Monday, May 05, 2008

Georgie's chickens come home to roost

After all those years of sending all our money to China, some of it is coming back to the US, to buy the US.
Liu is part of a growing wave of Chinese entrepreneurs expanding into the U.S. From Spartanburg to Los Angeles they are building factories, buying companies and investing in business and real estate.

Individually, these deals pale next to high-profile investments such as the $5-billion stake China's sovereign wealth fund took in Morgan Stanley last year, or state-owned oil giant CNOOC Ltd.'s $18.5-billion bid to acquire El Segundo-based Unocal Corp. in 2005.

But unlike the suspicion or uproar those moves generated -- CNOOC withdrew its offer amid U.S. political pressure, and the Bush administration and other governments have pushed for a "code of conduct" for sovereign wealth funds -- private Chinese businesses such as Shanxi Yuncheng are being wooed by states hungry for investment and jobs.

Last month, Wyoming's governor toured firms in China's coal-mining country. Georgia's leader brought a team of 40 on a mission to boost trade and attract investment, and Alabama's governor paid a visit too.

"It's like a land grab," quipped James Rice, Tyson Foods' China manager and a board member of the American Chamber of Commerce in Shanghai
Does Lou Dobbs know about this?

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