Michigan governor: Detroit on road to recovery

Updated: 2013-09-06 15:25

By Yu Ran in Shanghai (chinadaily.com.cn)

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Detroit may have seen some unflattering headlines following its bankruptcy filing but the financial restructuring has actually seen investments worth billions of dollars, the Michigan governor said in Shanghai on Thursday.

"The city faces a difficult process ahead but the pace of this transformation is remarkable and bringing financial stability to the city government is the final key to even greater economic growth and the city's full comeback," Rick Snyder said.

Detroit filed for bankruptcy protection, the largest ever municipal-bankruptcy filing in the US, in July.

"Luckily the slowdown of the city hasn't affected the continuing cooperation between local enterprises and Chinese investors, the number of which is still growing surprisingly," said Snyder.

It was the governor's third visit in three years to China and the 10-day mission will see invitations extended to Chinese people and business leaders to consider his state when they make plans for travel or business expansions overseas.

"All of China should know more about Michigan and all that it offers from glorious natural beauty to great universities and an industrial powerhouse where some of the world's best autos are designed, engineered and built," said Snyder.

Chinese companies including SAIC, First Auto Works, Chang'an and Geely have already made investments in Michigan while the governor is hoping to welcome more Chinese companies to work with local enterprises in different industries.