U.S. & China - Warmer all the Time
Dateline: 05/22/00
Update: 05/23/00 House Begins Debate of China Trade
Bill
President Nixon's 1972 visit to China stirred the interest of Americans in some diverse areas. Acupuncture and ping-pong came easily, but free trade has taken a little longer. As Congress prepares for a historic vote that could open up trade, HUD has inked an agreement of its own with the People's Republic of China.
This week, the U.S. House of Representatives may debate and vote on H.R. 4444 - authorizing the United States' extension of nondiscriminatory treatment (permanent normal trade relations treatment) to the People's Republic of China. Should this bill, sponsored by Rep. Bill Archer (R-TX), pass Congress and be signed into law by the President, most if not all doors that have blocked China's membership in the World Trade Organization (WTO) and free trade with the U.S. would swing open. But, opening the Congressional door may require a battering ram.
As About.com Labor Issues Guide David Low points out in his story, China Poised to Join World Trade, the AFL-CIO has mounted a concerted effort among its membership to oppose the China trade bill long supported by the Clinton Administration.
This friction between organized labor and the Democratic Party have forged some temporary alliances on trade with China between House Republicans and Democrats that would be unusual even in a non-election year.
Additional opposition will certainly come from Members of Congress still stinging from the recent Chinese espionage scandal and the continued resistance by the Chinese government to enact meaningful improvements to its human rights practices. Many U.S. business experts feel that a lack of Western-style rules of law among the Chinese people and workers will hamper economic expansion.
The China trade bill debate in the House will be heated and the vote could be close.
But, not to be debated at all is Saturday's agreement between U.S. Housing and Urban Development Secretary Andrew Cuomo and officials of the Chinese Ministry of Construction representing the first phase of a financing project to assist China in creating a market for second mortgages on residential property.
The hoped for result of the this historic project is a "securitization" program to be implemented by Chinese financial institutions by the end of the year.
In a HUD press release of May 20, 2000, secretary Cuomo is quoted as follows: "The application of this program will be a historic step for the Chinese and the way homes are bought and sold in this country," said Cuomo, who announced this proposal at a forum hosted by MetLife insurance in Shanghai. "By enhancing primary market institutions and creating a secondary mortgage market, China will be able to generate more resources that will be used to increase homeownership by Chinese families."
Yet another cold war foe turned friend? Maybe.
Update: 5/23/00 - House Wants Report From CIA
The U.S. House of Representatives today approved by a vote
of 404-8, an amendment to the Intelligence Authorization Act for FY 2001
requiring the CIA to inform Congress of any security dangers to the U.S.
that might come from extending nondiscriminatory
treatment (permanent normal trade relations treatment) to the People's Republic
of China as would be authorized by passage of H.R.
4444 - the China Trade Bill. The amendment was offered by Rep. James Traficant (D-OH)
Passage of the Traficant Amendment clearly highlighted the bipartisan fears shared by several House Members stemming from the recent Chinese espionage scandal.
The House later passed the Intelligence Authorization Act for FY 2001 as amended by a voice vote.
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Reference Links
Policy.com - The China Trade Vote
Intellectual Capital columnists consider the trade bill form all sides and opinions.
Washington Post, May 21, 2000: "With his hard-fought goal of granting permanent normal trading status to China nearly within reach, President Clinton yesterday zeroed in on wooing a dozen undecided House members." The House vote looks close.
AFL-CIO press release on the efforts of organized labor to defeat the China trade bill.
China and Free-Trade Guilt: An Editorial
If liberalized trade with China is good for both countries, then why does it make me feel so lousy? A look at human rights, dictatorships, a new flick, and free trade. From US Politics Guide John Aravosis.
The effects of the trade bill on ag-industry. From Agricultural Guide Kathy Gill.
Labor Issues Guide David Low's article provides key background and resources to understand the issues behind this historic debate and vote in Congress.
During the week of April 13, 2000, over 15,000 protestors opposed to the China trade bill marched in Washington. Labor Issues Guide David Low covered the event and sorts out the reasons behind it.
About.com guide to Global Business Paul Bishop examines who will have to give what to reach an agreement on trade with China.
Related articles and opinion from around the world. From World Current Events Guide Keith Porter.
"And rumours that Charles, Prince of Wales boycotted the Chinese President's dinner invitation appear to be true." Royalty guide Stuart MacWatt reports on a royal snub of China president Jiang Zemin.
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