If I might borrow a rhetorical turn of phrase from Bush's torture apologists: "Globalization is not a suicide pact." It is simply unacceptable for our nation to enter into lopsided trade agreements with China that strip our industry of any competitive advantages while easing Chinese access to our markets. The Economist has more on the blocked Coca Cola deal:
After the decision was announced, investment banks were left wondering, in the words of one employee, whether “a key plank in their business had just blown up.” Coke has spent years developing its presence in China, and has invested heavily, presumably making it one of the world’s more acceptable buyers. It is also one of the few companies able to finance a big deal in today’s difficult circumstances. If Coke was not acceptable to the Chinese authorities, then who is? The rejection will inevitably be used as evidence of non-reciprocity, and the collusion between the country’s state and private sectors, by anyone opposed to China’s recent efforts to buy companies abroad.