--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar
Trade & Foreign Investment

Hot Links
China Development Gateway
Chinese Embassies

CNOOC's Unocal Bid May Benefit US Economy

Some American leading economists have said that China's push to buy US companies such as Unocal Corp. and Maytag Corp., might benefit the American economy despite sparking a political outcry in Congress.

 

Overseas takeovers of US firms often brought an inclusion of capital and additional markets, according to Catherine L. Mann, an economist at the Institute for International Economics in Washington.

 

"It turns them into a stakeholder," said Stephen Roach, chief global economist at Morgan Stanley Co. in New York. He further noted that it was better for the US economy to have China using some of the dollars generated by its trade surplus with the United States to acquire American corporations.

 

Donald H. Straszhein, former Merrill Lynch & Co. chief economist, said that China's buying of American corporations was " just the beginning", and "there are going to be big numbers in the next couple of years." He predicted that Chinese acquisitions of US companies would approach 80 billion dollars over the next two years, up from an estimated 7 billion dollars in 2004 and about 344 million dollars five year ago.

 

"Foreign investment generally delivers better jobs to Americans, " said Dan Griswold, a trade analyst of a Washington-based research group. "We sacrifice our own economic well-being if we create a hostile environment."

 

These American economists' view contracted sharply with the political mood in Washington, where the US House of Representatives voted 398-15 June 30 to demand that President George W. Bush review CNOOC Ltd's bid for Unocal Corp.

 

(Xinhua News Agency July 5, 2005)

 

CNOOC Volunteers for Acquisition Review
New Window for Sino-US Energy Cooperation
CNOOC's Bid May Ease RMB's Pressure
CNOOC's Bid for Unocal Essentially Business: FM
Unocal to Negotiate with CNOOC on Merger Offer
CNOOC Offers US$18.5 Bln for Unocal
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688