State board approves $5 million for Chinese trade center
A state board has unanimously approved a $5 million grant to be dispensed over the next five years to encourage Chinese companies to invest in Michigan.
The Michigan Strategic Fund board - part of the Michigan Economic Development Corp. - authorized the money on Tuesday to act as a "business gateway" between Michigan and China and help generate jobs while boosting foreign investment in the state.
The project aims to create Michigan jobs but board members weren't publicly informed of how many on Tuesday.
Gov. Rick Snyder has visited China to encourage trade and investment.