Despite the turmoil, trust in American consumer brands is at an all-time high due to China's contaminated milk scandal, which led to more than 53,000 children falling ill, said Shaun Rein, managing director of China Market Research Group. "They feel there is better quality control, people aren't going to cut corners, put in bad ingredients in order to make money ... So on the consumer side, that 'Made in America' label is still very powerful." But at the same time, confidence in U.S. financial institutions has plummeted, Rein said, citing surveys his firm conducted in 10 cities across China.
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