China must do more to meet the letter and spirit of its World Trade Organization (WTO) obligations, according to a new report from the U.S. Chamber of Commerce.
"Our report found troubling Chinese policies and practices, from resurgent industrial policies to intellectual property (IP) theft to growing investment restrictions," said Myron Brilliant, Chamber Vice President for East Asia.
"For the U.S.-China economic and commercial relationships to reach their full potential, China must do more to address these issues."
While significant IPR protection and enforcement efforts are underway in China, the report found that China continues to fall short of its commitments to protect IPR and that counterfeiters and pirates generally remain undeterred in the marketplace.
The report also emphasized growing concern over resurgent Chinese industrial planning in key sectors and policies that obstruct market access for American services providers.
At a press briefing this morning, Brilliant called on Senators Charles Schumer and Lindsey Graham to withdraw their legislation that would impose a unilateral, across-the-board tariff of 27.5 percent on all of China's exports to the United States.
Brilliant said it would be the equivalent of $200 billion tax on the America people and jeopardize U.S. economic interests.
"To build a better U.S.-China relationship, we need greater engagement and the continuation of results-oriented dialogues--like the new Strategic Economic Dialogue--that expand cooperation and resolve trade differences," said Brilliant.
The Chamber's report was submitted to the Office of the United States Trade Representative (USTR). Brilliant will testify on the Chamber's report Thursday before a public hearing at USTR.
The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
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