The commercial interests of the US and China are converging in an unlikely place: in and around Detroit.
Take last week’s celebration in the depressed town of Saginaw, 150km north of Motown, at which General Motors marked the sale of Nexteer, its steering division to Pacific Century Motors, a consortium partly owned by Beijing’s municipal government.
Bob Remenar, chief executive, lauded the new owners for bringing “capital and support for growth”, as he reminded the audience that Nexteer was facing liquidation a few years ago.
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