Mar 03 2008

Graham Applauds USTR Suit against China

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today said he was pleased the U.S. Trade Representative Susan C. Schwab has requested settlement dispute consultations with China at the World Trade Organization (WTO) over China’s treatment of U.S. suppliers of financial information services.

“American financial services firms should have the same access to China’s financial markets as Chinese firms have in the United States ,” said Graham.  “The Chinese government has erected significant barriers aimed at restricting the ability of American financial service firms to compete in an open and fair manner in China .”

Graham, a long-time critic of Chinese trading practices and one of the leaders in the U.S. Senate to end Chinese currency manipulation, noted that the Chinese have tilted the playing field against American providers.  In 2006, China implemented regulations that prohibited foreign financial information suppliers from establishing local operations and required American companies to work through official-Chinese government designated firms.

“Market access and national treatment for U.S. financial services in accessing China’s markets is not merely a matter of fairness, it will create new opportunities for American firms and increase global economic growth,” said Graham. “Given the competitive advantage we enjoy in research, product development, and regulatory structure, a freer market in China will bolster the U.S. economy.

“When it comes to trade, China makes promises to the U.S. and world community and then goes about finding creative ways not to keep them,” said Graham.  “I appreciate the work of the USTR in this matter and her efforts to hold China accountable for their unfair trade practices.”