U.S. Chamber Welcomes Results of U.S.-China S&ED

Brilliant Cites Opportunity for More Progress in the Months Ahead

WASHINGTON, D.C.—The U.S. Chamber of Commerce expressed its support for the results from the U.S.-China Strategic & Economic Dialogue, which concluded today, welcoming China’s commitments in a variety of areas, but noting the importance of timely implementation and citing opportunities for progress in the months ahead.

“We applaud President Obama and Secretaries Clinton and Geithner for their commitment to advancing the U.S. relationship with China,” said Myron Brilliant, senior vice president for International Affairs at the Chamber. “During this time of significant economic and geopolitical change, it is essential that both governments engage candidly and at the highest levels to coordinate policy approaches and achieve progress on financial reform, trade and investment, strategic relations, and energy security.”

“China’s commitments have the potential to bolster the confidence of American investors and exporters in the on-the-ground business environment and the approach of Chinese policymakers to foreign companies,” Brilliant said. He welcomed China’s commitments to implement President Hu Jintao’s January 2011 commitment to refrain from linking indigenous innovation policies to government procurement at all levels of government, revise Article 9 of the draft Government Procurement Law Implementing Rules, and embark on a bilateral dialogue related to the transparency and equity of its export financing system, as important steps in the right direction. He also noted China’s reaffirmation of commitments to build on ongoing efforts to curb counterfeiting and online piracy, enhance auditing of government agencies to ensure use of legal software use, and enforce its anti-monopoly law in a non-discriminatory manner.

“Continued efforts to ensure non-discriminatory application of Chinese industrial and innovation policies and strong protection and enforcement of intellectual property rights will be critical to sustain confidence in the S&ED as a mechanism that can foster solutions to pressing economic and commercial concerns,” Brilliant said.

The Chamber also welcomed the dialogue on financial reform in both countries and voiced support for commitments that will improve national treatment for U.S. banks and insurance companies. It expressed hope that China will continue to accelerate its pace of interest rate liberalization and currency reforms that will allow market forces to determine the value of its exchange rate. On the strategic side, the dialogue also built upon the ongoing program of work to promote a clean and secure energy future for both sides.

“The Chamber is particularly pleased that this S&ED focused on the importance of China opening its market further to U.S. foreign investors and exporters, including for American financial and others services firms,” Brilliant said while calling for a continuation of a results-oriented dialogue. “Our hope is that subsequent dialogues, including the forthcoming exchange of visits by the U.S. and Chinese vice presidents, will lead to additional market access in China for American firms as well as new opportunities for Chinese investors in the United States. These efforts offer the best solution in helping both governments rebalance the U.S.-China economic relationship.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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