IN 2007, several companies had to recall millions of products made in China because of lead paint being used in their manufacturing process. I’d like to know what amount of money, if any, did China lose because of this? Thank you.
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The actual amount lost is just about impossible to project as China employs a different method of accounting than we do.
Under their communist form of government state owned companies do not have to make their financial records public.
The amount lost is probably not as much as you would think as some of the losses (actually much of it) was absorbed from the U. S. companies that do business with them.
As far as lost sales go, most American’s are still buying toys and other items stamped “Made in China” so I don’t think most people really care much about it one way or the other. Walk through a toy store today and look for “Made in America” or “Made in USA” and you won’t find too much.
The loss is not too much. However, the recalls of toys and other items has forced China to upgrade their industrial structure and increase domestic demand.
China will produce more high value-added goods other than toys, shoes, etc.