American Morning

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April 15th, 2010
02:00 PM ET

China Rising: Growing pains in the heartland

Editor's Note: This week, in the American Morning original series "China Rising," we're assessing China's economic impact on the United States. Today, John Vause shows us a different side to China's growing economy.

(CNN) – When you think of China, you may think of their economic force: bustling cities, manufacturing mecca.

But in more remote locations, like the Sichuan Province, people there can only hope to live like Americans some day. As John Vause shows us, China is rising, but not without growing pains.


Filed under: China Rising
April 14th, 2010
11:00 AM ET

China Rising: China's real estate bubble trouble

Editor's Note: This week in our original series "China Rising," we're assessing China's economic impact on the United States. Tomorrow on American Morning, some say China is poised to become the next economic super power, but that contradicts the life hundreds of millions of Chinese people live. We'll take you on a tour of China like no other.

(CNN) – Property values in China are skyrocketing. Experts say the prices in March grew at a record pace, despite government attempts to slow them down.

Our John Vause reports on the impending threat that the real estate market presents not just to China, but to the rest of the world.


Filed under: China Rising
April 13th, 2010
10:00 AM ET

China Rising: Is China changing U.S. business?

Editor's Note: A shift is underway in how U.S. companies do business. From dinner staples like seafood, to clothes and technology, more companies are opting for the "Made in China" label, and that's making life here less expensive. Today in our original series, "China Rising,” Christine Romans examines how China's powerful economy affects you in just about every way. Tomorrow on American Morning, a colossal middle class is emerging from Shanghai to Beijing, but is the sky the limit for China or is their growth a bubble about to burst?

By Christine Romans, CNN

(CNN) – To see how China's powerful economy affects you in just about every way, look no further than your dinner plate.

Alaskan Sole caught and frozen in the Bering Sea is unloaded in Alaska's Dutch Harbor and from there most of the fish goes to… China.

Bill Orr, president of Signature Seafood, says his catch is cleaned and filleted cheaper and quicker in Chinese workshops than in the United States.

“We sell it to companies around the world, but most of them have the fish sent to China and have it further processed into fillets or portions, have sauces added or breaded, packaged and sent back to Europe, the United States or South America,” he explains.

That's right. Chances are the fish you order at restaurants traveled some 14,000 miles. How can that be possible? Because China's economic miracle of cheap labor and a government-subsidized industrial base has changed everything, even the economics of your dinner plate.

U.S. seafood exports to China were just $82 million in 1996. Today, they’re $597 million. How much of that comes back to the United States is impossible to know in this new globalized world.

FULL POST


Filed under: Business • China Rising
April 12th, 2010
11:00 AM ET

China Rising: Assessing China's impact on America

Editor's Note: Before the turn of the century, it was considered a "no brainer" for U.S. businesses: you had to be in China. Fast forward ten years and you have to ask the question, "has China been good or bad for America?" This week in our original series "China Rising," we're assessing China's economic impact on the United States. Tomorrow on American Morning, Christine Romans examines how China has changed American businesses. One look at your dinner table will tell you everything you need to know.

By Christine Romans, CNN

(CNN) – The question nine years after China was admitted to the World Trade Organization and officially welcomed in to the world economy is this: Has China's rise been good or bad for America?

Meet Steve Udden. He is a husband, father of two daughters and a trade statistic.

"I felt like a baseball player that got traded from a team that he loved playing for and loved the fans. I loved my customers; my coworkers were like second family to me," he explains.

His job as a telecoms projects manager went overseas to China when his factory moved there. Classified by the U.S. government as a casualty of foreign trade qualifies him for a stipend and money for retraining. Unemployment benefits and COBRA health insurance help fill the gap.

“We are keeping it level and steady and holding the line and right now we are ok.”

He's the face of the increasingly strained relations between the United States and China.

One think-tank estimates 2.4 million manufacturing jobs were lost between 2001-2008.

With China's explosive rise comes a nation that is now a key player in America's domestic and foreign policy. Take its currency: Anything made in China is cheaper than made in the USA. Why?

FULL POST


Filed under: Business • China Rising
April 10th, 2010
12:00 PM ET

China Rising: Opportunity or Threat?

Editor's Note: Before the turn of the century, it was considered a "no brainer" for U.S. businesses: you had to be in China. Fast forward ten years and you have to ask the question, "has China been good or bad for America?" This week in our American Morning original series "China Rising," we're assessing China's economic impact on the United States.

(CNN) – According to the U.S. Treasury Department, China holds $889 billion in U.S. treasuries. As a major lender, it is essentially the banker that funds our government and our recovery.

Gordon Chang, a noted China-watcher and author of "The Coming Collapse of China," explains in his own words why China is unlikely to dump its American investments, and in fact, may need America more than America needs China. Watch:


Filed under: Business • China Rising