{"id":2357,"date":"2011-11-26T01:38:10","date_gmt":"2011-11-26T06:38:10","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=2357"},"modified":"2011-11-26T01:38:10","modified_gmt":"2011-11-26T06:38:10","slug":"hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/","title":{"rendered":"Hormats Argues for &#8216;Competitive Neutrality&#8217; Between U.S., China Firms &#8211; China Real Time Report &#8211; WSJ"},"content":{"rendered":"<p>U.S. Undersecretary of State Robert Hormats:<\/p>\n<p>&#8220;What I am saying quite simply is that the U.S. is not passing judgment on whether or not China chooses to have state owned enterprises. Our concern is that to the extent they do, those SOEs should not receive benefits (e.g., preferred financing, exemption from anti-monopoly laws, generous export credits, etc) that put them at an artificial competitive advantage vis a vis private enterprises \u2014 of the U.S. or indeed any other country.<\/p>\n<p>And I did not make the term \u2018competitive neutrality\u2019 up. This broad theme is incorporated in the (proposed trade deal called the) Trans Pacific Partnership and more specifically in Organization for Economic Cooperation and Development work.<\/p>\n<p>My point is not to challenge the Chinese SOE model, it is to say that SOEs should operate within a system of global rules and norms, and that Chinese government support measures should not distort competition within that system&#8230;.&#8221;<\/p>\n<p>via <a href=\"http:\/\/blogs.wsj.com\/chinarealtime\/2011\/11\/25\/hormats-challenges-distorted-advantages-for-chinas-state-firms\/?mod=WSJBlog&amp;mod=chinablog\">Hormats Argues for &#8216;Competitive Neutrality&#8217; Between U.S., China Firms &#8211; China Real Time Report &#8211; WSJ<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Undersecretary of State Robert Hormats: &#8220;What I am saying quite simply is that the U.S. is not passing judgment on whether or not China chooses to have state owned enterprises. Our concern is that to the extent they do, those SOEs should not receive benefits (e.g., preferred financing, exemption from anti-monopoly laws, generous export &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Hormats Argues for &#8216;Competitive Neutrality&#8217; Between U.S., China Firms &#8211; China Real Time Report &#8211; WSJ&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[770,772,2735,3232],"class_list":["post-2357","post","type-post","status-publish","format-standard","hentry","category-china-hk","tag-competitive-advantages","tag-competitive-neutrality","tag-preferred-financing","tag-state-owned-enterprises"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hormats Argues for &#039;Competitive Neutrality&#039; Between U.S., China Firms - China Real Time Report - WSJ - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hormats Argues for &#039;Competitive Neutrality&#039; Between U.S., China Firms - China Real Time Report - WSJ - the patient investor\" \/>\n<meta property=\"og:description\" content=\"U.S. Undersecretary of State Robert Hormats: &#8220;What I am saying quite simply is that the U.S. is not passing judgment on whether or not China chooses to have state owned enterprises. Our concern is that to the extent they do, those SOEs should not receive benefits (e.g., preferred financing, exemption from anti-monopoly laws, generous export &hellip; Continue reading &quot;Hormats Argues for &#8216;Competitive Neutrality&#8217; Between U.S., China Firms &#8211; China Real Time Report &#8211; WSJ&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-26T06:38:10+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Hormats Argues for &#8216;Competitive Neutrality&#8217; Between U.S., China Firms &#8211; China Real Time Report &#8211; WSJ\",\"datePublished\":\"2011-11-26T06:38:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/\"},\"wordCount\":192,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"competitive advantages\",\"competitive neutrality\",\"preferred financing\",\"state-owned enterprises\"],\"articleSection\":[\"China &amp; HK\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/\",\"name\":\"Hormats Argues for 'Competitive Neutrality' Between U.S., China Firms - China Real Time Report - WSJ - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2011-11-26T06:38:10+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/hormats-argues-for-competitive-neutrality-between-u-s-china-firms-china-real-time-report-wsj\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hormats Argues for &#8216;Competitive Neutrality&#8217; Between U.S., China Firms &#8211; China Real Time Report &#8211; WSJ\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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New bank loans in 2009 and 2010 totalled around $1.1-1.4 trillion, an increase from $740 billion in 2008. Total outstanding loans in the economy have jumped by nearly 50 per cent over the past\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19585,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/12\/20\/cracks-are-showing-in-chinas-debt-markets\/","url_meta":{"origin":2357,"position":2},"title":"Cracks are showing in China&#8217;s Debt Markets","author":"Colin Twiggs","date":"December 20, 2019","format":false,"excerpt":"\"You only learn who has been swimming naked when the tide goes out\u2026\" ~ Warren Buffett Beijing's de-leveraging campaign, to set the economy on a sustainable path, is starting to expose some of the excesses in financial markets. Local Government Local governments owe some 49 trillion yuan (about $7 trillion\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22769,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/11\/21\/china-credit-trembles\/","url_meta":{"origin":2357,"position":3},"title":"China credit trembles","author":"Colin Twiggs","date":"November 21, 2020","format":false,"excerpt":"The Washington-based Institute of International Finance (IFF) estimates that China\u2019s total domestic debt is likely to reach 335 per cent of GDP in Q2 of 2020 (up 17% from the preceding quarter). China\u2019s domestic debt, denominated in yuan, consists of three components: corporate, household and government debt. Corporate debt includes\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6107,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/11\/nomuras-fresh-alert-on-a-chinese-hard-landing-telegraph-blogs\/","url_meta":{"origin":2357,"position":4},"title":"Nomura&#039;s fresh alert on a Chinese hard landing &#124; Telegraph Blogs","author":"Colin Twiggs","date":"November 11, 2012","format":false,"excerpt":"Ambrose Evans Pritchard writes: Nomura's early warning signal for the Chinese financial system \u2013 the China Stress Index \u2013 is flashing amber again.......Its case against China: \"overinvestment and excessive credit; a rudimentary monetary policy architecture; too many privileges for state-owned enterprises; unintended consequences of financial liberalisation; the Lewis turning point;\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25475,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/04\/27\/chinas-achilles-heel\/","url_meta":{"origin":2357,"position":5},"title":"China&#8217;s Achilles heel","author":"Colin Twiggs","date":"April 27, 2021","format":false,"excerpt":"China's Achilles heel is investment misallocation. 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