A few weeks later I talk to a very large, well-respected U.S. exporter who tells me that things are actually much worse than Johnson indicated. As an example, he tells me that his company recently “lost” a bale of copper—retail value around $20,000—somewhere between Hong Kong and the mainland, despite the fact that he’d taken precautions, and even paid to have the container weighed in Hong Kong before it was sent to the other side. But that didn’t dissuade the thieves. Later, though, I can’t help but wonder: Why would Johnson or this exporter be surprised? Guangdong’s scrap trade has always
...more
