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General Electric Co. plans to sink more than $2billion into its efforts in China through 2012. The conglomerate has shifted more production from the U.S. to China and also looks to build new partnerships there.GE said Tuesday that it will likely spend $500million on research and development and new customer innovation centers, adding more than 1,000 new jobs. More than $1.5billion is expected to be put toward new joint ventures with Chinese state-owned enterprises in high-technology sectors.The company is also moving more manufacturing abroad. Last month it shut a lightbulb factory in Virginia and will relocate those 200 jobs to China.Read more: http://www.dailymail.co.uk/news/article-1328654/General-Electric-sink-2bn-China-development-production-moves-US.html#ixzz150816s3D
Isn't G.E. one of the big backers of Cap and Tax, and a backer of Obama?