Resisting the Chinese raid
Paul Monk says China's grab for some of most important mining resources should be blocked by the Rudd Government:
INTERESTING as it is, the debate over the Chinalco bid for a bigger stake in Rio Tinto needs to be seen in a larger context... The problem is that the buyer is the Chinese state. Chinalco is an arm of the Chinese state, not a normal commercial enterprise. That Xiao Yaqing, Chinalco chairman, has been tipped to take a leading political appointment as point man for China's global resources strategy is one symptom of this, but it is only a small part of the bigger picture. The Chinese Communist Party, with a monopoly on political power, has retained a commanding heights role in the economy to an extent altogether at odds with the notion that China is a market economy... The problem lies in ... state-owned resource companies, state-owned financial institutions and state-owned military enterprises, all run by a secretive and dictatorial party.. (T)he kind of information Chinalco would be privy to if it gets the stake it seeks in Rio Tinto is not available to the Australian or British governments, it will go directly to the Chinese Government. This has considerable strategic implications.
The opening is there for Swan to do to Rio Tinto what the Keating government did not do in 1995 and what Costello did do to BHP Billiton: to lock it into Australia. At the same time endorsing and strengthening our China growth future. Here's a tick to what you, Rio, propose with China's Chinalco. But here are the conditions that go with the approval. They will be in writing, they will be policed and they will be enforced. Rio Tinto's head office will be in Australia. The chairman and CEO will live in Australia. The majority of board meetings will be held in Australia. In this increasingly globalised world, despite the GFC (global financial crisis), it's probably neither wise nor practical to require that a majority of directors be Australian. But it WOULD be wise to limit the number of representatives from Chinalco
Originally published as Resisting the Chinese raid
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