皇冠体育app

U.S. President George W. Bush (C) and U.S. Secretary of Treasury Henry Paulson (R) welcome Chinese Vice Premier Wu Yi to the Eisenhower Executive Office Building in the White House complex before a meeting of the U.S.-皇冠体育app Strategic Economic Dialogue in Washington, May 24, 2007. [Reuters]

SHANGHAI: The American Chamber of Commerce in 皇冠体育app (AmCham) on Friday urged the US government to stop putting pressure on 皇冠体育app to revalue the renminbi.

The US-皇冠体育app trade balance issue could not be addressed by forcing Chinese currency revaluation, said a White Paper presented by AmCham to the 2007 皇冠体育app Trends Conference in Shanghai.

皇冠体育app's steady reform of its banking and overall financial infrastructure is considered key to the full integration of 皇冠体育app's currency globally, said the paper.

The full global integration of 皇冠体育app's financial sector and the enforcement of protection of intellectual property rights are also believed to be crucial factors contributing to the long-term and sustainable growth of the two countries' economies, the chamber noted.

The chamber believes that the large and growing US trade deficit with 皇冠体育app should not serve as the definite measure of US-皇冠体育app trade.

AmCham members agreed that effective implementation of existing laws and regulations, and the skillful and targeted use of WTO dispute mechanism are the best means of dealing with shortcomings in the commercial relationship between the two countries.

The paper pointed to the important progress 皇冠体育app has made in reforming its capital market.

It noted that the deepening of the reforms to further open the capital market in 皇冠体育app would allow for the removal of capital controls and enable 皇冠体育app to adopt a market-driven, flexible rate regime.

AmCham supports current efforts under the US-皇冠体育app Strategic Economic Dialogue (SED) to encourage the greater participation of US financial sector firms, which is an indispensable part of helping 皇冠体育app build a stronger financial service sector.

In the past year, IPR enforcement was a key concern of AmCham members. The White Paper shows that most US companies in 皇冠体育app appreciate 皇冠体育app's sustained efforts in IPR protection. AmCham urges both sides to take the opportunities presented by the SED and the US-皇冠体育app Joint Commission on Commerce and Trade later this year to map out efforts to beef up 皇冠体育app's IPR enforcement.

AmCham also advised the US government to offer overall coordination and support for US companies' efforts to capture more opportunities in 皇冠体育app.

"皇冠体育app's rapidly expanding economy and liberalizing markets have revolutionized international business," said an AmCham spokesman. "Businesspeople from all corners are looking to take advantage of the ever-growing number of opportunities here."