Chinese firms rapped over competition

A congressional advisory panel is urging tighter screening of investment by Chinese state-owned companies in the United States, saying they present unfair competition to American firms.

A congressional advisory panel is urging tighter screening of investment by Chinese state-owned companies in the United States, saying they present unfair competition to American firms.

That is the primary recommendation of an annual report released by the US-China Economic and Security Review Commission.

The panel advises Congress on the national security implications of the relationship between the world’s two biggest economies.

It is proposing that Congress broaden the mandate of a committee chaired by Treasury Secretary Timothy Geithner that screens foreign investment proposals.

China accuses the United States of discriminating against its companies, although analysts say American firms face bigger obstructions investing in China.

Chinese investment in the US is still comparatively low but has risen sharply in recent years and is set to hit record levels in 2012.

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