Expert says Chinese applicants for EB-5 visas prefer real estate investments rather than running a business in the United States. Provided to China Daily

Job creation is likely to be the hot-button issue in the 2012 United States presidential election. What is not as obvious is that the candidate with the most pro-China platform may hold the trump card needed to win.

Despite the recent criticism of China by most of the Republican candidates and the initial passage of a Senate currency bill that would punish China because of alleged currency manipulation, business leaders and US politicians believe promoting investments from Chinese companies is crucial.

"I think (the China bashing) is very unfortunate," says Jim Butler, head of the Global Hospitality Group. "The discussion really should be about what's important to the future of the US. The China bashing and the passing of the currency bill just increases friction and it's not to the mutual benefit of both countries."

Jeff Perlman, a former mayor in Florida who led a trade delegation of American entrepreneurs and immigration experts to Beijing in October, also sees the benefits of investments from China. Perlman is seeking to build a science and technology park in Palm Beach County to attract clean energy and green technology companies.

"Obviously, I've always been very interested in economic development and the name of the game is job creation in the state. Florida has been particularly hard hit by the recession," says Perlman, the former mayor of Delray Beach.

Joe Walsh, president and chief executive officer of the South Atlantic Regional Center, says there are many potentially lucrative opportunities for Chinese companies if they move to the high-tech park. He says that when these opportunities are combined with immigration benefits, it "will generate strong partnerships".

The immigration benefits are a key part of the investment immigration initiative, known as EB-5, enacted by Congress in 1990 as an employment-based immigrant visa for qualified foreigners seeking to invest in a business that will benefit the US economy and create or save at least 10 full-time jobs. The program also includes real estate investment of at least $500,000 in designated areas.

The anchor of the Palm Beach County Park will be EnergyGlass, a company that produces solar panels. The project is estimated to produce between 4,000 and 6,000 jobs over the next five years, Perlman says.

"It's an elegant solution to a problem that's been around," Walsh says.

Currently, there are about 140 investment projects under the EB-5 program in the US. Most of the applicants are keen on real estate investments, which is a more conservative approach to running a business in the US, according to Cansine, a mainland-based immigration consulting firm.

Butler's focus is on hotel and real estate investments. The estimate for direct foreign investment into the US by Chinese investors is expected to top $5 billion in 2011 with about $1.2 billion through the EB-5 program.

The rapidly growing number of Asian tourists traveling both domestically and internationally is pushing Chinese investors toward the hotel industry. Asian investors made up 8 percent of the investments into US hotels in 2010 and this figure is expected to increase dramatically this year.

"There are a lot of reasons for the increase and tourism is one of them," Butler says. "Chinese tourism to the US is up 53 percent from last year - a huge jump from one country."

Butler says China's soaring wealth is another factor. The latest report by Credit Suisse said China now has more than a million people with net worth of $1 million. "There's a real explosion of wealth in China looking for a place to invest," he says.

EB-5 also allows an immigrant investor to apply for conditional and possibly permanent green card status for investors and their immediate families. Butler says 70 percent of EB-5 applications are from China, double the amount from a year ago.

"EB-5 is not something new, but it's become more significant in the last year or so as a compromise for an irrational immigration system. They can get green cards by investing in jobs for American citizens," Butler says. "A lot of the investment is because they want their children educated in the US."

Chang Chun, from Shenyang, Liaoning province, who is applying for the EB-5 visa and is also attempting to find schooling for her teenage son, says the public schools in the US are far better than the schools in her home province.

Qi Lixin, president of the Beijing Entry and Exit Service Association, confirms that education for their children is the biggest concern for Chinese EB-5 applicants.

"These applicants are mostly 40- to 50-year-old middle class people, with annual incomes of more than 300,000 yuan ($47,200)," Qi says.

Walsh says it is counterproductive for national politicians to disregard the importance of the EB-5 visa plan.

"It may make you feel good to bash China, but it doesn't solve any problems," he says.

Perlman stresses that local politicians and business leaders are "open to any idea" that would create jobs.

"The politicians need to see that Chinese investments are the solution to the jobs issue, not the problem," Walsh says.

Qi says the number of Chinese applicants for the EB-5 program, which helps attract mainland funds to the US and contributes to job creation, has been increasing since 2009, while the data released by the US government revealed that the number has reached 4,000.