NYT: China Retreats Now, but It Will Be Back

Just as a tactical retreat is sometimes useful in winning broader battles, as Sun Tzu wrote 2,500 years ago, the withdrawal of Cnooc Ltd.'s bid for Unocal seems unlikely to derail China Inc.'s economic expansion overseas, and may even hold a few lessons.

The sight of a Chinese company trying to buy a business once known for the Union 76 brand of gasoline made the proposed deal a lightning rod for American worries about everything from manufacturing job losses to high oil prices to the security of energy supplies. But while Congressional resistance appears to have torpedoed the Chinese bid, the economic fundamentals behind that bid remain in place, from China's vast foreign currency reserves to its ravenous appetite for imported oil.

This just doesn't seem right. The U.S. can be very two-faced sometimes...

Business | Foreign Policy