What Obama's re-election means to China
Across the world in China, American expats spent this morning watching election returns at an event hosted by the Shanghai chapter of the American Chamber of Commerce.
Hundreds of American businessmen and women watched the returns in at the Shanghai chapter of the American Chamber of Commerce on CNN, cheering each time a state was called for Obama. A straw poll taken by the chamber showed that most of its members who showed up to watch favored the president.
"We need the continuity, he's a known entity here in China," says Mike Crotty, who's from Ohio and runs a textile business in Shanghai.
Crotty says the Chinese prefer continuity and four more years for President Obama means a smoother trade relationship between the U.S. and China.
"Especially in the light of the fact that we've got the change in leadership going on here, by having a known entity in the United States, I think it'll be beneficial for both countries," says Crotty.
Governor Romney's pledge to declare China a currency manipulator on Day One wasn't popular with many in the business community here. But, Crotty says, neither are the sanctions Obama has placed on Chinese products. Crotty and many others here are hoping for an ease in trade restrictions on both sides of the Pacific.