China tells U.S. Congress to stop interfering in Unocal bid

Bakersfield Californian ^ | 7/5/05 | AP - Peking

[NormsRevenge]

BEIJING (AP) - China on Tuesday demanded that Congress "correct its mistaken ways" and stop interfering in the proposed takeover of the Unocal oil corporation by China's state-owned CNOOC Ltd.

American politicians had warned the $18.5 billion takeover bid announced last month could pose risks to U.S. national security and called for a full review by the Bush administration. The Chinese company's officials have welcomed a security review and denied that CNOOC was acting on behalf of China's government, which is in the midst of a multibillion-dollar campaign to secure foreign oil and gas supplies to power its booming economy.

"We demand that the U.S. Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," the Chinese Foreign Ministry said in a statement released Tuesday.

China has been insisting CNOOC's offer is pure business. "CNOOC's bid to take over Unocal is a normal commercial activity between enterprises and should not fall victim to political interference," said the statement.

Developing bilateral economic and trade cooperation is in the interests of both sides, the statement said.

CNOOC is bidding against Chevron Corp. for Unocal, the ninth-largest U.S. oil and gas firm. The Chinese firm has argued that its offer will benefit the United States by paying Unocal shareholders more and causing fewer job losses.

[NormsRevenge]

AP take ..

[ChadsDad]

next world war

[wildcatf4f3]

well if china says we must....i guess we must obey.....F'em

[Fudd Fan]

China acquiring UNOCAL would be a very bad thing. "Backing off" would be a worse thing therefore.

[Capriole]

"We demand that the U.S. Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," the Chinese Foreign Ministry said in a statement released Tuesday.

Uh-huh. A hostile remark from a government ministry. That sounds exactly like this is just an ordinary business transaction. Certainly allays all my concerns. < /s>

[popdonnelly]

This is one where I'm for the Congress.

[Fudd Fan]

Me too. No shame in circling-the-wagons for a good reason.

[trebb]

This must be causing quite a quandary between the politicians' innate desire to bare our throats to our enemies and the anger they must feel at being lectured to...

[keysguy]

Uhhhh let's see the congress finally tries to do something right and the chicoms complain...whom should we listen to?

[LouD]

From the people who brought you "You must leave Tianamen Square" comes the latest episode of a totalitarian regime attempting to tell free people what to do. Unlike the unarmed students, we do not have to listen.

[rface]

yep - next World war....China, North Korea, France, Germany and maybe Russia against the Free World

[stitches1951]

I think after this warning by Chinese and the combined admonishment they made with Russia, now would be an excellent time to push and push hard. I have always been in favor of free-trade and hands off business, but when business is a foreign government the rules change.
Both China and Russia need a little reminding. They believe with the US involved in Iraq, we aren't able to "posture". This may be an excellent opportunity to push instead of shout. Iranian reactors also are looking more like a threat from these two also.

[LilDarlin]

Wait just one cotton pickin' minute here!

All China has to do is offer "sufficiently high financial incentives" to some chosen members of our congress....and viola!

Purchase guaranteed and approved!

Problem solved!

[af_vet_rr]

Pretty uppity for a country that is basically saying "do as we say, not as we do".

[Americanexpat]

"This must be causing quite a quandary between the politicians' inate desire to bare our throats to our enemies and the anger they must feel at being lectured to..."

They will only feel anger if the have guts and red blood pumping through thier viens, like real Americans.

[NormsRevenge]

fyi

[moehoward]

Me too. No shame in circling-the-wagons for a good reason.

Me three. This is so clearly a bad idea, why is it even being considered?

[joesnuffy]

Communist business IS the state...

[Iron Matron]

Mexico tells us what to do..France tells us what to do..China tells us what to do..and we do it.

How nice.

[Iron Matron]

Mexico tells us what to do..France tells us what to do..China tells us what to do..and we do it.

How nice.