The Briefing Room
General Category => Economy/Business => Topic started by: corbe on July 07, 2020, 04:09:05 pm
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From ‘Made in China’ to ‘Owned by China’: 20 deals show how China is gobbling up U.S. assets
Between 2002 and 2016, Chinese state-owned or state-linked companies acquired more than $120 billion worth of assets in 40 states across the U.S.
By Seamus Bruner
Last Updated:
July 7, 2020 - 11:15am
U.S. lawmakers are seeking how to address growing American supply chain concerns amid the global coronavirus pandemic. In addition to most consumer goods and electronics, China reportedly manufactures "more than 90% of U.S. antibiotics, vitamin C, ibuprofen and hydrocortisone, as well as 70% of acetaminophen," among other crucial drugs imported by the U.S.
Sen. Rick Scott (R-Fla.) has become one of the most vocal critics of the Chinese Communist Party and has urged a boycott of goods made in China. “We have to pass a law: Stop buying anything from Communist China,†Scott said in a recent interview. "Nothing. Don’t buy any products from them."
However, a boycott of goods made in China would do little to address growing Chinese influence over American interests achieved via investments, mergers, and acquisitions. Between 2002 and 2016, Chinese state-owned or state-linked companies acquired more than $120 billion worth of assets in 40 states across the U.S. Just 15 Chinese entities (sovereign wealth funds, state-owned corporations, or state-linked private sector firms) accounted for 60% of this activity. In 2016 alone, more than 50 of these Chinese acquisitions exceeded $50 million. Several Chinese takeover deals exceeded $1 billion.
Here are 20 Chinese investments and buyouts that have consequences for American consumers (and potentially 2020 election voters):
1. Reddit — China’s Tencent Invested $150 Million in 2019
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https://justthenews.com/world/asia/made-china-owned-china-20-deals-show-how-china-gobbling-us-assets?utm_source=whatfinger (https://justthenews.com/world/asia/made-china-owned-china-20-deals-show-how-china-gobbling-us-assets?utm_source=whatfinger)