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China Snubs Google Again: Today's Outrage

China snubbed Google but snapped up Apple in its $9.6 billion U.S. stock buying spree last year. Any surprise?
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) -- China snubbed


(GOOG) - Get Alphabet Inc. Class C Report

but picked


(AAPL) - Get Apple Inc. Report

when it decided to divert some of its $300 billion investment fund into U.S. stocks.

Anyone surprised? Could it possibly have anything to do with

Google's threat to leave China

over a dispute about censorship, hacking, etc?

Google's China Crisis

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The Google-China intrigue also caught the attention of my colleague Michael Corkery over at the

Wall Street Journal

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blog. Other than that, Corkery said he didn't find any dire signs of a plot to achieve world domination in China's recent filing with the


to report the purchase of $9.6 billion worth of U.S. shares last year.

We could get up in arms about China buying up America, but that's yesterday's news. Why shouldn't the Chinese invest in the U.S.? Let's take it as a sign of respect that they like what they see here -- at least as far as investments go.

So let's review what the Chinese government considers good investments in America. There's


(KO) - Get Coca-Cola Company Report


Johnson & Johnson

(JNJ) - Get Johnson & Johnson Report

(two of Warren Buffett's favorites) and China also put some cash in big banks, including

Morgan Stanley

(MS) - Get Morgan Stanley Report



(C) - Get Citigroup Inc. Report


Bank of America

(BAC) - Get Bank of America Corp Report


The most political move appears to have been the purchase of $1.2 billion of Morgan Stanley shares when the investment bank sold shares to repay the U.S. taxpayer bailout funds it received, according to the

New York Times


Nothing too sinister there, but...

While I'm intrigued by the intrigue surrounding China's SEC filing, all I see is value investing.

Ultimately, my outrage is not so much about what China


doing but what


doing. The new transparency about its U.S. stock holdings belies China's old dichotomy about exploiting Western capitalism while eschewing the underlying democratic principles.

If I were running Google, I'd be happy that the Chinese aren't buying my stock.

China just doesn't get what Google is about - creating value through openness.

--Written by Glenn Hall in New York.

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