Death by China: How America Lost Its Manufacturing Base

The 1979 visit of Deng Xiaoping to the US was followed in June 1980 by the equally significant encounter in Wall Street of Rong Yiren, chairman of CITIC, and David Rockefeller. The meeting, held in the penthouse of the Chase Manhattan Bank complex, was attended by senior executives of close to 300 major US corporations. A major agreement was reached between Chase, CITIC, and the Bank of China, involving the exchange of specialists and technical personnel to ‘identify and define those areas of the Chinese economy most susceptible to American technology and capital infusion’.

Source: “Towards Capitalist Restoration?: Chinese Socialism after Mao” by Michel Chossudovsky, writing about the beginning of the end of the US middle class.

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