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Technology Stocks : Loral Space & Communications

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To: Rocket Scientist who wrote (5100)	1/7/1999 8:51:00 AM
From: jopawa	Read Replies (1) of 10852

Thursday January 7 4:49 AM ET China Slams U.S. Congress Hi-Tech Theft Charges BEIJING (Reuters) - China Thursday denounced as groundless a report by the U.S. Congress which concluded that Beijing has been engaged in a concerted long-term effort to steal American technology. In China's second reaction to the report in as many weeks, Foreign Ministry spokesman Zhu Bangzao said the charges were ''irresponsible'' and would mislead public opinion. ''The Chinese side hereby expresses its strong resentment and firm opposition,'' Zhu said. He also accused unnamed congressmen of spreading rumors about China with the deliberate goal of derailing developing Sino-U.S. ties. ''Obsessed with the Cold War mentality, a few congressmen run counter to the historical trend and fabricate rumors out of thin air in an attempt to obstruct improvement in Sino-U.S. relations,'' Zhu said. ''They are doomed to failure.'' The report was compiled after a six-month inquiry by members of the U.S. House of Representatives. Although it remains classified, congressmen involved in the inquiry said it concluded that China had been working for decades to steal U.S. technology. It also found that the transfer of sensitive U.S. technology had harmed U.S. national security. The investigation was sparked by allegations that Hughes Electronics Corp and Loral Space & Communications Ltd (NYSE:LOR - news) had transferred technology to China after satellites belonging to the two companies were destroyed in Chinese rocket explosions. Zhu countered that the normal exchange of trade and technology was ''in the interest of both sides'' and he urged Washington to help smooth the way for future cooperation. ''At present, there is an opportunity for improving and developing Sino-U.S. relations,'' he said. ''We hope that the congressmen will proceed from the fundamental interests of the two peoples and do more to promote development of bilateral relations.''

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