Jeffrey Immelt, General Electric’s chief executive, has launched a rare broadside against the Chinese government, which he accused of being increasingly hostile to foreign multinationals.
He warned that the world’s largest manufacturing company was exploring better prospects elsewhere in resource-rich countries, which did not want to be “colonised” by Chinese investors.
Companies which have operations or suppliers in PRC discovered that PRC is a risky place in which to do business long ago. Both Chrysler and Briggs & Stratton found knockoffs of their products in the marketplace within a couple of years of starting operations over there, and stories of horrific quality problems are out there (think Selig's Playground).
What IS significant is that Immelt said it out loud.
Then Immelt showed that he can read the newspaper.
Mr Immelt also had harsh words for Barack Obama, US president, lamenting what he called a “terrible” national mood and expressing concern that over-regulation in response to the global financial crisis would damp a “tepid” US economic recovery. Business did not like the US president, and the president did not like business, he said, making a point of praising Angela Merkel, Germany’s chancellor, for her defence of German industry.“People are in a really bad mood [in the US],” Mr Immelt said.
Up to this point in time, it seemed that Immelt was pretty happy with Teh Won, and vice-versa.
Maybe Immelt's direct subordinates showed him the actual results of Bammy's doctrinaire Socialist/Statism and it ain't as pretty as Bammy's speeches??