Brown, Burr Warn of Congressional Opposition to Weak Chinese Investment Treaty
A U.S.-China Bilateral Investment Treaty will face tough resistance on Capitol Hill unless China delivers on sweeping economic reform and brings its trade policies in line with World Trade Organization commitments, said Sens. Sherrod Brown, D-Ohio, and Richard Burr, R-N.C.…
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in a letter (here) to President Barack Obama on Sept. 23. China’s anti-monopoly law and forced technology transfer policies violate those WTO commitments and obstruct U.S. access to the Chinese investment market, the lawmakers said. The letter criticized recent Chinese currency intervention and its continued focus on an export-driven economy. “China’s state ownership and control of key industrial sectors – including steel, glass, paper, aluminum, and tires – has led to global overcapacity in each of these sectors and had major consequences for U.S. workers and the U.S. market. China’s failure to abide by market principles is worsening,” said the letter. “Chinese government promises to close excess factory capacity and scale back production in line with market-driven demand have gone unfulfilled.” President Xi Jinping promised significant market reforms in a speech in Seattle on Sept. 22 (see 1509230015).