Risky trade with China

The Washington Times ^ | 7-12-05 | Robert Maginnis

[JZelle]

A Chinese state-owned energy company's bid to buy a U.S. oil firm threatens American security and exposes the flaws in a 5-year-old law. Rep. Joe Barton, Texas Republican, promises to hold an energy and commerce committee hearing this month on the proposal by Chinese National Offshore Oil Co. to buy Unocal. Others in Congress have asked President Bush to "investigate the economic and national security implications of this potential acquisition." These concerns are appropriate, but we must look beyond the sale of an oil company and consider China's track record since the passage of legislation granting them Permanent Normal Trade Relations. Advocates promised PNTR would create American jobs, reduce our trade deficits, improve access to China's financial and agricultural sectors, provide greater access to technologically skilled workers, improve human rights, make China less threatening and adhere to World Trade Organization standards. These advocates were not only naive, they were wrong. Mr. Barton's committee includes Rep. Sue Myrick, North Carolina Republican, who supported the favorable trade status despite warnings. She voted with the majority for the bill because of "economic pressure" back home. On May 23, 2000, Wei Jingsheng and I warned Mrs. Myrick against PNTR. During an office visit, Mr. Wei, a former Chinese prisoner and political dissident, warned Mrs. Myrick if U.S. doesn't fight the world's largest tyranny politically, it will have to fight it economically and, eventually, militarily. I warned the congresswoman that granting PNTR would fuel the already serious security Chinese threat to U.S. interests.

[JZelle]

Anything for cheap shoes!