Texas to take big Hit on Investing in China
Sure is not a rising star anymore! I wonder how well all those pension plans will be doing after the pandemic!
The risks of a Chinese downturn were made stark by the plunge in global stock and commodity markets over growing unease about China’s ability to contain the coronavirus outbreak. U.S. oil prices are down about 20 percent from last month on fears the virus will slow Asian economies and energy consumption.
Few regions of the United States have more at stake than Houston. China is already the region’s second-largest trading partner after Mexico. And China’s continued expansion means it would need more oil, liquefied natural gas and chemicals, products Texas produces and exports in abundance.