CCTV.com - CNTV English - CCTV News

U.S. House panel passes China currency bill

09-25-2010 08:25 BJT

WASHINGTON, Sept. 24 (Xinhua) -- A U.S. congressional panel Friday approved a bill to set punishing duties on imports from China to offset so called "undervalued currency," a move that might escalate trade disputes between the two countries.

The House of Representatives Ways and Means Committee backed the legislation on a voice vote, clearing the way for the full House to take up the measure next week.

Facing November's midterm elections shaped by voter anger at the sour economy, U.S. lawmakers are weighing bills that would slap sanctions on Chinese goods, amid accusations that Beijing keeps its currency -- and thereby its exports -- artificially cheap.

The argument is viewed by many economists as protectionism.

They warned that protectionist moves by the U.S. would ultimately hurt U.S.-China trade relations, which are becoming more and more important for the bumpy global recovery

They also noted that the U.S. lawmakers' move could set in motion a process for retaliation.

Analysts say that the bill may never become law, however, as it faces an uncertain future in the Senate.

U.S. President Barack Obama said Monday that China's fast economic growth is "good for" the United States. U.S. Treasury Secretary Timothy Geithner also said recently that China's growth is critical for the U.S.

China's Premier Wen Jiabao said Thursday that politicizing the currency issue does no good to the bilateral relationship.

Editor:Li yang |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program