Wanxiang Group, China’s largest auto parts maker, is one Chinese company that has made welcome inroads in the U.S. Founded in 1969 as a bicycle and tractor repair shop in Zhejiang Province by a budding entrepreneur named Lu Guanqiu and some friends, Wanxiang now has $23.5 billion in annual revenues and some 12,500 employees, just under half of whom are in the U.S., where the company owns 28 manufacturing plants in 14 states. My friend Lu was among the private sector business leaders with whom I shared dinner my first day in China as Treasury secretary in 2006.
