China decries U.S. spending bill

[okaawhatever]

Source: Reuters

(Reuters) - China's Commerce Ministry has condemned a $1.1-trillion spending bill passed by the U.S. Congress last week over clauses that limit technological purchases from the Asian giant, saying they clash with the principles of fair trade.

The bill, signed by President Barack Obama on Friday, included a cyber-espionage review process for federal purchases of technology from China, a measure incorporated last year amid growing U.S. concern over Chinese cyber attacks.

In a weekend statement, China's Commerce Ministry said the move "went against the principles of fair trade" as it sought to curb purchases of Chinese technology and export of satellites and parts to China.

"China is resolutely opposed," the ministry said in comments attributed to an unnamed official in its U.S. trade division.

The bill sent a wrong message, did not aid exchanges and cooperation in the high-tech field and would have a negative effect on Chinese companies, besides harming the interests of U.S. firms, it added.

"We have noted that U.S. business groups have already made noises opposing the bill. The U.S. side should correct its mistaken ways, and create good conditions for the healthy development of Sino-U.S. trade and business cooperation."

Continued at Link

Read more: http://www.reuters.com/article/2014/01/19/us-china-usa-trade-idUSBREA0I00Z20140119

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Sorry China but if you want free trade you need to stop stealing our info and technology. The President's job is to protect America, not your profits. Ditto American businesses.

[Skittles]

1. f*** China

[jwirr]

2. And here we have the whole trade agreement problem in a nutshell. We no longer have control of our

own commerce. And the same goes for the countries that are our partners. Any nation in the agreement can challenge the laws of the other partners no matter what the people of that nation want.

[1000words]

5. +1

[TexasTowelie]

3. From their perspective, it is "free" trade

when they steal our info and technology. Why buy something when it is much more convenient to steal instead?

[pscot]

4. Scroom

[davidthegnome]

6. Boohoo.

Okay China, maybe we'll be more inclined to do what you want when you stop poisoning our food.

[okaawhatever]

7. Yes & they've been turning away some of our food lately. Likely in retaliation for something else nt

[elzenmahn]

8. This...

...coming from a country who is soooooo sensitive about other countries "meddling in their internal affairs."

How rich is that? Fitting, considering the $$$$ in debt we owe them...

[Nanjing to Seoul]

9. This coming from a country that has import quotas and high tarriffs in order to

validate their protectionism.

Sorry. . .China has no leg to stand on, but if you know the culture like i do living in China, they will never admit they are wrong. they will bullshit their way through it and save face.

[grahamhgreen]

10. Note: "principles of fair trade." The article conflates fair trade with free trade, of course

in reality it is costly trade.

Fair trade is an organized social movement that aims to help producers in developing countries to make better trading conditions and promote sustainability. It advocates the payment of a higher price to exporters as well as higher social and environmental standards. It focuses in particular on exports from developing countries to developed countries, most notably handicrafts, coffee, cocoa, sugar, tea, bananas, honey, cotton, wine,[1] fresh fruit, chocolate, flowers, and gold.[2] There are several recognized Fairtrade certifiers, including Fairtrade International (formerly called FLO/Fairtrade Labelling Organizations International), IMO and Eco-Social. Additionally, Fair Trade USA, formerly a licensing agency for the Fairtrade International label, broke from the system and is implementing its own fair trade labelling scheme, which has resulted in controversy due to its inclusion of independent smallholders and estates for all crops.

Free trade is a policy by which governments do not discriminate against imports or exports. Free trade is exemplified by the European Union / European Economic Area and the North American Free Trade Agreement, which have established open markets with very few restrictions to trade. Most nations are today members of the World Trade Organization (WTO) multilateral trade agreements. However, most governments still impose some protectionist policies that are intended to support local employment, such as applying tariffs to imports or subsidies to exports. Governments may also restrict free trade to limit exports of natural resources. Other barriers that may hinder trade include import quotas, taxes, and non-tariff barriers, such as regulatory legislation.

Watch for more of this in the future.

[Doctor_J]

11. Yeah, that little conflation seems to have slipped right through the analysis

Fair trade - everyone is treated humanly and gets fair value for their work. Free trade - the .01% get filthy rich while workers race to the bottom.

[hughee99]

12. Hasn't China recently stopped buying a lot of "American" tech equipment supposedly

because of the fear that the NSA has a built-in hack?