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The National Interest
Fall 2005 Asia Supplement: The Rise of the Chinese Multinationals
by Dan Steinbock
In early June, hoping to ease growing trade tensions with the European Union, China agreed to place voluntary limits on the growth of its textile and apparel exports to Europe. The decision came hours before the EU was set to impose its own trade restrictions on China. A few days later, deep misgivings about China's rising economic and political clout fueled a fierce debate over a major Chinese oil company's bid to buy U.S. producer Unocal. Topping Chevron's original offer of $16.8 billion, the $18.5 billion bid from the government-controlled China National Offshore Oil Corporation (CNOOC) came under fire from U.S. lawmakers. These two incidents highlight the new economic reality: China is no longer just a destination for foreign direct investment (FDI)--it is the home for Asia's new multinationals.
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