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USA:Adopt market friendly policies - says US Commerce
Secy Evans |
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2005-1-13
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Accepting that China could turn a truly market economy, Donald Evans, outgoing US Commerce Secretary said it should adopt a more flexible exchange rate and ensure greater protections for intellectual property owners.
Speaking at the American Chamber of Commerce in Beijing on Wednesday, Evans said, “China is eager to complete the transition from a developing market to a free-market economy.”
“The most frequently heard complaint from American companies and elected officials concerns the skewing effect that China’s fixed exchange rate policy has on fair competition,” added Evans.
“We would like to see progress on structural issues in the Chinese economy,” he said. “State-owned banks should not extend loans to failing state-owned enterprises.”
FOr US even the China’s exchange rate, largely fixed at 8.28 to the dollar, was an instrument that keeps the price of exports unfairly low.
With the US trade deficit with China reaching $ 124bn in 2003 and the figure for 2004 may turn even higher, Evans called Beijing’s protectionist banking policies to also be a major concern.
Evans said the US was closely monitoring China’s WTO-related reforms, for instance those pertaining to retail rules, distribution rights and direct selling.
On the positive side, Evans acknowledge high''s in the bilateral relationship over the past few months, like dramatic increase in US agriculture exports to China and the trend of Chinese companies investing in the US.
Industry pressure groups in the US, particulaly from furniture, televisions and textiles segments, want the government to restrict Chinese imports. On his recent visit to Hong Kong, Grant Aldonas, the Under Secretary for Commerce and International Trade, said that China’s latest tariffs on its own textile exports were too low to create any impact while China is set to dominate the world textile trade in to future |
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