More than 100 US multinationals, including big names such as
Boeing, Microsoft and General Motors, urged the US Congress to
reject protectionist legislation against China.
"Imposing unfair barriers to trade in the name of currency
valuation or product safety is not a solution to the underlying
concerns, and it ultimately undermines the important work that
should be undertaken to prepare our economy and our workers for the
realities of the global economy," the companies wrote in a letter
to Congress on Wednesday.
A total of 119 companies and 35 industry associations from a
range of sectors signed the letter, including Citigroup, Exxon
Mobil and Caterpillar, according to local reports.
The letter comes as the US Congress is expected to consider a
bill on China's currency policies in the following months.
"Conversely, policies that single out individual countries as
responsible for the United States' broader concerns will not be
effective and should be rejected, as should approaches that violate
the United States' own international obligations or that improperly
restrict access to the US market," they said in the letter.
"Doing so can only undermine US credibility and competitiveness
and put US exports at substantial risk of retaliatory action."
It is not "surprising to see the multinationals defending their
interests and potential opportunities in China", said Mei Xinyu, a
researcher with Chinese Academy of International Trade and Economic
Cooperation, a think tank affiliated to the Ministry of
Commerce.
Mei said that without the efforts of these companies, "trade
conflicts between China and the United States would be more
intense."
The US Chamber of Commerce also wrote a letter earlier this week
to Congress, calling on it to reject bills forcing China to raise
the value of its currency.
It said such legislation could jeopardize the US ability to
increase American exports to its fastest-growing trading
partner.
At the same time, the business association also expected China
to make more efforts to further open its markets in the industrial
and service sectors.
(China Daily September 29, 2007)
