Experts: US overreacted to deal
February 20, 2011, Sunday
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Print Edition
Print Edition
Chinese and foreign experts said yesterday that the United States government had overreacted to a US$2 million deal in which a Chinese high-tech firm purchased assets and technology from a US company. The experts called for the removal of trade barriers.
Chinese telecommunications manufacturer Huawei Technologies Co bought assets and technology from 3Leaf Systems last May, but was told recently by a US security review panel that it must sell them or the committee would recommend US President Barrack Obama cancel the deal.
Yesterday, Huawei withdrew its attempt to win US approval for the acquisition, The Wall Street Journal reported.
In a brief statement, Huawei said it changed its mind due to the controversy surrounding the issue, the report said.
"This was a difficult decision, however we have decided to accept the recommendation of CFIUS," the report cited the company as saying. "The significant impact and attention that this transaction has caused were not what we intended."
Wu Yixin, a researcher with the Shenzhen Academy of Social Sciences, said prior to Huawei's decision that it is unreasonable for the US government to block normal acquisitions.
"The US should hold a fair attitude toward Chinese companies, instead of overreacting," Wu said. "It should realize the importance of open trade and investment in terms of boosting the country's economic growth and creating jobs.
Harley Seyedin, president of the American Chamber of Commerce in south China, said small and medium-sized companies in the US are often sold to step up industrialization.
"There is never too much investment in science and technology and the US should encourage Chinese companies to invest in American companies, which is advantageous for both sides," Seyedin said.
Yao Jian, spokesman for the Ministry of Commerce, said on Thursday the United States should increase transparency in the review process and treat Chinese companies fairly.
(Xinhua)
Chinese telecommunications manufacturer Huawei Technologies Co bought assets and technology from 3Leaf Systems last May, but was told recently by a US security review panel that it must sell them or the committee would recommend US President Barrack Obama cancel the deal.
Yesterday, Huawei withdrew its attempt to win US approval for the acquisition, The Wall Street Journal reported.
In a brief statement, Huawei said it changed its mind due to the controversy surrounding the issue, the report said.
"This was a difficult decision, however we have decided to accept the recommendation of CFIUS," the report cited the company as saying. "The significant impact and attention that this transaction has caused were not what we intended."
Wu Yixin, a researcher with the Shenzhen Academy of Social Sciences, said prior to Huawei's decision that it is unreasonable for the US government to block normal acquisitions.
"The US should hold a fair attitude toward Chinese companies, instead of overreacting," Wu said. "It should realize the importance of open trade and investment in terms of boosting the country's economic growth and creating jobs.
Harley Seyedin, president of the American Chamber of Commerce in south China, said small and medium-sized companies in the US are often sold to step up industrialization.
"There is never too much investment in science and technology and the US should encourage Chinese companies to invest in American companies, which is advantageous for both sides," Seyedin said.
Yao Jian, spokesman for the Ministry of Commerce, said on Thursday the United States should increase transparency in the review process and treat Chinese companies fairly.
(Xinhua)
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