Posted on 12/22/2016 11:41:38 AM PST by grimalkin
Shanghai (AFP) - A Chinese auto glass tycoon has caused a stir by shifting part of his empire to the United States and setting up a factory in Ohio, citing high taxes and soaring labour costs at home.
Cao Dewang's $600-million investment comes after Donald Trump threatened to declare Beijing a currency manipulator and slap 45 percent punitive tariffs on Chinese imports to protect American jobs.
The 70-year-old tycoon's decision to open a glass factory in the eastern American state of Ohio in October -- a rare case of jobs being exported from China to the US -- triggered an outpouring of criticism on social media.
The phrase "Cao Dewang has escaped" became a hot topic, generating nearly 10 million views on the Twitter-like Weibo microblog and many comments urging China to "not let Cao Dewang run away".
Cao's Fuyao Glass Industry Group -- a supplier to big names including Volkswagen and General Motors -- claims to be the biggest exporter of auto glass in the world, reporting 2.6 billion yuan ($370 million) profits last year.
(Excerpt) Read more at yahoo.com ...
reporting 2.6 billion yuan ($370 million) profits last year.............And he wants to keep it. How capitalist of him!...............
Tired of winning yet?
Nope!!!
Wait till the Europeans start moving jobs to the US.
Wait till the Europeans start moving jobs to the US.
China just cheats cheats cheats. Good that they are finally starting to lose some of the market.
Winning ping!
Go Trump!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.