Fair enough. I'd rather a US company get the chip act money and a US citizen gets the profit since they would employee the same people andI assume at the same wages. Maybe in the end we won't have a single US company left. Sort of like china owning our largest poultry and pork producer.
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We Americans blithely ignore the long-term effects of allowing foreign corporations to purchase the assets of our country in the form of companies, land, and resources. We are selling off our ability to produce wealth by allowing many American corporations to be purchased by foreign corporations. It is not just foreign companies buying our assets that is the problem ─ it is the state-owned and massively subsidized companies of China that are dangerous because China uses its state-owned enterprises as a strategic tool of the state. By pretending they are private companies abiding by free-market rules makes us the biggest chumps on the planet.
How many Americans paid attention to the news that the world's largest pork producer, American company Smithfield Foods, was acquired by a Chinese corporation in 2013?
Shareholders approved the sale of the company to Shuanghui International Holdings Limited, the biggest meat processor in China.
Very few paid any attention to one of the earliest acquisitions by a Chinese corporation — when the
Hoover brand was sold to Hong Kong, China-based firm Techtronic Industries in 2006 after Maytag, which owned Hoover, was acquired by Whirlpool.
In January 2014,
Motorola Mobility was sold by Google to Chinese computer corporation, Lenovo, which means that the nation that invented smart phones is just about entirely out of the business of producing smart phones in America. This acquisition will give one of China's most prominent technology companies a broader foothold in the U. S. Lenovo is the same company that bought IBM’s line of personal computers in 2004.
Through strategic purchases, China is positioning itself to be our energy supplier as well. Since 2009, Chinese companies
have invested billions of dollars acquiring significant percentages of shares of energy companies, such as The AES Corp., Chesapeake Energy, and Oil & Gas Assets. In 2010, China Communications Construction Co. bought 100% of Friede Goldman United, and in 2012, A-Tech Wind Power (Jiangxi) bought 100% of Cirrus Wind Energy.
In a
Fortune article titled “The Biggest American Companies Now Owned by the Chinese,” Stephen Gandel provides the following list of American companies acquired by Chinese investors in 2016:
- Starwood Hotels acquired by Anbang Insurance, a Chinese insurance company that is rapidly buying up U.S. hotels...It is the latest hotel acquisition by the Chinese insurer, which last year bought the company that owns New York’s Waldorf-Astoria. Starwood would add 1,300 hotels around the world to Anbang’s portfolio.
- Ingram Micro, which is No. 62 on the Fortune 500, bought by Tianjin Tianhai Investment Development Co., a Chinese firm that specializes in aviation and logistics.
- General Electric Appliance Business was bought by Qingdao Haier Co.
- Terex Corp., an 83-year-old Connecticut-based company that makes machinery for construction, agricultural, and industrial purposes, was bought by Zoomlion Heavy Industry Science.
- Legendary Entertainment Group, which has co-financed a number of major movies like Jurassic Park, Godzilla, and Pacific Rim, was bought by Dalian Wanda
- Dalian Wanda also bought AMC Entertainment Holdings, the U.S.’s second largest movie chain at the time of purchase, but now #1.
