Chinese Tycoon Shifts Empire to US to Avoid Soaring Taxes at Home

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Chinese business tycoon sparks controversy by moving part of this auto glass empire to a factory based in Ohio, blaming it on soaring taxes and labor costs at home.

Cao Dewang, 70-year-old business tycoon, sets up an auto glass factory in Ohio, which is a rare to see jobs exported from China to the U.S., though this is likely to become the norm with Trump taking office in January.

‘Cao’s Fuyao Glass Industry Group — a supplier to Volkswagen and GM— claims to be the biggest exporter of auto glass in the world’, reports Breitbart News.

Dewang’s decision comes shortly after Trump threatens to ‘declare Beijing a currency manipulator and slap 45 percent punitive tariffs on Chinese imports to protect American jobs,’ reports Yahoo News!

It created quite a stir on social media with disparaging remarks and criticism, with the phrase “Cao Dewang has escaped” trending and generating over 10 million views on the Twitter-like Weibo blog, and users posting comments urging China to “not let Cao Dewang run away,” says Yahoo News!

In an interview with the Beijing News on Wednesday, Dewang defended himself by saying he “did not run and will not run. The centre of my business is in China because I’m Chinese.” He adds, “I’m a business man and I’m doing business in the US. I’m merely reminding the government” that taxes and labour costs are too high.”Cao claims his home country has the “world’s highest taxes” and the manufacturing industry suffered under taxes 35 percent higher than those imposed by the US, according to the report.

Cao claims his home country has the “world’s highest taxes” and the manufacturing industry suffered under taxes 35 percent higher than those imposed by the US, according to the report.

Cao’s Fuyao Glass Industry Group owns production lines in a dozen cities across China, including Beijing and Shanghai, as well as a factory in Russia, according to the company’s website.

H/T:  Yahoo News!

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