International ties

West should embrace competition

By Li Ruogu (chinadaily.com.cn)
Updated: 2011-01-11 16:45

Fourth, China, the US and the EU can all benefit from a more open market.

Chinese companies face many barriers when entering the US market. In 2005, CNOOC bid for Unocal. In 2008, Huawei Tech intended to buy 3Com and bid for 2Wire and a division of Motorola in 2009. Anshan Iron & Steel Group Corp tried to invest in America's iron and steel industry - now a sunset industry in the US - in 2009. Yet none of these attempts were successful even though in some cases China made the highest offer, such as in the case of Huawei's bid for 2Wire.

Non-financial interference is a major reason. This has shown that for Chinese companies, the investment climate in developed countries is not so favorable.

Market access should be mutual. China has a huge and fast expanding market, which is essential to developed countries in the post-financial crisis era. To promote reciprocal cooperation, Western countries should also adopt a more open attitude, offer equal opportunities to investors from various countries, and provide a fairer investment climate.

The author is chairman and president of Export-Import Bank of China.