A large number of workers in the U.S. would undergo crisis if Chinese ventures here are blocked according to the notice from the Director of Dalian Wanda group. Almost $16 billion of Chinese money was infused into the U.S. a year ago along with California specifically benefiting the most from the relations compared to other states.
Reported by CCTV-America, California residents who have experienced a pain of being laid off, testify on how Chinese investments have brought light to their lives again when they were employed by them. Chris, 43-year-old, lost his job tuning engines when the luxury electric car company Fisker Automotive, went bankrupt in 2013. He recalls going home to his wife sad after the closure not knowing how he would support his family. A year later, though, the Wanxiang Group, a Chinese auto supplier supported by Lu Guanqiu bought the company and offered Chis a raise and his old job back thus he can now support his family.
According to LA Times, the president-elect Donald Trump thinks that Chinese are wiping off US businesses and is thinking of imposing a 45% tariff. However, this move will affect US citizens especially those who live in California and work on these Chinese-run firms.
Today, most financial experts' perspective concurs that, when all is said in done, exchange with China harms hands on specialists more than exceedingly talented ones. For instance, after China joined the World Exchange Association in 2001, Chinese exports to the US took off, which wounded laborers in Tennessee and Mississippi, where many people were making furniture, garments or toys.
On last year's Chinese investments in the US, of the $15.7 billion they injected, California received 21% of the invested cash. The percentage they received is too much just for a city and has brought remarkable development infrastructures and building of shopping malls.
According to Riggs Eckelberry who is the co-founder of the start-up, he admits that he did not have faith in Chinese investors at first, but now he has. And he suggests that allowing China to be the player will result in cash inflow from china to US which is what the US economy desires.
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