BEIJING, April 16 (TMTPOST) – Cao Dewang, the founder and owner of Fuyao Glass Industry Group Co., Ltd, said that the decline in China’s exports to the U.S. market was mainly caused by market dynamics, rather than geopolitics.
He made the comments in a recent episode of Junpintan, a popular Chinese talk show produced by Phoenix TV.
According to China Customs statistics, China’s export orders for the spring of 2023 decreased by 40%, with traditional products experiencing a whopping decline of over 50%. Meanwhile, the U.S statistics reported a 40% decline in imports from China, while it has been ramping up imports from Europe. The situation has raised concerns in China, with many people believing that a hike in trade tariffs imposed by the U.S. is the chief culprit. However, Cao holds a different opinion.
Cao gained international fame after being featured in the Oscar-winning documentary American Factory in 2019. The film documented the ups and downs of Fuyao Group’s operations in the U.S., focusing on such themes as cultural conflicts, labor issues and production challenges. With extensive experience in doing business in the U.S., Cao believes that the current decline in export orders is not a result of the U.S. policies, but a reflection of the weakening American market.
“I phoned my staff in the U.S. to investigate the issue. They mentioned that the inflation was severe in the U.S, with beef and gasoline prices rising by about 40%, and labor and housing prices by about 35%. Also, there is a severe labor shortage in the country,” Cao said in the recent talk show, predicting that a “long winter” was yet to come for China’s trading situation. He encouraged the Chinese businessmen to face up to the challenges with resilience and bravery, and to weather the cold winter together.
Fuyao Glass is the world’s largest glass producer and supplier, with production bases in about 11 countries and regions. In 2002, Fuyao Glass won a trade dispute case against the Canadian government, marking the first victory by a Chinese company to overturn an anti-dumping ruling after China’s entry into the World Trade Organization. In 2004, Fuyao Glass sued the U.S. Department of Commerce and won the case, becoming the first Chinese firm to challenge an anti-dumping decision made by U.S. authorities.
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