Monday, July 11, 2005

Senators: CNOOC Bid Violates Chinese WTO Pledges

Senators Jim Bunning and Kent Conrad have asked Secretary of Commerce and U.S. Trade Representative Robert Portman to investigate whether the CNOOC bid violates pledges China made when it joined the WTO. In particular, some of the financing CNOOC would use in the acquisition would come from below-market state loans, something the Chinese promised to end.