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December 2, 2017 by

LANSING — Source: Ray Wilbur Capital News Service, petoskeynews.com

Michigan’s efforts to bring Chinese investment are reinvigorating manufacturing plants that have been vacant for years.

During a trip there last year, Snyder signed agreements to promote trade and investment with Chinese provinces of Sichuan, Hubei, Guangdong and Zhejiang, as well as the city of Chongqing. The regions are known to have many key auto-companies, bicycle manufacturers, and related equipment suppliers, thus making the region a natural fit for Michigan due to its pre-existing auto-industry and related infrastructure.

"Since becoming governor in 2011, Rick Snyder has made five trips to China and has pushed initiatives that have brought 23 Chinese companies to the state," said Josh Paciorek, the governor’s deputy press secretary, "It's created 3,541 jobs and accounts for $649.5 million invested in 11 cities."

Paciorek pointed to a recent investment in August, when Zhongding, a subsidiary of Anhui Zhongding Sealing Parts, a Chinese manufacturer, announced an expansion of its manufacturing facility in Cadillac, investing $4.3 million in a new building and new equipment.

As an incentive, the project was awarded a $600,000 Michigan Business Development Program performance-based grant and it’s expected to create more than 125 jobs.

“As our economy keeps improving here at home, companies from all over the world will look to grow in Michigan,” Paciorek said.

And just last May, the Michigan Strategic Fund Board, part of the Michigan Economic Development Corperation, approved a $5 million grant to lure Chinese investment to the state, including setting up the Michigan-China Innovation Center in Detroit.

Michigan is one of only 12 states with more than $750 million in Chinese investments since 2000, according to the Rhodium Group, which analyzes global economic trends.

As China’s industry and economy continues to mature and become more like countries such as Japan and South Korea, it will continue to invest in the U.S. to be closer to it's customers.

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