China's Auto Industry Invests in Michigan
With more than $1 billion invested in Michigan each year, Michigan is a top destination for Chinese investors. According to Jerry Xu, the President of the Detroit Chinese Business Association, Chinese investors are coming to Detroit and Southeastern Michigan to partner with American companies and manufacture auto parts that will be supplied to Detroit’s auto makers.
Michigan holds the knowledge, talent, and advanced research capabilities that a growing Chinese auto market needs. In fact, over 15,000 Mandarin-speaking engineers call Michigan home. Commenting on Chinese investment to the region, Yang Dong, the vice chairman and general secretary of the China Association of Automobile Manufacturers, said at a recent event that “this is a win-win situation for both sides, as we will bring investment and jobs to the area.”
At a recent event in Detroit, Chinese Consul General Zhao Weiping said, “Michigan has many ingredients: Economic, social, cultural and educational that make it attractive to Chinese investors and, I suspect as the relationship matures, the investments and job creation will only continue to grow.”
Given what Michigan has to offer and keen interest from Chinese investors in the auto industry, expect to see growing investment in the future.