Shipping CEO Bullish on China

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The Shanghai Composite Index touched a three-month high today—a reminder of China's incredible growth, despite concerns about stock market and housing bubbles.

One company taking advantage of China's explosive economy is Expeditors Internationalof Washington.

The air and ocean freight giant, touches both the Chinese and US economies. It started in China as a joint venture in the early '90s and it's chief executive remains bullish.

"Most people don't know how to deal with China, you don't go in and start talking about business right away, you build rapport," Pete Rose, chairman and CEO of Expeditors International , told CNBC's "The Strategy Session" on Thursday.

There are two phenomena going on in China: "outsourcing to themselves—going north and west looking for cheaper labor" and "they have an illegal immigration from Cambodia and Vietnam," Rose said.

Currently, Expeditors owns 100 percent of its 53 offices in China and is expected to add 17 more.

As far as the US economy goes, "last year was pretty much an unmitigated disaster [for Expeditors], the worst I've ever seen." Rose said.

But, Rose quickly added, "this year we are already ahead of our 2008 levels— which was our best year ever."

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