The AFL-CIO helped quash interest in the initial public offering by lobbying institutional investors and setting up a Web site to publicize problems with the deal. Stock Price Barely Budged Faced with such strong resistance, the Chinese government over the weekend postponed plans to sell shares in SinoPec, China's second-largest oil company, and Baoshan, one of the country's largest iron and steel companies. Their triumph, however, was dimmed by statements today by the Clinton administration that the president will oppose any efforts to tie human-rights, labor or other provisions to legislation granting permanent trade privileges to China. The administration and supporters say the favorable trade status will open vast Chinese markets to American businesses and farmers. Core of Chinese Economy Activists do not want to give up what they view as leverage over China from the annual review process.
Labor also fears a loss of U.S. jobs.
The offering did attract some large investors. Nevertheless, many of the largest pension funds in the declined to invest in PetroChina, including the New York City Employees Retirement System and TIAA-CREF, the huge pension fund that invests for millions of American teachers. This was essentially the core of the Chinese economy being marketed to Wall Street and institutional investors. The Web Copyright 2000 ABC News Internet Ventures.