越共中央总书记黎可漂:With China's offshore investment take-off, US...

来源：百度文库 编辑：九乡新闻网 时间：2024/04/26 18:05:11

With China's offshore investment take-off, US is READY?

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2011-5-6 09:12

File photo of Gary Locke, next US ambassador to China



China shutting out American firms, says Locke



China discouraged foreign investment to protect its own companies and had failed to live up to its trade commitments, the US commerce secretary said yesterday.


Gary Locke - awaiting Senate confirmation to become the next US ambassador to China - said American companies were frequently shut out of some industries on the mainland, but Chinese companies were only blocked in a few cases in the US over national security concerns.


Locke's comments were strong, representing the US' key accusations towards China in the past two years, said Professor Shi Yinhong , director of the Centre for American Studies at Renmin University, Beijing. "It ignored the fact that China has promised to decouple government procurement with indigenous innovation policy," Shi said.


During President Hu Jintao's visit to the US in January, the two countries issued a joint announcement in which China said it would not link its innovation policies to the provisions of government procurement preferences.


Shi said the US had a wide definition of national security, which was applied in the case of China National Offshore Oil Corporation's bid for Unocal, which was turned down in 2005. He said it was unreasonable to ask a developing country to open markets to a similar extent as a developed country. "It is impossible for China to completely open banking, transport and other weak sectors."



Chilling effect on China's investment wave heads to US


Chinese direct investment offshore is at the beginning of an exponential take-off, according to a report, with the country’s businesses poised to spend more than $1,000bn accumulating assets around the world by 2020.


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However, the report, published by the Asia Society, which focuses on Chinese investment in the US, says political antagonism, especially from Congress, could have a “chilling effect” on flows into America.


Chinese investment into the US is already doubling every year and the failure of the US to capitalise on a wave of future flows will damage its economy and jobs market, the report says.


By the end of 2009, the total stock of Chinese investment offshore stood at about $230bn, on a par with Denmark and slightly higher than Taiwan.


Although exact figures are hard to come by, Chinese purchases of short-term US financial assets, mainly Treasury bonds and other securities, tower over direct investment and already exceed $1,000bn.


Chinese investment offshore began to take off in the past decade, spurred primarily by a drive to secure resources and a need to deploy productively the huge cash reserves accumulated through exports and profits at home.


The Chinese already have a business presence in 35 of the 50 states in the US, with the largest concentration of investments in Texas, New York and Virginia. The largest category by value is industrial machinery.


But China remains a relatively small player overall as an investor into the US, with the world’s second-largest economy still on a par with New Zealand and Austria. The report says many Americans wrongly believe that the heavy state role in the Chinese economy means that investment is driven largely by political subterfuge rather than the profit motive.


The US and China have long discussed the outlines of a bilateral investment treaty, hope to reach a consensus and build sound environment for the investment in the  future.
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