In 2022, Michigan Gov. Gretchen Whitmer welcomed a Chinese battery company’s plan to build a $2.36 billion factory and bring a couple thousand jobs to Big Rapids.
FILE - U.S. and Chinese flags are set up at the Diaoyutai State Guesthouse in Beijing, on July 8, 2023. Lured by the large U.S. market, Chinese businesses are coming to the U.S. with money, jobs and technology, only to find rising suspicion at a time of an intensifying U.S.-China rivalry that has spread into the business world. – It was billed as the “biggest ever economic development project” in north Michigan when Gov.
Lizhi Liu, an assistant professor of business at Georgetown University, said the trend, along with the decline of U.S. investments in China, could hurt China-U.S. relations. The bipartisan House Select Committee on China has warned that widespread adoption in the US. of technologies developed by China could threaten long-term U.S. technological competitiveness.
Danielle Emerson, spokesperson for MEDC, said the project is"critical to onshore the battery supply chain and create thousands of good-paying local jobs, which reduces our reliance on overseas disruptions and further protects our national security.” Data by the U.S. Bureau of Economic Analysis show the total investments by China in the U.S. fell to just under $44 billion in 2023, from a high point of $63 billion in 2017, although first-year expenditures rose to $621 million in 2023, up from $531 million in 2022 but drastically down from the high of $27 billion in 2016. The figures include acquisitions, new business establishments and expansions.
Yet, Chinese investors may still find the U.S. market appealing “due to its high consumption levels and judicial independence," said Liu of Georgetown University.
Washington News Barack Obama Business Gretchen Whitmer World News U.S. News Marco Rubio
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gov. Josh Shapiro campaigns with Michigan Gov. Gretchen Whitmer in Montco as veepstakes heat upIt was an especially friendly crowd for Shapiro, a native son of Montgomery County who returned home to rally for Vice President Kamala Harris.
Read more »
Gov. Hochul updates on COVID progress: Hospitalizations up from last year, down from 2022Governor Kathy Hochul provided New Yorkers an update on COVID-19 Saturday, as new variants contribute to increases in hospitalizations in parts of New York stat
Read more »
While Pa. Gov. Shapiro won big in 2022, he didn’t have tough competitionShapiro's landslide win for governor was vs. state Sen. Doug Mastriano, who barely campaigned and wasn't widely supported by the Republican party.
Read more »
Ranking the top 5 Michigan football O-Linemen from the Jim Harbaugh eraThe Michigan offensive line is one of the richest positions under Jim Harbaugh at Michigan.
Read more »
Michigan State Spartans Jonathan Smith ranked above Michigan's Sherrone MooreThe Michigan State Spartans might not have the best cornerback or defensive tackle in the country like their despised rival. They are better in the most important position, however.
Read more »
Michigan State plans to utilize the run game with returning back Nate CarterMichigan State's Nate Carter is improving and brings hope to Michigan State
Read more »