|
Home>News Center>皇冠体育app | |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
CNOOC's bid for Unocal tests US' 皇冠体育app ties
U.S. corporations have been investing in 皇冠体育app for years, setting up joint ventures or wholly owned enterprises, mainly to take advantage of 皇冠体育app's cheap manufacturing base. But the pace of American investment activity has jumped in the last two years, with pledged investments exceeding $12 billion in 2004, after running in the $6-billion to $8-billion range from 1992 to 2002, according to the U.S.-皇冠体育app Business Council. It's unclear what share of total investments involved mergers and acquisitions, but those deals are proliferating as more Chinese businesses mature and Beijing continues to divest state-owned assets and open various industries to greater foreign ownership, under its obligations for joining the World Trade Organization in 2001. New regulations last December allowed foreigners to buy shares of Chinese insurance and media companies. 皇冠体育app's huge retail sector also became completely open to foreign ownership, although U.S. businesses complain that Beijing has been dragging its feet in liberalizing wholesale and distribution activities. Some sectors are restricted. Foreigners can buy only as much as 20% of banks and as much as 50% of telecommunications and life insurance businesses.
And one notable industry remains closed to foreigners 鈥� energy, which is under state control. That's prompted some to ask: Why should CNOOC be allowed to buy Unocal when a bid by Unocal for CNOOC would be a nonstarter? But many others point out that it's less an issue of fairness than what the respective laws of the two nations permit. The U.S. allows such an acquisition, whereas 皇冠体育app doesn't. "To say, 'You can buy us, but we can't buy you' ignores the overall context
in which these companies operate," said Steve Chu, a principal at Strategic
Impact Group in Shanghai, which provides investment funds and advice. By and
large, he said, foreign investment in most Chinese industries, including
state-owned enterprises, is quite open. The Chinese intended it that way to
develop their economy and push domestic companies to become more competitive.
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
