Arkansas-China trade
Arkansas has a significant amount of international business activity -- 121 foreign-owned firms and 33,700 workers in the state are employed by foreign-owned firms. Still, we've yet to see a substantial Chinese capital investment. We opened our first office here less than a year ago to attract economic development to the state. Based on our meetings today and yesterday (and corroborated by AEDC research), our best opportunities to engage in trade in greenfield investments, agriculture and distribution partnerships. Our top exporters to China aren't too surprising: Tyson and Wal-Mart.
China is our 5th largest export market, and our exports here have grown 500% in the last decade. The only export markets to Arkansas larger than China are Canada, Mexico, France, and the United Kingdom. We all hear that China is the single largest holder of American debt (each Arkansan owes China approximately $1,728). We also hear that Americans are purchasing many of our consumer goods from China, only for China to lend their money back to us and charge interest on it. Besides the trade imbalance and protectionism, other topics of conversation covered here include the protection of intellectual property rights. With the fastest growing economy in the world, Americans should take notice of the opportunities available in these expanding markets, and Arkansas is working very hard to attract opportunities in our state. We'll see a portion of China's improved infrastructure in the morning via a Maglev high speed train in Pudong near Shanghai (also home to a Cooper Tire plant) before returning to the U.S. over the weekend. Here we are meeting with Hu Zhengyue, Assistant Minister of Foreign Affairs for China:
It's very interesting to hear a candid and unfiltered perspective from Chinese officials on trade and governmental relations with the United States. I was awoken at 3:00 a.m. this morning by the sound of tanks rolling down the main thoroughfare towards Tiananmen Square. While I knew it was in preparation for today's celebratory events surrounding the 60th Anniversary of the People's Republic of China, it was still quite a sight -- thousands of soldiers were also marching down the street in unison.
China is our 5th largest export market, and our exports here have grown 500% in the last decade. The only export markets to Arkansas larger than China are Canada, Mexico, France, and the United Kingdom. We all hear that China is the single largest holder of American debt (each Arkansan owes China approximately $1,728). We also hear that Americans are purchasing many of our consumer goods from China, only for China to lend their money back to us and charge interest on it. Besides the trade imbalance and protectionism, other topics of conversation covered here include the protection of intellectual property rights. With the fastest growing economy in the world, Americans should take notice of the opportunities available in these expanding markets, and Arkansas is working very hard to attract opportunities in our state. We'll see a portion of China's improved infrastructure in the morning via a Maglev high speed train in Pudong near Shanghai (also home to a Cooper Tire plant) before returning to the U.S. over the weekend. Here we are meeting with Hu Zhengyue, Assistant Minister of Foreign Affairs for China:
It's very interesting to hear a candid and unfiltered perspective from Chinese officials on trade and governmental relations with the United States. I was awoken at 3:00 a.m. this morning by the sound of tanks rolling down the main thoroughfare towards Tiananmen Square. While I knew it was in preparation for today's celebratory events surrounding the 60th Anniversary of the People's Republic of China, it was still quite a sight -- thousands of soldiers were also marching down the street in unison.
posted by Steve Harrelson @ 10/01/2009 01:06:00 PM | Permalink |
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