China State Construction Engineering Corp, the largest contractor in China, has bagged a subway ventilation project worth about $100 million in New York's Manhattan area, marking the construction giant's third order in the United States' infrastructure space this year. The contract was given to China Construction American Co, a subsidiary, the Wall Street Journal quoted a source as saying. "The new project, along with the $410-million Hamilton Bridge project and a $1.7-billion entertainment project it won earlier this year, signals China State Construction's ambition to tap the American construction market," said Li Zhirui, an industry analyst at First Capital Securities. Li, however, said the order came as no surprise as the US government is spending massively on infrastructure projects. The three orders only account for about 4 percent of the value of its total orders this year, Li added. In the first three quarters of this year, the Chinese construction giant signed more than $2 billion worth of contracts in the US market. China State Construction was also the contractor for a high school, a railway station and the Chinese embassy in the US. http://www.chinadaily.com.cn/bizchina/2009-11/24/content_9028469.htm Good luck with your US recovery hopes...
That company is going to send Chinese on Visas to work that project and then send them packing home again. Where is the Republican to tell the world of this? Why is Fox not reporting this?
So, now we're OUTSOURCING jobs on American soil... to take advantage of low labor costs?? Quite a slap in the face. But NY, having overspent to such a degree, perhaps feels they must save money where they can... Globalization... ain't it great? This does, however, fit right in with Obama's plans to "share America's wealth" with the rest of the world...
This is the invisible hand at work, the process of correcting the global imbalances in action. Economics is a real b1tch sometimes, innit? However, the time is nigh, unfortunately, for the US to face reality.
This is why economic stimulus is pointless in globalization. A big portion of every Dollar spent by tax payers will end up in the hands of foreigners.
This company is not going to import an army of Chinese workers...Americans will no question benefit from this project. Even if they did, they legally can't pay Chinese workers sweat shop wages like in their own country. Ultimately the profit from the project will go back to China, but I'm sure many Americans will have work now because of this project. How many American companies do construction jobs for other countries? You cannot bash globalization whenever you see fit. It works both ways.