than 1,500 businesses in the country.

    The top US states for Chinese investments are California, Texas, North Carolina, Illinois and New York, according to the study.

    According to the China Daily, North Carolina received the most direct investment—$3.36billion. And North Carolina is No 1 with 15,000 new jobs. Static Control Components, the most iconic global aftermarket brand, just happens to be based in the same state.

    “Fears that Chinese companies could systematically move acquired assets and related jobs back to China have not materialized,” the report said. Sheldon Day, the mayor of Thomasville, Alabama, one of the cities that has benefitted by Chinese investment, said the community there were afraid of Chinese investment. “We had people in the town who were like, ‘the Chinese are coming, the Chinese are coming!’ They didn’t know how to act; they didn’t know how to accept this investment. But when they found out that Alabamians—our folks—were going to be the people to receive the jobs, then it became a great project for us.”

    The report also details how Chinese investment is being used to foster American innovation and competitiveness. According to the China Daily, China is spending millions on research and development in the US and “innovation clusters” in the US are benefitting.