Suspicion of Chinese intentions is undermining a rational approach to doing business with China. CNOOC’s $18.5bn (£10.6bn, €15.4bn) all-cash offer for Unocal, the US oil company, has prompted concerns from some business leaders and politicians in the US, particularly those alarmed by China’s rapid economic growth and growing power. Yet its offer is clearly good news for shareholders – since it is more generous richer from a financial point of view than competing offers.

RegrettablyThe rhetoric emanating from Washington is becoming increasingly shrill and several bills in Congress threaten to impose arbitrary sanctions on Chinese products. This trend is short-sighted and wrong.