"A stronger relationship between the United States and China will create both American and Chinese jobs," Senate Finance Committee Chairman Max Baucus said in a statement following meetings with Chinese Vice Premier Wang Qishan and Foreign Minister Yang Jiechi.
Baucus stressed the need for Chinese action on a number of fronts, but also said cooperation was needed between the United States and one of its biggest export markets.
The Senate Finance Committee has jurisdication over trade issues, and Baucus' tough-but-concilatory tone follows a vote in the House of Representatives threatening China with punitive duties on some exports to the United States if its currency does not rise significantly in value.
It also comes just a few days before the Treasury Department must decide in a semi-annual report on exchange rates practices whether to formally label China a currency manipulator -- a step that would rile Beijing, which says its currency practices are internal matter.
U.S. Treasury officials have declined to say whether the report will be released on time.
Baucus said in his meeting with Wang he stressed the need for China to allow its currency to appreciate more quickly and pushed for a timeline on meaningful currency appreciation.
"We want to strengthen our relationship, but to do so means addressing critical issues, including China's currency practices, ineffective protection of intellectual property rights, policies that foster Chinese innovation at our expense and unjustified restrictions on U.S. beef.
"We need to face these issues head on, and we need to work together to increase our ties in ways that create American jobs and increase American exports. This trip is all about finding solutions to these very real concerns," Baucus said.
Baucus said he urged Wang to present a plan to phase out discriminatory indigenous innovation policies that require foreign companies to transfer technology or make other intellectual property concessions. (Reuters)
