While these deposits are very valuable, up until recently, the industry has not been regulated much by the Chinese central government.
That is because the Chinese government has not just intervened on behalf of partsmakers.
Huawei, for its part, maintains that the Chinese government does not control the company in any form and has offered to have its systems tested by an independent third party.
Moreover, the U.S. government is not entirely keen on having Chinese investment in the telecom space.
But the western companies could not do anything: they were dependent on the goodwill of the Chinese government to get market access.
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It buys news from leading western agencies, but does not use anything controversial or offensive to the Chinese government.
Yet, sports were not altogether neglected: trainers, facilities and travel funds were amply provided by the Chinese government for sports like table tennis and gymnastics (both top individual and not team sports, interestingly) where the Chinese excelled.
Even though the prospects for increased consumption in the immediate future are not particularly good, the Chinese equity markets could make a limited recovery this year due to government policies to boost the economy.
The Chinese government wants China to be not just a global manufacturing powerhouse, but also an innovative technology giant.
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With the three state-owned carriers in China reportedly seeking financial assistance to cope with the global economic slump, the Chinese government's warnings would not be made lightly.
But if that rating was ever threatened, and it is not this year at least, bond holders like the Chinese government will ask for higher interest rates to make up for the risk.
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For a start, the Chinese government has a foreign-policy doctrine of not interfering in the internal affairs of other countries.
Unfortunately for advertisers, they do not have control of any key technologies that they could transfer to the Chinese government in exchange for access to Chinese consumers.
An official at China's embassy in Baghdad said her government "presumes" the men are Chinese but could not immediately confirm it.
"We're not going to let him walk out of the embassy with just a handshake from the Chinese government, " she said.
And, with a relatively low level of borrowings, the Chinese government has the ability to use fiscal stimulus as well if consumer spending does not develop as expected.
The most intractable flash point may stem from a quiet trend that has not yet made headlines: Chinese companies and government-sponsored investment vehicles are increasingly purchasing U.S. assets.
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