CHINA: SOEs - Bad for Canada!

CHINA: SOEs - Bad for Canada!

Postby Oscar » Thu Jan 25, 2018 4:46 pm

Five Reasons the Aecon Buyout Is Bad for Canada

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Companies run by the Communist Party of China meddle in politics, break promises and kill rivers.

By Andrew Nikiforuk , Yesterday |

Andrew Nikiforuk is an award-winning journalist who has been writing about the energy industry for two decades and is a contributing editor to The Tyee. Find his previous stories here.

Aecon, Canada’s third largest construction company, has built some of the nation’s most iconic infrastructure such as Vancouver’s SkyTrain and Toronto’s CN Tower.

But last year China Communications Construction Co. Ltd., a Chinese state-owned enterprise, bought the company for $1.5 billion. Investment Canada, more of a rubber stamp than a critical arm of government, still hasn’t approved the deal.

At the same time BC Hydro has announced the CCCC-owned Aecon had been awarded a 30 per cent stake in the building of the overbudget and unneeded Site C dam, which is facing an estimated $12.7 billion cost.

But by purchasing Aecon, CCCC hopes to gain access to a much bigger prize: $185 billion worth of infrastructure projects that various Canadian governments want to build over the next decade.

That means Canadian tax dollars will be funding the global ambitions of the Communist Party of China.

To date the federal Green Party’s Elizabeth May is the only political leader that has denounced the deal as a threat to Canada’s national and security interests.

Although the Chinese government and most Liberal and Conservative politicians portray the deal as just another example of globalized progress at work, it isn’t — and for five powerful reasons.


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