(15 Sep 2010) SHOTLIST
1. Wide of committee hearing room
2. Mid view of committee hearing room
3. SOUNDBITE: (English) Sandler Levin, chairman, Ways and Means Committee:
"Recent reports suggest that the government of China may be mounting an even more aggressive campaign to capture key industries of the future such as green technologies and all the jobs that are involved with them. All of this, of course, is an outgrowth of a model of what the Chinese call "state capitalism."
4. Cutaway media
5. SOUNDBITE: (English) Dave Camp, ranking member, Ways and Means Committee:
"China must address its woefully inadequate protection of intellectual property, eliminate subsidies to Chinese companies, remove harmful indigenous innovation policies, and its restraints on exports of raw materials and rare earth minerals and eliminate the myriad, other barriers to US exports."
6. Wide of committee hearing room with witness panel
7. SOUNDBITE: (English) Dan DiMicco, CEO, NUCOR Corporation:
"The United States and many other countries around the world have share holder owned companies that operate in free markets. These companies cannot compete with state owned enterprises operated in countries that violate the rules of trade. When China joined the WTO (World Trade Organisation), it agreed to these rules. Our relationship with China is not working today because we are not holding them accountable. Shame on us."
8. Wide pan of hearing
9. SOUNDBITE: (English) John Magnus, president, TRADEWINS:
"China is, with its present currency regime, doing something it promised not to do, something that is inconsistent with WTO rules. Under that circumstance, responsive action by our government is appropriate. And, number two, China's currency regime meets the existing technical legal definition of a subsidy, an export contingent subsidy. The administration's failure to act on that basis reflects a failure to faithfully execute existing US law, and under that circumstance, the case for Congressional action is very strong."
10. Wide of committee hearing room
A Congressional committee charged with US government spending held a hearing on Wednesday on whether China was violating World Trade Organisation policies on currency manipulation.
The committee also heard testimony in Washington on whether Congress or the Obama administration should take action to address the exchange rate between the dollar and the renminbi, the official currency of China.
Members of the committee were considering legislation that would force the administration to take stronger action in regard to what many consider is currency manipulation by the Chinese.
China faces rising pressure from Washington and other governments to ease exchange-rate controls that they say distort trade.
Beijing promised more flexibility in June but the yuan has risen by only about one percent since then against the dollar, with some American lawmakers pushing for sanctions on Beijing.
"Our relationship with China is not working today because we are not holding them accountable. Shame on us," Dan DiMicco of NUCOR Corporation told the hearing.
Beijing allowed the yuan to rise to a new high against the dollar on Monday in a possible attempt to cool tempers in Washington. But financial analysts say the move might be too late to mollify US critics who say China's controls are swelling its trade surplus and hurting American exporters.
"China's currency regime meets the existing technical legal definition of a subsidy, an export contingent subsidy. The administration's failure to act on that basis reflects a failure to faithfully execute existing US law," John Magnus, president of the trade law and policy consulting firm TRADEWINS, told the hearing.
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