Just as the U.S. consumer is key for Chinese exporters, so too is the Chinese consumer key as an export destination for the rest of emerging Asia.
A research note this week from the Hong Kong-based brokerage CLSA Asia Markets spells out how important the Chinese consumer was in pulling its neighbors up and out of the Great Recession. Many of these countries have more than doubled their exports to China since the depths of the recession in late 2008 and early 2009. Exports from technology-oriented Taiwan to the mainland, for example, are up more than 160 percent from the bottom, while Singapore has boosted its exports to China by more than 120 percent and South Korea by nearly 100 percent.
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Foxconn Increasing its China Staff to 1.3 Million Workers
While the US economy suffers from severe joblessness, one of China’s largest manufacturers, Foxconn Technology Group, is making plans to add about 400,000 new jobs over the next year and build new factories.
True, it’s the same Foxconn that recently experienced a string of 12 worker suicides, but apparently things are looking up!
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