Word: deale
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...CEOs loved China because it had become the world's low-cost, increasingly high-quality manufacturing hub. They loved its vast and growing ranks of middle-class consumers. Most of all, the capitalist bosses loved working with officials of the nominally communist Chinese government, who were far easier to deal with than the politicians back home. And why not? On one side, you had autocrats who feared losing their grip on power if the economy didn't keep growing; on the other were autocrats who feared losing their grip on power if profits didn't keep growing. They...
...faulty right after he voted for a $10 billion high-speed train and then wondered if $10 billion was a bargain or a rip-off for a high-speed train. His plan appeals to me, since if we vote against everything, our elected officials will be forced to deal with the issues themselves. Plus, it seems childish and obnoxious. So from now on, I'm voting no on my right to vote. Though I'm probably going to do it, at most, only once every two years...
...mouths of some Chinese executives and policymakers. They are all too aware that this proposed Chinese investment had become a big political football in Australia - in a manner, indeed, that dwarfed the fireworks in the U.S. when state-owned CNOOC tried to acquire UNOCAL. Opponents of the Australia deal went so far as to sponsor television commercials that actually invoked the June 4, 1989 massacre in Tiananmen Square. A banker close to the Chinalco side of the deal said management there was "deeply disappointed" by some of the rhetoric used by opponents of the deal. In fact, this source says...
...Even though the economic rational for nixing the deal muted criticism in China today, the way it went still stings in Beijing. If a private sector company in the west had proposed buying a minority stake in Rio Tinto, would the Australian review process have taken as long? Or it would it have been waived through much more quickly - before commodity prices recovered? Now, far from gaining access to a giant iron ore reserves, Chinalco has to watch the two biggest producers in the world - BHP and Rio - do a joint venture with their reserves in the famed Pilbara region...
...deal's outcome also leaves another basic question unanswered: What is China going to do with all of it's money, if the developed world sends signals that it doesn't really want it - at least in forms other than investments in US Treasury debt? One of the things a country with more cash than it can possibly invest at home - a description which China fits in spades - does is recycle its surpluses is through foreign direct investment. And China, in fact, has done scores of resource deals in the developing world - of late with Russia, Kazakhstan and Brazil...