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Wednesday, August 17, 2005

Hope You Like Chinese Food!

A couple of days ago, I posted comments about China – The Sleeping Yellow Horde. And now we have this report coming from the US-China Economic and Security Review Commission (http://www.uscc.gov/) posted August 15. It’s frightening! Rich D’Amato opened the proceeding with this: The vast majority of Chinese enterprises listed on international capital markets are owned and operated by the Chinese state. Questionable corporate governance, accounting practices, and minority shareholder rights make this a subject of particular concern to the Congress. As Chinese financial institutions prepare for an estimated combined $15 billion in listings, questions need to be raised regarding the loan portfolios of these institutions…the possible links between listed state-run firms and banks and China’s military industrial complex has here-to-for lacked comprehensive examination.
Frank J. Gaffney, Jr. - President and C.E.O. - Center for Security Policy stated in testimony: We should be under no illusions, though. As long as China’s Communist Party continues to exercise dictatorial control over the country and its resources – not least, the immense wealth being accumulated as a result of America’s record trade deficits – the PRC will be pursuing various means of advancing its strategy at our expense. Those will include, among other initiatives, the following:
We better wake up to the fact that China is a superpower, it’s organized, motivated, looking to expand its borders, posturing its military strength against Taiwan as a precursor to other moves in the region, economically flooding the west with crap, and American investors are ‘buying the rope' of Chinese companies that we will one day hang ourselves with. Of all the wake-up calls the West needs, the alarm needs to be set for China.

Couldn't agree with you more! Very scary!
Fantastic Blog by the way! When is the national dialog going to adress this issue? Are we just too focused on car bombs in Iraq? Add to this the on-going instablility in Russia (who's got the keys to the missles?) and the world is much more dangerous than it was during the Cold War!
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