Is China more pro business than Obama?
Friday I attended the annual meeting for the RENN III Fund (one of my former clients). One of the speakers was Beau Johnson a noted expert on doing business in China. Here are few of the facts from his talk:
. US China
Government Cash Position -$11 trillion +$2 Trillion
Bank lending 09/08 Down +29%
GDP Forecast 09 -6% +8%
Personal Savings Rate 4% 40%
Rather startling comparisons. Beau is very bullish on doing business in China. During the question and answer session he was asked if he was worried about the risk of doing business in China with a Communist government. His answer was that he was more worried about doing business in the U.S. given the recent actions of the Obama administration.
I am afraid he is right.
