China Trade Group USCBC Releases Statement Responding to Foreign Policy Debate
US-China Business Council (USCBC) President John Frisbie today issued the following statement regarding tonight’s presidential debate on foreign policy:
“America’s economic relationship with China is one of the most important – and challenging – issues this country faces. China is now the United States’ third-largest export market, representing a major opportunity for US businesses. Since 2000, US exports to China have grown by 542 percent, while US exports to the rest of the world grew by only 80 percent.
“Surveys consistently show that more than 90 percent of U.S. companies invest in China primarily to serve the China market, not to outsource production and export back to the United States.
Add it all up and China is now a $250 billion market for American companies. It should be more.
“Both presidential candidates have said they will “get tough” on China, but evidence has shown that the best way to make progress is through comprehensive engagement and legal actions—not political rhetoric. For example, engagement has led to China’s exchange rate strengthening by more than 30 percent since 2005.
“Whoever wins on November 6 will have to prioritize the real challenges the US-China commercial relationship faces: addressing market-access restrictions and unfair trade practices that affect American companies. These challenges require steady engagement, coordination with like-minded allies, and, when necessary, the use rules-based trade tools, such as World Trade Organization cases to level the playing field for American companies and workers.
“We should not lose perspective, our economic future depends more on actions we take here at home. Rather than argue over who is going to be tougher on China, dealing with our fiscal challenges and strengthening our competitive profile is a better approach. If we get our house in order, we will be well-equipped to compete with — and benefit from — a developing China.”
The US-China Business Council (USCBC) is a private, nonpartisan, nonprofit organization of roughly 240 American companies that do business with China. For nearly four decades, USCBC has provided unmatched information, advisory, advocacy, and program services to its membership. Through its offices in Washington, DC; Beijing; and Shanghai, USCBC is uniquely positioned to serve its members' interests in the United States and China.