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FOR IMMEDIATE RELEASE
April 10, 2006

 

ROCKEFELLER DEMANDS THAT CHINA PLAY FAIR ON TRADE

- On Eve of Trade Talks, Senators Call for China to Reduce Trade Deficit, Reduce Theft of American Intellectual Property-

Washington, DC – With joint trade talks set to begin tomorrow between the United States and China, Senator Jay Rockefeller and a bi-partisan group of 16 U.S. Senators are calling for the Chinese government to commit to a series of changes that would make trade fairer between the two countries. Under an artificially-devalued currency, Chinese companies are able to sell goods at lower prices, creating a $200 billion trade deficit – the largest in world history – for the U.S. Senators also want the Chinese to stop crippling the American music industry and open its markets to U.S. beef.

Administration officials will meet Tuesday with Chinese Vice Premier Wu Yi in a daylong meeting of the Joint Commission on Commerce and Trade – the forum for the U.S.-China talks.

“Our economic relationship is now at a critical point and failure by China to address key outstanding trade concerns and fulfill longstanding commitments creates the risk of serious damage,” Rockefeller and the Senators wrote the Vice Premier.

Among the areas where the Senators demanded the Chinese make meaningful commitments to fairer trade include:

Halting the pirating of American music and other infringements of American intellectual property.

Lifting China’s ban on U.S. beef, a ban inconsistent with World Trade Organization rules and regulations.

Reduce government intervention in the marketplace.

Increasing the flexibility of the yuan – a move that is not only more responsive to true market forces, but would enable American companies to compete with Chinese companies.

“We look to your leadership to help resolve serious problems that face our trade and economic relationship – symbolized by the record $200 billion trade deficit that the United States posted last year with China, the largest deficit between any two countries in history,” Rockefeller and the Senators wrote. “It was obvious at last week’s Senate Finance Committee hearing that serious questions exist regarding the value of China’s currency and China’s compliance with its commitments in the World Trade Organization.”

Rockefeller is a member of the Senate Finance Committee, which oversees U.S. trade policy.

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