Michigan and Detroit to recapture former glory
Print Edition
Michigan will bounce back as a comeback state and Detroit, its biggest city and well-known as an automotive center, will also recover its former glory as it learns from the example of General Motors and Chrysler, Rick Snyder, the state governor, said in Shanghai yesterday.
He said the state will provide opportunities for Chinese investment, adding that China’s auto companies, including SAIC, FAW, Chang’an and Geely, have already invested in Michigan.
Snyder was in Shanghai yesterday with a Michigan delegation which will also visit Chongqing and Beijing to meet government officials and business leaders.
The governor said Detroit, which filed for bankruptcy in July, has already seen a positive transformation as new businesses and young talented people move there, and he expects to see more Chinese investments.
“The financial restructuring in Detroit is an active act,” Snyder said. “Similar to the cases of GM and Chrysler which also once filed for bankruptcy but now are flourishing again, Detroit will find the solution to address its problems.”
Over the past three years the state has undertaken “great efforts to make Michigan a comeback state,” he said.
“We restructured our entire tax system and reduced the regulatory requirement to make the state more business friendly... now we have seen increasing personal income and a better environment for the state to grow again.”
Located in Midwest United States, Michigan is a global center of automotive research and development with more than 375 facilities, including 120 foreign-owned.
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