USCC Press Release - September 18, 2003
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FOR IMMEDIATE RELEASE September 18, 2003 |
Contact: |
Kathy Michels kmichels@uscc.gov Omar Aslam oaslam@uscc.gov Web site:www.uscc.gov |
The U.S.-China Economic and Security Review Commission
will hold a public hearing on September 25, 2003, in Washington, D.C.
examining the related issues of China's national investment and industrial
strategies, U.S. production and R&D transfers to China, and China's
exchange rate policies. Economists and U.S. manufacturers continue to
raise concerns that China's currency, which is pegged to the U.S.
Dollar, is undervalued by as much as 40 percent, amounting to a significant
subsidy for Chinese exporters and a barrier to U.S. exports to China.
At the same time, U.S. firms are continuing to move manufacturing and
R&D capacity to China to take advantage of China's cost advantages
and other investment incentives. The Commission's hearing will focus
on how these dynamics impact the U.S. economy, particularly the manufacturing
sector, which has shed millions of jobs over the past few years.
Senators Charles Schumer (D-NY), Lindsey Graham (R-SC), and Byron Dorgan (D-ND), and Representative Donald Manzullo (R-IL), Chairman of the House Small Business Committee, will lead off the hearing by providing their perspectives on these issues and discussing pending Congressional initiatives to address the growing concerns over imbalances in U.S.-China economic relations. They will be followed by panels of experts on exchange rates and China's industrial and investment policies, and by industry and labor representatives discussing the concrete impacts of these policies on the U.S. economy. The full agenda for the hearing is attached. (Click here to view the full AGENDA)
What: Commission Public Hearing on "China's Industrial, Investment and Exchange Rate Policies: Impact on the U.S."
When: Thursday, September 25, 2003 - 9:00 am to 5:00 pm
Where: Room 124, Dirksen Senate Office Building, 1st & Constitution
Commissioners: Roger W. Robinson, Jr., (Commission Chairman), C. Richard D'Amato (Commission Vice Chairman), Carolyn Bartholomew, George Becker, Stephen D. Bryen, June Teufel Dreyer (Hearing Co-Chair), Robert F. Ellsworth, Michael A. Ledeen, Patrick A. Mulloy (Hearing Co-Chair), William A. Reinsch, Michael R. Wessel, and Larry M. Wortzel.
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If you are interested in receiving regular updates about the Commission's activities via fax or email, or would like to update your contact information or unsubscribe to our updates, please email your contact information to us at contact@uscc.gov. We will promptly add, update or delete your contact information.