AmCham-China Statement Regarding HR 2378

News provided by

American Chamber of Commerce in China

Sep 29, 2010, 07:09 ET

BEIJING, Sept. 29 /PRNewswire-Asia/ -- The American Chamber of Commerce in the People's Republic of China (AmCham-China) opposes the Chinese currency legislation passed by the US House of Representatives. If enacted into law, the chamber does not believe the bill will be effective in achieving its objectives and would fail to create significant US job growth.

In addition, AmCham-China believes the legislation puts at risk thousands of existing export-related US jobs. "Blaming China won't help the US economy but this legislation may cost American jobs," said AmCham-China Chairman John D. Watkins, Jr. "We call on the US Senate to thoroughly review the proposed legislation and we hope it does not move forward in the legislative process."

AmCham-China stands firmly with eight former Secretaries of Commerce and US Trade Representatives, along with a long list of leading US trade associations and business groups in opposing HR 2378. While AmCham-China's membership of US companies on the ground doing business in China support a move to a market-oriented Chinese currency, AmCham-China believes there are better ways for US lawmakers to create well-paying American jobs than through this legislation. AmCham-China believes that in order to enhance economic growth US lawmakers should focus on coming up with a response to China's web of industrial policies, weak intellectual property protection and tightening market access.

    For more information, please contact:

    Chinese Media Contact:
     Ulan Tuya
     Media Relations Manager
     Tel:   +86-10-8519-0835
     Email: [email protected]

SOURCE American Chamber of Commerce in China

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