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Phoenix Business Journal - by Mike Sunnucks Phoenix Business Journal
Is Phoenix prepared for the Chinese dragon?
Spurred by economic growth and increasing wealth, China is primed to expand its foreign investments into the U.S.
The U.S. Department of Commerce and the Bush administration are bullish on that notion. They want to attract more foreign direct investment into the U.S. from China and other emerging global markets, and they are aggressively promoting that idea among economic developers in Phoenix and other areas.
Greater Phoenix Economic Council CEO Barry Broome said a significant part of that effort focuses on China investing in U.S. real estate, businesses and facilities such as manufacturing plants and distribution centers.
China is a major exporter to the U.S., running a $256 billion trade deficit in 2007, according to the U.S. Commerce Department. China is Arizona's third-largest export market, behind Mexico and Canada.
China, Russia and India have burgeoning wealth, with a growing number of millionaires and private entities flush with cash to invest.
The weak dollar also is encouraging foreign investment in the U.S. because the British pound, euro and other currencies go a lot further here.
Broome said the Bush administration wants to attract more of those investments to the U.S. and is recruiting regional and state economic developers to be part of a new push for foreign direct investment.
"They are really licking their chops," Broome said.
He said GPEC has been focusing its efforts on Europe, Japan and Canada, and is figuring out whether to jump onto the China bandwagon.
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