A Chinese company has proven that American sinophobia is wrong by expanding ham production in the U.S. (Photo : Getty Images)
China proves its credibility as a business partner after a Chinese firm paved the way for better days in the United States’ “Ham King” in Smithfield, Virginia.
Many Western nations have repeatedly criticized the credibility of Chinese companies as a partner in business, with some dubbing them the "most corrupt in the world."
However, a recent article from Bloomberg revealed that one company has proven the Chinese business ethics to be effective in bringing one of the biggest acquisitions of an American company to its glory days.
Doubts
According to the Bloomberg report, many worried about the controversial acquisition of Smithfield Foods back in 2013 because it was procured by a Chinese company.
The Shuanghui International Holdings Ltd. was faced with plenty of doubt from Americans, particularly from some American presidential candidates, after it closed the $4.7 billion deal.
"It's a rape of our country. It's a harsh word, but that's what it is--rape of our country," Bloomberg quoted U.S. presidential frontrunner Donald Trump as saying on Tuesday.
According to the outlet, Trump was referring to the Trans-Pacific Partnership, which had been a subject of his trade speech earlier that day at a Pennsylvania facility.
"Our friends in Britain recently voted to take back control of their economy, politics and borders," he added. "Now it's time for the American people to take back their future. We are going to take it back."
Historical data has also proven the so-called "sinophobia" that leads many to doubt and even refuse a chance for Chinese firms to prove them wrong.
Proven Wrong
During the acquisition of Smithfield Foods, many feared that it would compromise the quality of America's food supply. There were also worries that thousands of the American company's employees would be laid off. But what happened next surprised critics.
Bloomberg said that the American workers in what is now known as the WH Group Ltd. expanded from being a mere 1,000 to 39,000-strong workforce, and capital spending increased by 24 percent with a $313 million revenue in 2015.
"This is a very conservative American community and people were aghast that the Chinese had bought their company. That's pretty much gone away," wrote John Edwards of the Smithfield Times.
Aside from sweeping the food industry, the Chinese businessmen are also working double-time in acquiring American companies from a wide variety of industries such as the hotel and movie studios, with the highest expense recorded early this 2016.
