Business & Economy
Governor Quinn Announces Major Trade Partnerships Between Illinois and China PDF Print E-mail
News Releases - Business & Economy
Written by Nafia Khan   
Thursday, 22 September 2011 14:46

Announces Business and Education Agreements to Further Expand Partnerships, Trade and Investment Between Illinois and China 

SHANGHAI, CHINA – September 22, 2011. Continuing his trade mission in China, Governor Pat Quinn today visited Shanghai where he announced major steps to build upon Illinois’ role as a leading competitor in the global marketplace. While in Shanghai the Governor took part in several economic development and education agreements that will help pave the way for continued trade and innovation between Illinois and China.

“I am committed to making sure that Illinois is a top competitor in today’s global marketplace, and our trade and education partnerships with China are a vital part of that.” Governor Quinn said. “The agreements and programs our two regions are announcing today build upon those efforts to expand our economies, while also boosting innovation and growing technologies.”

Among the business agreements Governor Quinn announced today was a $70 million corn products sales agreement between C&D (USA) Inc., an Illinois-based agricultural export company, and Xiamen C&D Inc. Beginning today, C&D (UDA) Inc. will sell 250,000 metric tons of Illinois corn products to China-based Xiamen C&D, Inc. for $70 million.

C&D USA is a subsidiary of Xiamen C&D. This export agreement will further Governor Quinn’s aggressive goal of doubling Illinois exports by 2014. China is Illinois’ third largest export destination, and is among the top five states exporting agricultural products to China. In 2011, Illinois ethanol plants sold 200,000 metric tons of corn products to C&D USA for approximately $45 million. C&D USA plans to purchase 250,000 metric tons of corn products from Illinois ethanol plants in 2012 for an estimated $56 million.

Governor Quinn participated in the signing of agreements to further strengthen the business, educational and cultural relationship between Illinois and China. The agreements include a sister river agreement between the state of Illinois and the Shanghai Water Association. Under the agreement, the association and the state will work together to share policies and innovative ideas to preserve the Illinois and Huangpu Rivers.

The Governor also participated in the signing of a sister city agreement between Morton, Ill. and Tiantai County in Zhejiang Province, which will provide opportunities to promote economic development, trade, education, science and technology, and cultural exchange and tourism between the two cities. Tianti-based Zhejiang Yinlun Machinery Co, previously selected Morton as the location of its first U.S. headquarters.

An additional agreement signed today between Zhejiang Province and Illinois was the 1,000 School Initiative to enhance educational opportunities between the two regions. Under this sister schools’ agreement, the state of Illinois and Zhejiang Province will work together to make sure that students from both areas receive quality educations. The agreement will allow Illinois and Zhejiang Province to partner in training school staff, hosting summer and winter camps for students, and teaching elementary and secondary education students about the history, culture and languages of both parties.

As an economic and business center of China, Shanghai is known for attracting investment from many overseas companies. Its open policy has made it a magnet for foreign investors. Places like ”The Bund” and ”Pudong,” which have evolved rapidly in past few years in Shanghai, have increased the city’s role in

international finance, banking and trade. Shanghai has a strong base in manufacturing and technology. With many technology parks and industrial districts, Shanghai is also the leading industrial base of China.

For updates on Governor Quinn’s trip, visit www.Illinois.gov or follow him on Twitter at @GovernorQuinn. More information about Illinois trade and business opportunities can be found on the Illinois Department of Commerce and Economic Opportunity’s website at www.illinoisbiz.biz.

 

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Governor Quinn Announces Centers Opening to Sell More Illinois Products in China PDF Print E-mail
News Releases - Business & Economy
Written by Nafia Khan   
Thursday, 22 September 2011 08:18
American Goods Centers to Open This Fall in Beijing, Shanghai

 

SHANGHAI – September 21, 2011. Governor Pat Quinn continued his trade mission in China by visiting Shanghai where he announced Illinois exports will soon be more readily available to Chinese consumers. The Governor attended a reception hosted by the American Goods Center to announce plans to open centers in both Shanghai and Beijing this fall.

“Continued trade and cooperation with China will help Illinois remain at the cutting edge of the global marketplace,” Governor Quinn said. “We are committed to working alongside the people of China on issues such as education, tourism and trade in order to help grow our economy for years to come.”

The American Goods Distribution Center in Shanghai will open in October. Work on the American Goods Center in Beijing is almost complete, and it is expected to open this fall. Later this year, the American Goods Centers will open a purchasing office in Chicago and send its first purchasing delegation from China to Illinois to buy Illinois products.

In January, Chinese President Hu Jintao visited Chicago where the Beijing International Brand Management Center (BIBMC), along with the Chaoyang District of Beijing and Changning District of Shanghai and the state of Illinois, signed a memorandum of understanding to establish American Goods Centers in Beijing and Shanghai to increase the export of Illinois goods and services to China and to foster more Chinese investment in Illinois.

Under the agreement, the state will recommend Illinois products to the BIBMC – particularly in the agricultural, auto parts and construction machinery sectors – and assist with establishing the purchase center in Chicago. Through the distribution centers, BIBMC will provide intellectual property rights protection, Chinese distribution development, channel construction, marketing and other comprehensive services to Illinois companies in China.

China is Illinois' third largest export destination, and Illinois is among the top five states in agricultural exports to China. Illinois agriculture exports to China have increased each year since 2007, from $149 million to $552 million in 2009. Illinois' overall exports to China in 2009 reached $2.47 billion. In 2010, Illinois’ exports to China reached $3.18 billion, representing a 29 percent increase over 2009. Nearly 30 Chinese companies have invested in Illinois, employing thousands of Illinois residents.

Governor Quinn and the Illinois delegation also visited Shanghai’s Jewish Quarter, once known as the Restricted Sector for Stateless Refugees. During the 1930s, 20,000 Jews fled to Shanghai, which offered visa-free sanctuary to Jews fleeing Nazism. In accordance with a Japanese-issued proclamation, those refugees were relocated to a one-square mile area in the Hongkou District. The Quarter now includes a museum and offers educational tours of the neighborhood.

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David Becker report from Securities and Exchange Commission inspector general PDF Print E-mail
News Releases - Business & Economy
Written by Grassley Press   
Tuesday, 20 September 2011 12:00
Tuesday, Sept. 20, 2011

Sen. Chuck Grassley of Iowa today made the following comment on the report from the Securities and Exchange Commission inspector general on the agency’s former general counsel’s actions in the Bernard Madoff fraud case.  Grassley, a long-time watchdog of making sure the agency does its job, earlier this year urged the agency to account for its actions in this matter.

“First, the SEC missed the Madoff scam.  Then, the SEC was tone-deaf to Madoff victims.  It let a top SEC employee who profited from a Madoff account craft the commission’s position on how to treat Madoff victims.  It’s hard to see how the agency could have let such a major conflict of interest slide.  The SEC needs to reform its ethics polices top to bottom.  The consequences of a haphazard approach are clear.  Public confidence in the agency’s ability to do its job of protecting investors is undermined by slipshod work.  The SEC needs to make sure nothing like this happens again.”

 
House Republicans Introduce Jobs Plan PDF Print E-mail
News Releases - Business & Economy
Written by Sarah Wojcicki   
Tuesday, 20 September 2011 11:50
Milan, IL….House Republican Leader Tom Cross along with Representatives Rich Morthland and Jerry Mitchell on Monday held a press conference at the Kenneth Bush farm in Milan to unveil a blueprint to attract and keep good jobs in Illinois.

“The national economy is struggling, but Illinois’ economy is faring even worse,” said Cross (R-Oswego).  “All but one of our neighboring states has lower unemployment than Illinois.  Today, we are introducing a plan to make Illinois more attractive to all businesses from large manufacturers, to small business entrepreneurs to family farmers.”

“Family farms are the backbone of our agriculture industry and our economy in Illinois, but estate taxes are pushing families off of the land they have farmed for generations,” said Rep. Morthland (R-Cordova). “We need to keep family farmers farming, and implementing a much more reasonable estate tax exemption will help a great deal. That’s why we have made expansion of the exemption a key component in the plan we’re announcing today.”

The House Republican Job Package includes measures to:

1.      Increase the estate tax exemption to $5 million.

Under the current law, when family farms are passed from generation to generation the heirs are hit with a huge estate tax if their assets are worth more than $2 million.  Family farm assets are invested in land and equipment leaving limited available cash flow.  Our proposal would raise the estate tax exemption to $5 million—which mirrors the federal tax code.

 

2.      Re-instate the Net Operating Loss deduction.

Many businesses are losing money in this tough economy, this proposal allows them to use their net operating loss as a tax deduction extending the corporate carry forwards from 12 years to 20 years, and allowing a two year carry back.

3.      Re-enact the Illinois Research & Development tax credit.

Illinois businesses utilized this tax credit until it expired in December 2010.  Its’ reinstatement would allow businesses that are doing legitimate research and development projects as defined in the law to qualify for a tax credit each year.  Our proposal would also add ethanol and biodiesel research as qualified R & D activities.

4.      Extend the life of existing Enterprise Zones by up to 20 years.

Most designated Enterprise Zones in Illinois are set to expire in the next ten years.  Our proposal would allow current municipalities around the state to extend the enterprise zones in their communities to ensure tax incentives to businesses that have located or choose to locate in these underdeveloped areas.

5.      Reduce the administrative costs and burdens involved with setting up and incorporating a Limited Liability Corporation in Illinois.

In Illinois, even the cost to set up a business is much higher.  We are proposing to reduce that fee from $750 to $100. The highest fee that any of our surrounding states currently charges is in Wisconsin at $130.

 

“This week we learned that our unemployment rate in Illinois is now almost 10%. That’s unconscionable. Our neighboring states have launched aggressive campaigns to lure away our employers that provide jobs for our families. We need to fight back, and this plan is a good start,” added Morthland.

“Illinois is blessed with hard working families and individuals, but they can’t find work. We must become more jobs friendly. The future of our families and our communities depend upon it,” stressed Representative Mitchell (R-Sterling). “The best way to attract and keep businesses here is for government to get out of their way and out of their pockets.”

“When more people are working and re-investing in our communities, our economy is stronger.  For every point we reduce our unemployment rate, the state generates around $600 million in new revenue to fund state programs and services.  We can’t afford not to enact these proposals,” said Cross.

The package is supported by the National Federation of Independent Business and the Illinois Chamber of Commerce.

"As Illinois faces rising unemployment rates and a recession that shows no signs of life, allowing small business owners to keep more of their own money makes sense," said Kim Clarke Maisch, NFIB/Illinois State Director. "NFIB has long supported either eliminating or allowing for a high exemption on the death tax, which gives small businesses a piece of mind that their hard work will be passed on to family members.  As well, reinstating the net operating loss will be very helpful to the many businesses that experienced significant losses during this ongoing recession."

A representative of the Illinois Farm Bureau was on hand to lend support to the provision to raise the estate tax.

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Governor Quinn Announces Major Illinois-China Business Investments PDF Print E-mail
News Releases - Business & Economy
Written by Nafia Khan   
Tuesday, 20 September 2011 11:40

Agreements Continue Illinois’ Global Leadership;
Support Governor’s aggressive goal of doubling exports by 2014

BEIJING, CHINA – September 19, 2011. Governor Pat Quinn visited Beijing today during his business and economic trade mission in China, where he announced two business agreements that further strengthen the relationship between Illinois and China. The agreements involving Illinois-based ADM and Xinjiang Goldwind Science and Technology Co., LTD (Goldwind) move the state another step closer to reaching Governor Quinn’s aggressive goal of doubling Illinois exports by 2014.

“Illinois is a top competitor in the global economy, and our aggressive plans to double exports and develop innovative new partnerships in emerging technology fields are continuing to advance our growth on the international stage,” Governor Quinn said. “Our state has the resources, human capital, and innovative drive to expand our global reach. These agreements represent Illinois’ ongoing commitment to continue to compete and grow  in the global marketplace.”

During his visit to Beijing today, Governor Quinn announced that Goldwind, one of the largest wind turbine manufacturers in the world, will build a $200 million wind farm in Lee County, Illinois. The company will break ground on the Shady Oaks project later this fall. Once online, the project will provide 109.5 megawatts (MW) of power, and create more than 100 construction and a dozen permanent maintenance jobs in Illinois. According to the American Wind Energy Association, one megawatt of wind energy can provide enough electricity to meet the needs of 225-300 households. Therefore, 109.5 MW can provide the electricity needs of approximately 25,000 homes.

“As the largest and most competitive market in the world, the United States is a key component of Goldwind’s international growth. Thanks to visionary leaders like Governor Quinn, Goldwind and other renewable energy companies are able to generate an undeniable economic impact in the U.S. wind industry through job creation and supplier agreements,” said Goldwind Chairman and CEO Wu Gang. “Goldwind has generated a competitive global footprint and we are focused on continuing that momentum, continuing to demonstrate our technology advantages and continuing to build-out our global supply chain.”

Goldwind USA Inc. is the U.S. subsidiary of Xinjiang Goldwind Science & Technology Co, LTD, based in Urumqi, Xinjiang, China. Goldwind USA established its headquarters in Chicago in 2010 to oversee operations in North and South America.

Governor Quinn also announced that Archer Daniels Midland Company (ADM), a worldwide food production company based in Decatur, Illinois, has entered into a $100 million sales agreement with Jiusan Oils and Seeds. Under the agreement, ADM will supply Jiusan Oils and Seeds, a manufacturer of soy products based in Harbin, Helongjiang, China, with 180,000 metric tons of soybeans by December 2012.

“This agreement connects Illinois soybean farmers with Chinese consumers and reinforces the growing ties between the State of Illinois and China,” said David Ragan, product line manager, ADM. “In addition to helping to meet soybean demand and keep costs consistent for Chinese consumers, this partnership also underscores ADM’s advancing interests in China and our commitment to serving China’s priorities in food security, food safety and food sustainability.”

China is the world’s largest market for Illinois soybeans, importing more than 104 million bushels of U.S. soybeans in the 2009/2010 marketing year valued at more than $160 million. Illinois is among the top five states in agricultural exports to China. Illinois agriculture exports to China have increased each year since 2007, from $149 million to $424 million in 2010.

China is Illinois’ third largest export destination. Illinois’ overall exports to China reached $3.18 billion in 2010, up from $2.47 billion in 2009. Nearly 30 Chinese companies have invested in Illinois, employing thousands of Illinois residents.

or follow him on Twitter at @GovernorQuinn. More information about Illinois trade and business opportunities can be found on the Illinois Department of Commerce and Economic Opportunity’s website at

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