TIME Magazine Archive Article -- Why China Is Buying -- Jul. 04, 2005

TIME Magazine Archive Article -- Why China Is Buying -- Jul. 04, 2005: "In China, with its surging trade surplus and huge holdings of dollar reserves, CNOOC's action is called the 'go out' strategy: for the past two years, the Beijing government has been urging Chinese firms to expand their presence in overseas markets. Some have begun to respond. Late last year computer giant Lenovo bought the high-profile but money-losing personal-computer business from IBM for $1.75 billion. Prior to that, TCL, a consumer-electronics maker, bought the RCA TV business from French giant Thomson. And all the while, Chinese energy companies have been making deals with governments and private companies, desperately trying to acquire oil-and-gas reserves needed to power an economy still growing 9% annually."