There’s no denying that the stock market crash in China on Monday sent ripples around the world as the markets in China have now lost well over 20 percent of their values or any gains they’ve made in the last year and investors are now labeling China as a “bear market”.
Although the stock market may be a major concern to most people, should people living in California or across Pleasant Hill be concerned about the stock market crash in China especially if you don’t own stock? The answer is yes.
Part of the Pacific Rim
Unless you are in High School or College right now you most likely will have forgotten that California is part of the Pacific Rim and this means our economy will feel some major blows from the recent Chinese stock market crash compared to other states.
Besides being part of the Pacific Rim California also has major tech companies who call the Golden State home but also have big connections to China.
Some of the major players in the tech world with a footprint in China include Qualcomm and Apple. The recent pop of the China stock market bubble could also affect jobs, Real Estate prices and scores of other industries in California, especially in the Bay Area and Silicon Valley.
Tim Cook Tries To Calm His Investors Fears
On Monday Apple CEO Time Cook immediately launched an offensive to calm his investors’ fears by going on the offensive when he said the following to Jim Cramer, well-known investment analyst with CNBC’s Squawk Box:
“I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August,”
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