Chinese Entrepreneurs are Coming to America
BY Mike Hofman
Much has been written about American entrepreneurs setting up shop in China. But with inflation surging in China and the weak dollar, Chinese companies are now looking to America as a place where it is affordable and desirable to set up production facilities, the Los Angeles Times reports.
"Last month, Wyoming's governor toured firms in China's coal-mining country. Georgia's leader brought a team of 40 on a mission to boost trade and attract investment, and Alabama's governor paid a visit too," the newspaper reports.
"Many Chinese entrepreneurs remain wary of entering the U.S., uncertain about restrictive visa rules, language and cultural barriers and the political environment," the Times continues. "Recent tensions related to Tibet and the Olympic torch relay have spurred calls in China to boycott Western companies. But no one says that's slowing the march of Chinese companies into the world's biggest economy."
"They don't want to miss this opportunity to bottom-fish in the U.S.," Mei Xinyu, an economist at China's Ministry of Commerce, told the paper. Plus, having a presence in the U.S. helps Chinese companies achieve much quicker turnaround on some products, and to mitigate rising shipping costs.
MIKE HOFMAN was previously editor of Inc.com and a deputy editor at Inc. magazine, which he joined in 1996. The site was nominated for a National Magazine Award for Digital Media in 2010, and was named the best business website by Folio Magazine. In 2006, Hofman was part of a team of writers nominated for a Webby Award for best business blog. He lives in New York City. @mikehofman