Changing China

Giant on the move

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Look in the mirror

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The U.S. rejection of the $18.5 billion bid by China’s top offshore oil company, CNOOC Ltd, for  Unocal in 2005 was not a move worthy of a world power such as the United States, asserts a Chinese academic with the government’s top economic planning agency.

“If you are weak, then I can understand,” said Chen Dongqi, deputy director of the Academy of
Macro-Economic Research under the National Development and Reform Commission (NDRC).

“The United States is a strong country. What is it afraid of?” he said at the Reuters China Investment Summit.

“There is a problem there.”

Chen was responding to a question about rising protectionism in China, and criticism that Beijing had blocked Coca-Cola Co from buying China’s Huiyuan Juice.

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