GO
Loading...

New Investors Shouldn't Go to China, Starnes Says

Friday, 28 Jun 2013 | 8:41 AM ET
CEO Starnes: China's Business Environment 'Not as Inviting'
Friday, 28 Jun 2013 | 7:50 AM ET
In a live interview from his home in Florida, Chip Starnes, CEO of Specialty Medical Supplies, said he had to keep himself upbeat while being held captive in China because he was "in a no-win situation" and "got no support from the local government" and "no support from Beijing.

American businessman Chip Starnes—who had been held hostage by his workers in China—told CNBC Friday that he was in a no-win situation and received no help from local officials in resolving the pay dispute that started his ordeal.

It's back to the office, Starnes said in a "Squawk Box" interview from Florida, where his company Specialty Medical Supplies is located.

(Read More: 'I Felt Like an Animal in a Zoo:' Starnes)

Starnes said he'd advise new investors not to do business in China. He cited currency issues, a shrinking labor force and rising wages there as fundamental reasons for caution.

By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.

Featured

Contact Asia News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Asia Video