Farage has misunderstood (deliberately or not) the key issue here, but so have you, Cindy: it’s not Jingye’s decision to exit a failing business that is alarming, it’s that they appeared to be deliberately starving the furnaces in a way that would have rendered them inoperable to anyone who could have possibly taken them over. How could that be explained as a commercial decision?
You also make a false equivalent analogy with CK Hutchison, which is a multinational conglomerate that just happens to be owned by a Chinese family. Jingye is in the Chinese steel industry. One doesn’t get into the steel industry in China without being heavily under the thumb of the state as these companies have been essential components of state economic planning. They might not have someone from Beijing looking at every decision, but they almost certainly have someone from local government looking at everything they are doing, especially if their overseas operations are going to affect the career prospects of the cadres who regulate their businesses at home.
There is a firm majority among the British public, in favour of nationalisation, so it appears that the taxpayer will now be on the hook to the tune of £250 million a year. And, of course, once the government gets its hands on any business, things only get worse. So history repeats itself.
I suspect that the government will (continue to) play a passive agressive game on this; blaming Jingye for what happened while talking up positive relations with China on trade, climate change (blah, blah).
I see that 敬业 means 'to be dedicated to one's work'. Splendid!
Farage has misunderstood (deliberately or not) the key issue here, but so have you, Cindy: it’s not Jingye’s decision to exit a failing business that is alarming, it’s that they appeared to be deliberately starving the furnaces in a way that would have rendered them inoperable to anyone who could have possibly taken them over. How could that be explained as a commercial decision?
You also make a false equivalent analogy with CK Hutchison, which is a multinational conglomerate that just happens to be owned by a Chinese family. Jingye is in the Chinese steel industry. One doesn’t get into the steel industry in China without being heavily under the thumb of the state as these companies have been essential components of state economic planning. They might not have someone from Beijing looking at every decision, but they almost certainly have someone from local government looking at everything they are doing, especially if their overseas operations are going to affect the career prospects of the cadres who regulate their businesses at home.
There is a firm majority among the British public, in favour of nationalisation, so it appears that the taxpayer will now be on the hook to the tune of £250 million a year. And, of course, once the government gets its hands on any business, things only get worse. So history repeats itself.
I suspect that the government will (continue to) play a passive agressive game on this; blaming Jingye for what happened while talking up positive relations with China on trade, climate change (blah, blah).
I see that 敬业 means 'to be dedicated to one's work'. Splendid!
https://www.moreincommon.org.uk/latest-insights/britons-on-steel/
Happy to see you here Cindy Yu, always enjoyed your podcast.
Great post.
I’d love to read your views on how people in China view the current trade war with the US.