FOR IMMEDIATE RELEASE

September 18, 2003

CONTACT: ROBERT BEAN (202) 624-1452
E-mail:bbean@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. (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 Ave., NE, Washington, DC 20510

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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