This plays out exactly the same in many countries, so one should not be at all surprised. A Chinese company wants to buy a foreign company, the foreign government blocks the sale, Chinese Government gets upset, calls the blocking racially motivated and implements trade sanctions on the foreign country. There are many cases in many different countries that I see this as one from China’s economic trade playbook.
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Canada Rejects China’s Aecon Corp Takeover, China is Angry
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Love Canada, I do. The people are generally very nice, though there are exceptions. In general we treat everyone equally. The air is generally very clean and the streets similarly. We have lots of green space and the kids love playing in our parks. Crime is low and we generally do not have a violence or gun problem. Our political system is very stable. Our legal system is fair and impartial.
Chinese consumer will not easily become a nation of spenders
Please bear with me for just a moment. So the sub-prime mortgage scandal in the US has precipitated a global credit crisis, where banks cease or curtail new lending and call in outstanding commercial and personal loans. Overdrawn Americans lose their houses to the banks and reduce spending. Companies cannot expand without loans, reduce their business, and lay off employees. US unemployment rates skyrocket and consumers put the brakes on spending. This effect goes around the world, precipitating reduced global spending. China and other predominantly export oriented countries get hit hard. Their factories lay off workers and close. It seems all is not economically well in the world.