Waldorf review reflects Washington’s paranoia

It's never easy for Chinese companies to get a slice of the American pie. Skepticism always comes first as China tries to expand its economic presence along with globalization in the promised land, especially when significant business deals are about to be signed.

Washington intervened in the sale of New York's landmark Waldorf Astoria hotel and residences to China's Anbang Insurance Group recently. This deal was announced by Hilton Worldwide Holdings Inc last week, but now has to be reviewed by the US government for fear of China's espionage, as the property accommodates a host of US government officials and heads of state.

The US government's intervention has prompted discontent from China's public. Some people are criticizing the logic of the review and ask if the US would agree that the Chinese government examined and inspected all luxury hotels in China operated by US hotel groups.

It is not the first time that the US, flag-bearer of the Western market economy, betrays what it advocates in economic terms. The common reasons they would like to give to ban a Chinese company are nothing more than national security and spying concerns.

As the top two largest economies, China and the US have increased their trade volume to a landmark $521 billion in 2013. The economic status of one side as to the other - China is the biggest import market for the US, and the US is the biggest export market for China - shows strong economic complementarities on both sides. But Washington cannot catch up with the rapid progress of economic integration with China mentally, as it is still stuck in the old mindset that China's economic expansion carry ulterior motives. Actually, it is the US which has become paranoid about exaggerating political attachments to business deals with China.

It might take time for the US to abandon such unnecessary caution because it is still in the throes of being challenged both politically and economically.

Recently, the West, especially the US, is astonished by the latest figures released by the International Monetary Fund in early October, which find that China has surpassed the US as the largest economy. The news is still in the headlines of major Western media outlets until now, raising a hot public debate, although Chinese mainstream society gives a cold shoulder to the new rank.

Chinese companies, like their Western counterparts, are going global to reap benefits. They are also dedicated to creating a convincing sustainable economic network instead of serving under-the-table purposes. As for the US, it should realize that China's economic presence might be the X-factor it needs. China will add real impetus to reviving the US economy.