So all the praise Trump has heaped on Xi all gone to waste. Surprise.
And on trade see again -
conix, Why the US has a weak case against China’s ‘unfair’ trade practices
The case made by the US trade representative is an embarrassing symptom of a scapegoat mentality that has turned America into a nation of whiners
[...]
But don’t be fooled. The report is wide of the mark in several key areas.
First, it accuses China of “forced technology transfer”, arguing that US companies must turn over the blueprints of proprietary technologies and operating systems in order to do business in China. This transfer is alleged to take place within the structure of joint-venture arrangements – partnerships with domestic counterparts which China and other countries have long established as models for the growth and expansion of new businesses.
Significantly, US and other multinational corporations willingly enter these legally negotiated arrangements for commercially sound reasons – not only to establish a toehold in China’s rapidly growing domestic markets, but also as a means to improve operating efficiency with a low-cost offshore Chinese platform. Portraying US companies as innocent victims of Chinese pressure is certainly at odds with my own experience as an active participant in Morgan Stanley’s joint venture with the China Construction Bank .. http://www.scmp.com/topics/china-construction-bank .. (and a few small minority investors) to establish China International Capital Corporation in 1995.
Yes, as we joined our partners in creating China’s first investment bank, we shared our business practices, proprietary products and distribution systems. Yet, contrary to the assertions of the US trade representative, we were hardly forced into these arrangements. We had our own commercial objectives and wanted to build a world-class financial services firm in China. By the time we sold our stake in 2010, the bank was well on its way to attaining those goals.
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