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U.S. markets recover from steep losses
BEIJING, March 19 (UPI) -- Chinese officials said Thursday that turning down Coca-Cola's bid to buy Huiyuan Juice Group was not a protectionist maneuver.
"Products of the Coca-Cola company are available anywhere in China's market. The country's market is fully open to foreign companies," said Foreign Ministry spokesman Qin Gang, Xinhua reported.
Ministry of Commerce spokesman Yao Jian said the government was "opening up" to foreign investors. In the case of Coca-Cola, "the purpose of the examination is to maintain market competition, protect consumers and safeguard the public interest," he said.
The Ministry turned down Coca-Cola's bid to buy Huiyuan Juice Group earlier in the week, claiming it would violate the country's anti-monopoly law.
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