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Chinese oil giant CNOOC has emerged Unocal last year with US $18.
A．Y
B．N
C．NG
答案
更多“Chinese oil giant CNOOC has emerged Unocal last year with US $18.A．YB．NC．NG”相关的问题
第1题
Haier Group bid for Maytag is ______.
A．$1.75 billion
B．$18.5 billion
C．$16.4 billion
D．$1.3 billion
第2题
A．Y
B．N
C．NG
第3题
A．Y
B．N
C．NG
第5题
Takeover hostility
Acquisitions of Chinese enterprises by foreign companies are increasingly being challenged amidst a growing mood of "economic patriotism."
The former National Bureau of Statistics Commissioner Li Deshui is one of the most prominent of the critics. During last month's session of the National People's Congress(NPC. the country's law-making body, he warned that the acquisition of promising local companies by multinational investors was creating monopolies in a number of sectors.
"If China lets multinationals' malicious mergers and acquisitions go ahead freely, China can only act as labor in the global supply chain," said Li, worrying that Chinese brands and the innovation ability of the national industry would disappear gradually and core parts, key technologies and high value added of China's leading enterprises might be completely controlled by multinationals."
His pointed criticism generated wide media exposure and created fears of a foreign mergers and acquisitions(M&A) threat.
Several factors have contributed to the climate, including national pride, lingering resentment over Chinese oil giant CNOOC's failed US $18 billion bid for Unocal last year, and a protectionist resurgence, partly in response to a growing protectionist sentiment in the United States and Europe against low-cost Chinese exporters.
"These emotions about foreign capital are the last thing we want," says Fei Guoping, director of the China Mergers & Acquisitions Association under the All-China Federation of Industry and Commerce.
"Such unwarranted enthusiasm will only hurt the country's economic development. What we want is to make sane progress in building an M&A review system based on national economic security," says Fei, who is the chief writer of a proposal on such a review system submitted by the federation to the NPC last month.
While the Chinese Government welcomes foreign investment, through M&As or otherwise, the explosive increase in FDI has given multinationals a degree of market power that many Chinese find worrying and potentially damaging to the development of domestic enterprises.
However, if the worry is directed at the scale of foreign investment, it is missing the target, says Fei, who believes the key point is the absence of a law and a government body to look at possible M&As that may hurt national security.
In China, some department regulations involve M&A reviews and several government bodies have the power to look at parts of the M&A cases.
The Ministry of Commerce(MOFCOM)) and the National Development and Reform. Commission(NDRC) are entrusted with the primary responsibility of supervising foreign-related M&A transactions. The former is the principal foreign investment regulator while the latter is responsible for approving the foreign investment project application.
The nature of the target may lead to the involvement of other regulators. The State-Owned Assets Supervision and Administration Commission plays a significant role in transactions involving State-owned enterprises. The China Securities Regulatory Commission, which is responsible for monitoring and regulating China's capital markets, will be involved in transactions linked to listed companies.
There is a higher level of government participation in M&As in China than is typical in other countries, says an official from skincare company L'Oreal, which acquired local brand Mininurse.
"Despite the recent relaxation of foreign investment restrictions, pervasive approval requirements re- main a distinctive feature of M&A transactions in China," says the official, who did not want to be named.
While the complicated M&A review process often scares away potential investors, few efforts are made dur
A．Y
B．N
C．NG
第6题
听力原文： The Giant Panda is also known as the "Panda Bear", "Bamboo Bear", or in Chinese as "Daxiongmao", which means "large bear cat". The scientific name means "black and white cat-footed animal".
As for the history of the Giant Panda, it is said that the earliest appearance of the Panda was somewhere between the late Pliocene or early Pleistocene periods—two to three million years ago.
Panda fossils have been discovered in the areas of Burma and Vietnam and in particular, East China, as far north as Beijing.
In the second century AD the Giant Panda was a rare and semi-divine animal inside China. In the Han Dynasty, the emperor's garden, in what was then known as the capital—Xi'an, held nearly 40 rare animal species, of which the panda was the most highly treasured.
Scientists have debated for more than a century whether Giant Pandas actually do belong to the bear family or whether they are more related to the raccoon family or perhaps a separate family of their own. This is because the Giant Panda and its cousin, "the Lesser" or "Red Panda", share many characteristics with both bears and raccoons.
Recent DNA analysis indicates that Giant Pandas are most definitely of the bear species although different enough to be put into its own sub family. The red pandas are more closely related to raccoons. Giant Pandas are categorized in the bear family while Red Pandas are categorized in the raccoon family.
(33)
A．One to three million years ago.
B．Two to three million years ago.
C．One to three billion years ago.
D．Two to three billion years ago.
第7题
第8题
Which of the following is NOT the reason for the slowdown of world oil demand？
A．The cooling down of the Chinese economy.
B．Weaker growth of U.S. economy.
C．Inflation.
D．Uncertainty about Japan's rebound.
第9题
It can be inferred from the text that before the energy crisis Chinese food__________．
A.was cooked in rather large pieces
B.was cooked in water but not oil
C.didn’t taste good
D.didn’t look fresh
第10题
Prospecting the Local Oil Market
As a part of its WTO commitments, China opened its retail oil market at the end of last year. By December 2006, China will open up its wholesale market, allowing foreign enterprises to sell oil in large quantities and compete head on with China's state-owned oil companies. Foreign oil businesses will be able to build up oil depots, set up wharfs (码头) for shipping and create bigger sales networks. In order to capture as much market share in China as possible, many foreign oil giants have already allocated (拨款) capital to expand their presence in China and devised strategic plans to increase their competitive edge.
Fierce competition is unavoidable as the Chinese oil market opens further. China is now the world's third largest consumer of oil. Currently, the two state-owned enterprises, China Petroleum and Chemical Corp. (Sinopec) and China National Petroleum Corp. (CNPC), dominate the Chinese wholesale market, and foreign companies must get their approval before they can enter local retail and wholesale markets. In addition, the oil import business is monopolized by the following five Chinese enterprises: Sinopec, CNPC, Sinochem Corp., China National Offshore Oil Corp. and Zhuhai Zhen Rong Co. Nevertheless, experts say that as long as WTO commitments are honored, the monopoly in China's oil sector will be broken. Though the market share of foreign companies will likely increase to some extent, experts say that it shouldn't challenge the dominance of Sinopec and CNPC.
Breaking the Monopoly
"After 2006, the monopoly will end. The market will be carved up by three kinds of companies: state-owned wholesale enterprises, foreign enterprises and domestic private enterprises," noted an expert.
Coincidentally, China tried to adopt a relatively free market before 1999. Privateand state-owned enterprises were developing together in the oil retail and wholesale markets. However, by 1998, the oil market became uncontrolled. It fell into disorder with the positioning of too many gas stations and rampant international oil smuggling. With ineffective government management and control, the private enterprises expanded viciously, costing Sinopec and CNPC millions of U.S. dollars income losses.
In May 1999, the State Council decided to rectify (改正) the disorder in the domestic oil market by retaining no wholesalers other than Sinopec and CNPC. Therefore, the wholesale market changed from a free market into one monopolized and controlled by Sinopec and CNPC.
After China's entry into the WTO, the wholesale market was loosened to some extent. In October 2003, Hubei Tianfa Co. Ltd. was granted a license to enter the wholesale market by the Ministry of Commerce, allowed to deal in the gasoline, kerosene, and diesel oil wholesale business. While it marked the entry of a third company in the wholesale market, the license was the first ever granted to a Chinese private enterprise since the market was restructured in 1999. Since then, Chinese private capital has gradually begun to enter the wholesale oil market.
Foreign Competition Ready
The wholesale oil market is going to be opened up in 2006 and the cooperation between foreign oil companies and their Chinese counterparts is beginning to change. The focus of foreign companies is changing from cooperation with Chinese companies to exploration and development. They are now building their own petroleum processing and storage stations and increasing their stake in the sales center.
According to the current local policy, the storage capacity of a wholesaler's oil storage depots must be larger than 4000 cubic meters. Last year, BP Global (British Petroleum) built up the Nansha oil depot as a joint venture with Guangzhou Development Industry Co. Ltd. The Nansha oil depot, currently the largest and most advanced oil depot in Chi
A．Y
B．N
C．NG
