Fuyao Chairman Defends $1 Billion Investment in U.S. Facilities

(Beijing) – China needs to lower business taxes and reduce infrastructure spending to stay competitive in manufacturing, a leading local businessman told Caixin on Wednesday, defending his decision to spend more than $1 billion on overseas manufacturing facilities.

At the same time, Chinese manufacturers that want to become true world leaders must also expand overseas to be closer to their customers and make themselves part of the global supply chain, said Cao Dewang, chairman of Fuyao Glass Industry Group Co. Ltd., China's leading supplier of automotive glass.