In an unexpected flip, more Chinese companies are coming in larger numbers to the US and creating job opportunities here at home. This changing trend comes after decades of job loss for Americans due to the opening of factories and other manufacturing plants in China instead of in the US.
Last year, for example, Chinese companies invested $14 billion in the US, a record. All together these companies employ over 70,000 Americans. That is an increase from practically zero only ten years ago.
Several strong forces are creating this trend, including shrinking wage differences, lowered US energy costs, and disparities in currency markets. Chinese investors are being wooed by mayors and economic development personnel. States in the southern section of the US have been working doubly hard to attract business: offering low labor and land costs. Tax breaks and Southern hospitality have also played their roles.
‘‘Get off the plane and the mayor is waiting for you,’’ says Hong Kong billionaire Ronnie Chan.