On Wednesday, Governor Rick Snyder welcomed a delegation of senior Chinese government officials, as both sides signed six memorandums of understanding designed to boost two-way direct investment, one of which was a sister state agreement between Michigan and Guangdong Province. In addition, they established the Michigan-Shenzhen Trade, Investment, and Innovation Cooperation Center.
In March, the Michigan Strategic Fund authorized $5 million to create the Michigan-China Innovation Center, a nonprofit designed to boost direct investment in the state from Chinese companies. The center will work closely with the Michigan Economic Development Corporation to commercialize research and invest into conduits.
During a trip to China in 2015, Governor Snyder signed formal cooperative agreements with several provinces, as well as the city of Chongqing, all regions that are home to auto companies and suppliers and support numerous connections to Michigan’s automotive industry.
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