U.S. Benefiting From China's Boom

(CBS)  Ben Wood is an American architect who's changing a city skyline. Not so unusual, except, the skyline he's changing is Shanghai, China.

He came here to design one project. But as CBS News Correspondent Barry Petersen reports, more work keeps pouring in. Now he's part of a growing number of Americans getting jobs because of China's booming economy.

"For a guy like me that's just extraordinary," says Wood. "This is like - I don't want to say it - but it's an architect's dream."

And he's not alone. More and more American are making it in the Chinese economy.

Sheldon Habiger and Scott Minoe found their future here. They opened a restaurant serving American health food like smoothies and salads and the Chinese are eating it up.

"We went here and it's like a blank canvas," says Minoe. "It's like a painter going to a blank canvas."

"But it's not only individual Americans doing well. American companies are selling goods to ever richer Chinese.

China is not just the new land of opportunity for Americans coming here, its powerhouse economy is starting to create a lot of jobs back in the United States.

All these new skyscrapers and new cars being made here means China has a heavy demand for steel.

That means heavy demand for iron ore. Half a world away, that demand put almost 400 laid-off miners in northern Minnesota back to work.

And heavy demand for Chinese-made appliances prompted China's Haier Corporation to build a $40 million factory in Camden, South Carolina. That saves millions in shipping costs, and the company hopes buyers will believe quality is higher with a made in the USA label.

And in a small town, 200 jobs make all the difference for Main Street.

"The employees out there are supporting our grocery stores, our clothing stores and all our other merchants," says Buddy Clark, the executive director of the Kershaw County Chamber of Commerce.

Americans are concerned about exporting jobs to China. But closing the door to trade is going to mean a growing number of Americans who now depend on China for a paycheck, could lose their jobs.

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U.S. Factory Shipped To China