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Nova Daly Talks with NPR about China’s Growing Investment in U.S. Economy
Nova J. Daly, a public policy consultant in Wiley Rein’s International Trade Practice, talked with NPR’s “All Things Considered” yesterday about China-based Shuanghui International’s $4.7 billion bid for U.S. pork producer Smithfield Foods.
The deal reflects the commercial challenge that China’s rapidly growing stake in the American economy poses for U.S. leaders who have long focused on the military challenge, according to NPR’s report.
Parties to the proposed acquisition are seeking approval from the U.S. Committee on Foreign Investment in the United States (CFIUS), which is comprised of the heads of multiple federal agencies and chaired by the secretary of the U.S. Treasury Department. CFIUS reviews foreign acquisitions of U.S. companies that raise national security issues.
“It [CFIUS] looks at the threat that emanates from the foreign buyer, the vulnerability created by what is being bought, and that tells you what the risks are,” said Mr. Daly, who served Treasury Deputy Assistant Secretary for CFIUS from 2006 to 2009.
If Chinese investment in the U.S. keeps expanding at the current pace, China’s leaders should expect the U.S. review process to grow even stricter, he added.
“The Chinese need to understand that state-owned enterprises are government enterprises, and when they make investments here, they are going to endure additional scrutiny,” Mr. Daly told NPR.
To listen to the NPR segment featuring Mr. Daly, click here.