From BusinessWeek online: It’s adding massive factory capacity in tech-intensive industries such as autos and electronics.
The automotive world barely noticed, but a little bit of Chinese economic history transpired in late June at the Xinsha Port in Guangzhou. In a dockside ceremony replete with costumed dragon dancers, Honda Motor Corp. (HMC ) executives and Chinese officials celebrated the country’s first full-scale export of cars made in China: 150 Jazz compacts bound for Europe. Guangzhou officials, who believe their booming city of 6.7 million is destined to become the nation’s top auto hub, were thrilled. “From now on, high-quality autos made in Guangzhou will be shipped to more and more markets around the world,” says Lin Yuanhe, the city’s executive vice-mayor.