Chinese Vice President Xi Jinping?s arrival in Washington Tuesday comes at a pivotal moment for U.S.-China relations. This visit by the likely next president of China is a chance to discuss Beijing?s responsibilities in strengthening the global economy, broadening the military-to-military relationship with the United States and working with the world community to promote stability.
The U.S.-China relationship stands out as one of the most important. Xi is expected to have an extensive opportunity to shape Sino-American relations over the next decade. Washington must take advantage of his visit to strengthen our strategic engagement.
Continue ReadingWhile many in Washington focus on Chinese currency manipulation, the relationship is far more complex than this one problem. The United States must continue to seek more open engagement with Chinese leaders. Our policymakers need to understand that China?s leaders are acting to further benefit Beijing?s interests ?? just as our leaders act in the best interest of Americans.
Trade between the U.S. and China drives the global economy. While Chinese firms have enormous access to U.S. markets, more must be done to give U.S. companies the ability to invest in China. The Obama administration and its Chinese counterparts must focus on developing a bilateral investment treaty.
Beyond manufacturing and agriculture production, our trading relationship is rapidly growing in the services and investment arena and a bilateral treaty is necessary to facilitate this growth. More important, Beijing must accede to the Government Procurement Agreement within the World Trade Organization. Then individual foreign companies will be able to sell goods to the Chinese government, the largest single buyer in the Chinese market.?
By gaining access for U.S. firms, we help create jobs here at home while promoting U.S. global competitiveness. The states we represent know the value of improving our relationship with China and how it helps U.S. workers. Washington and Louisiana both export more goods to China than to any other country. The value of these exports has doubled in just the last five years.
Though this progress is promising, there is greater potential for further growth in exports to China by removing the many long-standing trade barriers. China?s leadership must be challenged on policies that aim to link government procurement to pre-approved suppliers, maintain currency misalignment and provide unfair subsidies to broad economic sectors.
Beijing must also work to protect the intellectual property rights of U.S. companies, as well as Chinese firms. Intellectual property rights violations cost billions of dollars each year and threaten thousands of jobs in the U.S. and around the globe. China has one of the world?s highest piracy rates. The U.S. embassy in Beijing estimates 20 percent of all consumer products in the Chinese market are counterfeit.
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