An extraordinary attack by GE's chief executive Jeffrey Immelt, launching broadsides against the Chinese government and President Obama.
According the Financial Times, the GE chief attacked China's growing protectionism and said other countries "don't all want to be colonised by the Chinese. They want to develop themselves." "I really worry about China ," Mr. Immelt told an audience of dozens of top Italian executives. "I am not sure that in the end they want any of us to win, or any of us to be successful." He also attacked Obama, saying the Prez did not like business and business did not like him.
Remarkable words from the head of a company which made nearly $5 billion in China just two years ago, and from someone who sits on Obama's economic advisory board.
It will be fascinating to watch how Immelt's comments are received in China, a country which puts a lot of emphasis on "face", and does not take kindly to criticism, let alone talk of "colonisation". Given the fractious relationship between Google and the Chinese government, it will be interesting to see whether Immelt's comments will have any long term repercussions for GE in China.
As for his comments about Obama, Immelt needs to be reminded that the reputation of business in the US now is very low. Given that his company has been kissing the Obama administration's posterior for some time, his sentiments are unlikely to help.
no comment untill now