Title: Why We Need China and Why China Needs Us | U.S. Chamber of Commerce
Headings: Why We Need China and Why China Needs Us
Why We Need China and Why China Needs Us
Content: Why We Need China and Why China Needs Us | U.S. Chamber of Commerce
Why We Need China and Why China Needs Us
Saturday, July 28, 2001 - 8:00pm
By Thomas Donohue
July 2001
Though this week's Congressional vote to extend normal trade relations with China lacked the widespread media attention, intensive grassroots efforts, and nonstop lobbying blitz that characterized last year's passage of a permanent extension, it had equally important consequences for our economy, natural security, and global stability. Permanent extension of favorable trade ties is on hold until China completes its accession into the World Trade Organization, which now appears likely to occur late this year or early next year. In the meantime, Congress did the right thing and renewed year-by-year normal trade relations status with China—something it has done every year for the past 20 years. Why is it important that we continue to have normal trade relations with China? First, trade with China offers U.S. workers and businesses tremendous opportunities. The United States exported over $18 billion in goods and services to China last year, supporting hundreds of thousands of high-paying U.S. jobs and improving American living standards. Our commercial relationship with China is more important now than ever before given that U.S. manufacturing, agricultural and high-tech sectors are in the midst of a serious economic downturn and need access to foreign markets to recover. However, encouraged by recent challenges in U.S.-China relations, a small but vocal group of labor union bosses, human rights activists, political ideologues and anti-free traders opposed China NTR, arguing that China should be punished through the loosening of U.S.-China economic ties. But history is proof that commercial engagement is America's most effective tool in promoting democracy, free enterprise, human rights, and rule of law in China. Consider the enormous economic, political, and social changes that have gripped China in the first two decades since normalization of U.S.-China economic ties.