Foreign acquisitions are one aspect of China's drive to become a global political, economic and military superpower. Yet China remains essentially a one-party state, dominated by a tiny Communist party elite. Unlike other multinational corporations, Minmetals does not answer to shareholders, in many countries. It answers directly to the government.
That must be a concern, and not just for business reasons.
The Beijing leadership uses whatever leverage it has to stifle criticism of China at the United Nations or elsewhere on topics ranging from Beijing's aversion to democracy to its rough handling of the Tiananmen Square protesters, to its suppression of Falun Gong, its occupation of Tibet, and relations with Hong Kong and Taiwan...
...Given the sheer scope of the Minmetals/Noranda deal, its trendsetting nature and the questions it raises, Ottawa should study this proposed acquisition carefully. Canadians must be assured it will not compromise our sovereignty. And Parliament must hold the government to account.
See also:
Canada to check China rights record in Noranda bid
From the article:
"OTTAWA, Oct 6 (Reuters) - Canada will examine China's human rights record as state-owned China Minmetals Corp. gets set to buy Noranda Inc. (NRD.TO: Quote, Profile, Research) , a Canadian cabinet minister who has a big say in approving the deal said on Wednesday.
Canada's biggest mining firm by sales announced last month it was in exclusive talks with Minmetals to sell 100 percent of the copper, nickel and zinc miner to the Chinese conglomerate for about $5 billion.
Critics have urged a halt to the deal, citing China's human rights record."
And:
Noranda's Chinese suitor cited in forced labour case
From the article:
"OTTAWA - The state-owned Chinese firm involved in the $7-billion-plus negotiations to buy Noranda Inc., Canada's largest mining firm, was accused during U.S. congressional hearings and a civil court case during the 1990s of profiting from forced labour in China's prisons."
Note: China's disquieting bid...
Canada to check China r...
Noranda's Chinese suito...
Stumble It!
and despotic government to control any part of our economy. With
their terrible human rights record, I think opening relations with
China was one of Trudeau's greatest mistakes. They have killed
millions of innocents. Its comparing apples to oranges to say
they've reformed in the way Germany or Russia has. This is the
same government that can put you in jail for drawing a piture of the
Llama. This is a country that is building nuclear silos on all of its
borders, and purchased naval warfare technology from Russia (all
to be used against who, again?).
The US is a problem in terms of undermining our economy, but
they aren't anything compared to the risk of allowing the Chinese
government to get a stranglehold on any one of our industries. The
time is fast approaching when they will be pulling every string they
have to wage a war of economies and resources. Oil supplies
aren't growing.
This is not a racial comment. I would be just as upset to hear about
any nordic country trying this - if there was one as irresponsible as
the government of China.
Viva la revolution!!! 30% royalties on oil!!!
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"When we are in the middle of the paradigm, it is hard to imagine any other paradigm" (Adam Smith).
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Dave Ruston
I just heard David Kilgour on the CBC (Liberal MP Edmonton), falling all over himself trying to justify why this take-over should be stopped. It was hilarious. He couldn't come up with anything. A decade of neo-liberalism has surgically removed all the arguments that justify domestically owned companies. They just can't be used in public debate.
If this take-over is stopped, it actually could be a watershed event for Canadians in the move away from globalization. It will set a precedent. When neo-liberals say we have no power to stop foreign take-overs, you can say, well, you stopped the take-over of Noranda. They have no return argument, because anything they say admits Canadians have the power to order their own economy.
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If you don't like these ideas, I've got others. --Marshall McLuhan
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Alliance Atlantis films proudly presents...
Too many decisions get made with the dollars having far too much weight in the decision. Our quality of life is important to us. Please do not give Canada away, we are counting on you to make decisions that the overall population is agreement with, not just those who stand to gain from the transaction whether it be financially or polictically, and not just those individuals close to the decision-makers who pressure with their influence.
Let Canada manage it's resources!!! China is China, Canada is Canada, keep it that way!