In the wake of a series of food and drug safety scandals that have turned “Made in China” into a warning label, the Chinese government has announced that it will spend the equivalent of $1.16 billion (US) improving the country’s safety procedures and improving regulatory oversight.
A significant portion of the money will be spent on communicating new food safety procedures to rural suppliers, who are described as not being up to speed on modern safety techniques.
A significant portion of the money will be spent on communicating new food safety procedures to rural suppliers, who are described as not being up to speed on modern safety techniques.
- KC's View:
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Maybe it’s me, but a billion dollars doesn’t sound like a lot of money.
After all, that’s less than half of what the Chinese government is spending to build six venues for the 2008 Beijing Olympics…and my sense is that the perceived and real problems surrounding Chinese exports could end up having a far more negative impact on that nation’s economy than its hosting two weeks of games next summer.
