Cosco’s US Job-Creation Story

Cosco’s US Job-Creation Story BEIJING/BOSTON, the United States: It is a windy day with rain showers. The Port of Boston is busy as usual, with towering cranes plucking containers from a giant vessel. But over a decade ago, the port was confronted with a crisis of existence, with thousands of jobs at risk. Things took a turn when a Chinese shipping company came to the rescue. COSCO, “helped the city’s languishing port become thriving again,” recalled Gene Hartigan, the adviser of COSCO over the past ten years and witnessed COSCO’s operation at the port, which brought well-paid jobs to Boston, US state of Massachusetts for dock workers and others who had kids to support and mortgages to pay. In recognition of the Chinese firm’s contribution to the local economy, the International Longshoremen’s Association, the leading union of maritime workers in North America, in March awarded Chinese Premier Wen Jiabao “Best Friend of the American Worker” at an event to mark the 10th anniversary of the partnership between the US port and COSCO. Timely rescue In the first two years of this new millennium, the Port of Boston’s container cargo business was at a “low point” in its history, said David Mackey, CEO of the Massachusetts Port Authority (Massport). It had been a difficult time for Massport and the port, before the win-win collaboration with COSCO was inked, Mackey said. The Chinese shipping firm started its direct cargo route to Boston on March 21, 2002, six months after the Sept 11 attacks. Today, the Port of Boston remains a vital transportation and economic resource for New England since Boston’s founding in 1630. When Wei Jiafu, COSCO’s Chairman, came to Boston in March 2002, “it was a real high point of our history,” Mackey noted.     The arrival of Chinese shipping company helped preserve and create thousands of jobs over the last decade. The port’s overall activity currently supports 34,000 jobs and contributes more than $2 billion annually to the local, regional and national economies, said Deborah Hadden, Massport’s Current Port Director. Volume on the COSCO service has surged from 40 ship visits and 23,401 TEUs (17,000containers) in 2002 to 76 ship visits and 122,882 TEUs (70,000 containers) in 2011, according to Hadden. The total cargo volume of COSCO and its partners now account for about half of the annual cargo volume at the Conley Container Terminal of Port of Boston, the New England’s maritime hub. Boston, the largest…

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International Vitamin Corporation Awarded for Contribution to NJ

International Vitamin Corporation Awarded for Contribution to NJ     On October 16th, the International Vitamin Corporation (IVC), one of CGCC’s members, received the Award of Excellence from New Jersey Business and Industry Association (NJBIA) for its contribution to the economy growth in the Garden State. The Secretary General, Mr. Richard Huang, attended the awards presenting…

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Tea Reception Held by China Huaxing Group U.S.A.

Tea Reception Held by China Huaxing Group U.S.A. On Oct. 12 afternoon, the President of China Huaxing Group U.S.A Ltd., Mr. Junfei Sheng, held a reception for his friends in New York business community at the office of China Huaxing USA, downtown Manhattan. During the reception, Mr. Sheng and his friends discussed the development of…

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China’s ZTE Quadruples Enterprise Communications Revenues

China’s ZTE Quadruples Enterprise Communications Revenues     Undeterred by its recent pounding in Congress, China’s ZTE is pushing ahead with plans to expand its enterprise communications equipment and services business, which it predicts will quadruple in revenue over the next three years. During recent hearings before the House Intelligence Committee, officials from ZTE and Huawei…

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Sany America Names New Chairman

Sany America Names New Chairman       Chinese heavy equipment manufacturer Sany America Inc. has named industry veteran Tim Frank as its new chairman. Mr. Frank’s appointment comes on the heels of significant moves to restructure Sany’s global operations, including shifting the product focus at its $60 million Peachtree City plant from concrete pumping equipment…

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Workshop Teaches Students About Value of Money

Workshop Teaches Students About Value of Money     Students learned about money when Cathay Bank and Golden 1 Credit Union representatives recently gave workshops to young residents at two Sacramento|Yolo Mutual Housing Association communities. Called “How Money Works”, Cathay Bank’s workshops focused on understanding the value of money, where it comes from, learning to use…

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DeHeng Represents E-Town in Milestone Acquisition

DeHeng Represents E-Town in Milestone Acquisition       November 9, 2010, Pacific Century Motors (“PCM”), a corporation established by Pacific Century Motor, Inc. and Beijing E-Town International Investment & Development Co., Ltd (“E-Town”), announced the consummation of its acquisition of Nexteer Automotive (“Nexteer”), an automotive parts supplier owned by General Motor. Nexteer is the world’s…

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SANY America Partners with Company Wrench of Carroll, OH

SANY America Partners with Company Wrench of Carroll, OH     SANY America is pleased to announce its new distribution partnership with Company Wrench Ltd. of Carroll, Ohio.  The dealer agreement extends sales of SANY’s global line of excavators to multiple regions of the United States. “Company Wrench’s dedication to customer service has allowed them to…

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CGCC Financial Committee Holds Semi-Annual Meeting

CGCC Financial Committee Holds Semi-Annual Meeting June 26, 2012 — The semi-annual meeting of the China General Chamber of Commerce Financial Committee was held at the Fenway Golf Club in White Plains, New York. Mr. Xiaohui Hao, the Chairman of the Financial Committee, delivered an opening speech at the beginning of the event in which…

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