Economic cooperation is ballast for Sino-US ties

Updated: 2012-12-28 22:27


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Former United States Director of National Intelligence and retired US Navy admiral Dennis Cutler Blair wrote in an article that the Wanxiang-A123 takeover deal benefits both sides and does not constitute any danger, says an article in People's Daily. Excerpts:

His point of view coincides with the ruling of a US bankruptcy court. The court approved the deal because it thinks it is obviously beneficial to A123's creditors, employees and customers.

Chinese company Wanxiang is waiting for the final decision from the Committee on Foreign Investment in the US. Blair's conclusion bears considerable weight given his status and career.

More Chinese companies are facing a "security bottleneck" when it comes to their development in the US. The argument that technologies supported by US taxpayers should not be owned by Chinese companies has never been absent from the US public opinion sphere.

Many Chinese companies investments are being strangled to death to protect the US' national security.

About 90 percent of China's investment is concentrated in developing countries. Investment from China only accounts for less than 0.1 percent of foreign investment in the US.

Some US politicians are making China a scapegoat for their inability to create more jobs and promote the recovery of the US economy. The real concern for them is not national security but their unwillingness to face the fact that Sino-US ties are going through some fundamental changes after China developed fast for more than 30 years.

Sino-US ties are at a turning point now. The complementarity of both economies and cooperation potential is very strong. Yet, as Chinese companies climb higher on the global production chain, their US counterparts feel more pressure from the competition.

The US government should bear in mind that as long as Chinese companies operate legally on US soil, US consumers and the society will benefit from healthy competition. Market competition is the source for innovation, on which the US built its prosperity.

The US should also realize that economic cooperation is the ballast for Sino-US relations.

Deepening investment cooperation needs an equal opportunity and open environment. Creating such an environment needs mutual efforts of both sides.