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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Minister: China still welcomes foreign investment AP - Monday, March 23 BEIJING - China still welcomes foreign investment despite its rejection of Coca-Cola Co.'s bid to buy a fruit juice producer, the commerce minister said, trying to reassure uneasy foreign companies. ADVERTISEMENT Chen Deming's comments at a weekend economic forum came as diplomats and business groups were waiting for details of last week's denial of Coca-Cola's acquisition of Huiyuan Juice Group Ltd. Regulators cited anti-monopoly concerns, but industry analysts say Beijing wanted to keep a successful local brand out of foreign hands. "We still want Coca-Cola and Huiyuan to be able to have very healthy development," Chen said, according to a transcript on the Web site of the Communist Party newspaper People's Daily. "We also want other foreign enterprises to come to China to carry out investment and development." China is a top destination for foreign investment and received $5.8 billion in February despite a decline amid global financial turmoil. But foreign acquisitions of established companies are still rare and politically sensitive. "Some say this shows China does not welcome foreign investment. I think this could be an extremely big mistake," Chen said. Chen repeated Beijing's assertion that Coca-Cola's $2.5 billion offer for Huiyuan was rejected because it would have hurt competition. The deal would have been the biggest foreign acquisition of a Chinese company to date. Foreign business groups have appealed to Beijing for a detailed explanation of its ruling, the first rejection of a foreign acquisition on anti-monopoly grounds since a new Chinese law on the issue took effect Aug. 1. The law bars mergers that reduce competition but regulators have wide latitude to decide how to define that. Industry analysts say the ruling left unclear how the law will be applied. "The process should have been more transparent and should have solicited more opinions during the review in order to develop balanced anti-monopoly measures and standards for the future," a leading Chinese business magazine, Caijing, said on its Web site. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Official says China to continue buying US debtAP - Tuesday, March 24 World markets surge ahead of US bank crisis planAP - Tuesday, March 24 China shares up for 6th day on higher commoditiesAP - Tuesday, March 24 Dollar falls broadly, Aussie hits 2-1/2 mth highReuters - Tuesday, March 24 Related Articles: Business FTSE up as U.S. bank plan lifts banks, commodsReuters - Tuesday, March 24 Over a third of Indian firms see worse ahead - surveyReuters - Tuesday, March 24 Tiffany 4Q profit sinks, still beats viewAP - Tuesday, March 24 Lebanon economy indicating 4 pct growth in 09-cbankReuters - Tuesday, March 24 Nippon Steel, BMA agree 57 pct cut in coal priceReuters - Tuesday, March 24 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed British reality TV star Jade Goody dies of cancer Prince Charles blue over green crusade Madoff loses bail appeal as victims' rage revealed Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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