Intelligence and law enforcement officials are issuing a stark warning to American companies: The Chinese government wants to replace you.
In 2017, Xu Yanjun pursued an engineer at GE Aviation who had valuable knowledge of the company's jet engine composite fan blade technology. Posing as an academic official and using a fake name, Xu was introduced to the GE engineer who was visiting Nanjing, China, to give a speech at a prestigious university. Xu began a pressure campaign to get the engineer, who had family in China, to reveal more and more information about the engine tech the Chinese government had targeted.
When the engineer agreed to cooperate, he became a double agent — working for the FBI against the Chinese spies. These facts show that China remains a popular destination for foreign investment. The American Chamber of Commerce in South China recently released its 2023 White Paper on the Business Environment in China, which noted that more than 90% of the participating companies select China as one of the most important investment destinations and 75% of the companies plan to reinvest in China in 2023. This is because China has a huge market and full-fledged industrial and supply chain networks.
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