China throws down gauntlet to USA Inc Frank Kane Sunday June 26, 2005 The Observer If you want to understand the global economy and feel the pulse of capitalism in the early 21st century, look no further than the $19 billion bid by the China National Oil Operating Company - Cnooc - for Unocal of California. Add a large measure of geopolitical tension, and you have probably the single most important corporate event of the young millennium. The offer - which Cnooc's president Fu Chengyu and his team have been considering ever since rival US oil giant Chevron agreed a...