Posted on 03/01/2005 3:44:41 AM PST by Flavius
WASHINGTON Westinghouse Electric was to present a bid to China on Monday for building four large nuclear reactors, backed by a pledge of nearly $5 billion in financial assistance from the U.S. government that Washington hopes will give the company an edge over competitors from France, Germany and other countries. .
(Excerpt) Read more at iht.com ...
why are they getting financial assistance from the government?
because we have
i mean you and I have donated enough ...
SAY WHAT!?!?!? So were HELPING the chinese develop nuclear reactors??? While they dump slave wage goods on us to ruin our small business??? Who the hell is watching out for us? Never mind the nuclear weapon implications...
Hasn't China been a WTO member since late 2001?
http://archives.cnn.com/2001/WORLD/asiapcf/central/11/10/china.WTO/
November 11, 2001 Posted: 1:17 AM EST (0617 GMT)
DOHA, Qatar -- Trade ministers from across the world have officially approved China's entry into the World Trade Organization (WTO) after 15 years of negotiations.
The move was approved unanimously at the WTO's ministerial meeting in the Gulf state of Qatar on Saturday and brings a market of 1.3 billion people into the global trading system.
China's entry is expected to boost economic reforms started in the world's most populous nation more than 20 years ago and open the huge market to the rest of the world.
5 BILLION? Are we a rich country or what?
Let's get the facts straight. Your post and several others make it look as if this is some kind of government handout.
It is not. There is NO "US govt aid", in he sense that money will change hands from the US government to Westinghouse or any other American company.
What the US government is doing is leveling the playing firld by offering a loan guarnatee through the Ex-IM Bank so that PRIVATE lenders will be willing to take the risk to make the loans needed to undertake such a huge project.
These government guarantees typically require a back-guarantee from the recipient government in case of default.
What this does in effect is undertake to turn a private debt into a governmental debt in case of a default. Still, Chin will be on the hook for the money.
Without these kind of loan guarantees, ono American company would be able to compete for big foreign contracts. Neither would any company from any country unless they had access to similar governmental guarantees which all countries provide.
Most of the comments I see here are just ignorant crap.
By the way, I have negotiated finance agreements involving export loan guarantees from the USA, France, The Netherlands and several other countries. I know what I am talking about.
NO KIDDNG!
Our interstate highway system is falling apart, our Social (in)Security system is headed for a major train wreck, we can't afford to guard our northern and southern borders(or so the politico's say), our air traffic control system is being held together with bubble gum and baling wire, we desperately need to develop alternative energy sources, our national debt is astronomical, ditto our budget deficit, but we have enough money to send the Chineese $5 billion even though their state run newspapers routinely tell their citizens to prepare for war with the USA.
Good grief!
India competing for the Chinese reactor market???HUh!!!!India & China are rivals & India's nuclear weapons programme was started with China in mind.So I don't think any government in Delhi would be idiotic enough to allow BARC or DAE to bid for the rights to sell designs to China.Even though India's civilian nuclear programme is more advanced & older to the Chinese one,India's is not a player on the commercial reactor business.It has promised help to folks like Vietnam(not China's best friend!!) in building a reactor,but nothing commercial.If anything,France,Russia & Canada are offering their designs to India for it's next generation of civie reactors.
IIRC,France,Germany,Canada & Russia are the other bidders for this Chinese contract.
You are absolutely right. It isn't a government subsidy to an American company, it's a government subsidy to a a foreign company. Did you bother to read the article or are you just trying (unsucessfully) to show us how smart you think you are? Read the article and pay particular attention to this passage:
"If the risk were not falling on the Ex-Im bank, it would be falling on the British government," said Peter Bradford, a member of the U.S. Nuclear Regulatory Commission from 1977 to 1982. Bradford said he opposed what he called a subsidy to a foreign company and what he said was support by the commission for Westinghouse's sales efforts.
The article further goes on to quote a GE representative who states this will create 5,000 jobs. That's $5 Billion of US Taxpayer funds for 5,000 jobs which equates to $1 Million per job and you think that is ok? With folks like you (supposedly) handling foreign affairs, it's no wonder things are so damned screwed up. Who's side are you on anyway?
Are you certain that these are just loan guarantees, and that there no direct loans contemplated? The reason I ask is because in the WSJ it has
"The board of directors of the Export- Import Bank of the United States (Ex-Im Bank) today approved a preliminary commitment request from Westinghouse Electric Company of Monroeville, Penn. for a combination of guaranteed and/or direct loans of up to almost $5 billion to support export sales to construct four nuclear power plants at two sites in the Peoples Republic of China."
What did Loral do for our economy?
Even realizing China's GDP... expansion, how long are we to continue to sleep with our enemies.
New labeling requirements should be instituted for all American-sold products. The originating country's flag should be graphically and colorfully visible next to product name. It gives consumer's a more informed choice. You walk in Wal-mart (and other large stores) today and you would be awash in a sea of red, representing a government and a philosophy we have been guarded against for decades. But hey, the stuff is cheap and so what if they are using the profits to build up their military and crush religious freedom. I'm not against capitalism, just hypocrisy. Buy Tawain!
Another corporation that is only US based on paper, but in reality, features substantially non US and / or non US oriented operations and accounts. At some point, a corporation's "passport" (e.g. their US charter) needs to be revoked, and then, they can go ahead and incorporate overseas, where they are already at mentally. As for the execs, at some point, as well, the degree of their activities overseas, as well as their pledges, allegiences and duties to foreign governments, subjects them to revocation of their US passports. Read your passport, it's all there in plain English. All that's really needed are ivestigation and enforcement.
If there are direct loans involved, I would be surprised, and opposed.
They have *said* that they will ascend to WTO and submitted the intent docs. But the actual ascention date is 2007. That gives them plenty of wiggle room to sucker other countries into believing that "the PRC are ascending to WTO membership" so that the PRC can garner all the benes, capital investment and general cooperation from all us sucker countries, and then, at the last minute, they can back out and say "we were just kidding about the WTO thing!"
Pretty diabolical, eh?
Furthermore, products should be labelled in plain English with at least one of the following (including appropriate combinations):
* Made in a free country
* Made in a Communist country
* Made in an islamofascist country
* Made in an anti US country
* Etc
Your reply shows still that you have no idea what you are talking about.
There is NO "$5 billlion of US Taxpayer funds". That's total hogwash.
I'll agree that there could be some who don't like the idea that Westinghouse is now owned by BNF, but so what? Westinghouse is still a US operation even if the ultimate ownership is British. The jobs that will be created are American, so the British government would be unlilkely to be inerested in loan guarantees.
For that matter, Bechtel IS an American company, and its involement will be substantial if Westinghouse succeds with it's bid. But Bechtel has a lot of its engineering work done by staff in Britain and India. I don't know what you would prefer, a British company employing Americans, or an American company employing Brits.
And, as I explained, the ultimate responsibility for repayment of these loans will fall on the Chinese government, not the US government or the British government.
I will not continue to debate this issue with you because you are unwilling to deal with the facts and instead want to sensationalize the issue by what is, in essense, lying. I disapprove of that both as a debating tactic, and on principle.
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