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.
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. Read the rest of this entry »