Washington Free Beacon: Jeffrey Immelt, Chairman and CEO of General Electric and Chairman of the White House Council on Jobs and Competitiveness was interviewed by Charlie Rose on Bloomberg Television Monday evening. When asked about China, Immelt praised the Chinese and their centrally planned economy:
CHARLIE ROSE: China is changing. It may be being stabilized as we speak. What does that mean for China and what does it mean for the United States? Should it change expectations?
JEFF IMMELT: It is good for China. To a certain extent, Charlie, 11 percent is unsustainable. You end up getting too much stimulus or a misallocation of resources. They are much better off working on a more consumer-based economy, less dependent on exports. The one thing that actually works, state run communism a bit– may not be your cup of tea, but their government works.
When GE moved its Wisconsin X-Ray operation to China in 2011 120 employees lost their jobs. WSJ. Early in 2011 GE signed billions of dollars in China deals “sharing its most sophisticated airplane electronics” the same week Immelt attended a state dinner for China’s president Hu Jintao, raising concerns about China’s “aggressive espionage.”
The summer before, Immelt was reported to have said: “I really worry about China . . . I am not sure that in the end they want any of us to win or any of us to be successful.” Financial Times.