Granholm Urges Treasury Secretary to Strengthen U.S. Efforts to Combat Chinese Currency Manipulation
Granholm Urges Treasury Secretary to Strengthen U.S. Efforts to Combat Chinese Currency Manipulation
Governor encourages Paulson to use upcoming trip to send message
LANSING - In a letter to United States Treasury Secretary Henry Paulson, Governor Jennifer M. Granholm today encouraged the newly-confirmed official to use his first trip to China next week as an opportunity to combat that country's manipulative currency practices which are hurting American manufacturers. (Letter attached.)
"As you prepare to leave for your first trip to China as secretary of the treasury, I urge you to intensify U.S. efforts to achieve specific targets and timelines from the Chinese government to end its manipulative currency practices that are costing Americans their jobs and undermining global economic health," Granholm wrote.
Granholm applauded Paulson for his speech earlier this week in which he called on China to live up to its responsibilities as a member of the global economic community, including addressing trade barriers, currency manipulation, and intellectual property rights. Granholm also encouraged Paulson to stand up for manufacturers and the workers who rely on their success with as much enthusiasm and creativity as he does for emerging nations around the globe.
"As you depart for China, I hope you succeed where others in the Bush administration have so far failed in making China a fully responsible stakeholder in the global economy," said Granholm. "For Michigan workers and businesses, success will be measured by the strength of an immediate and enforceable Chinese commitment to stop currency manipulation and other unfair and abusive trade practices."
Granholm also welcomed today's news that the U.S. has joined Canada and the European Union in asking that the World Trade Organization (WTO) convene a dispute resolution panel to compel China to live up to its trade obligations on auto parts.
"It's clear that China has been using diplomatic dialogue to inflict further pain on American and other auto parts makers," said Granholm. "The Bush decision to call for a dispute resolution panel is overdue but welcomed, and I hope Secretary Paulson will carry word to Beijing that China must play by the rules."
http://www.michigan.gov/gov/0,1607,7-168-23442_21974-151548--,00.html