2011 report to congress - U.S.-China Economic and Security Review ...

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dkrause on DSKHT7XVN1PROD with $$_JOB13441. Wall Street Journal, ‘‘China Paper: Time Is Ripe To Widen Yuan TradingBand Vs. Dollar,’’ August 15, 2011. http://online.wsj.com/article/BT-CO-20110815-716163.html.42. Josh Noble, ‘‘Did the RMB Just Go Global?’’ Financial Times, August 20,2011. http://blogs.ft.com/beyond-brics/2010/08/20/did-the-rmb-just-go-global/#axzz1Vc7H5er5.43. James Anderlini, ‘‘McPanda bonds still just a McGesture,’’ Financial Times,August 20, 2010. http://blogs.ft.com/beyond-brics/2010/08/20/mcpanda-bonds-stilljust-a-mcgesture/#axzz1Vc7H5er5.44. Fiona Law, ‘‘Caterpillar Yuan Bond Issue Draws Strong Demand,’’ WallStreet Journal, November 24, 2010. http://online.wsj.com/article/SB10001424052748703572404575634532182318468.html.45. Fiona Law, ‘‘Caterpillar Yuan Bond Issue Draws Strong Demand,’’ WallStreet Journal, November 24, 2010. http://online.wsj.com/article/SB10001424052748703572404575634532182318468.html.46. Esteban Duarte, ‘‘Morgan Stanley Said to Market Yuan Bonds at 1.625 percent—1.7percent Yield,’’ Bloomberg, May 25, 2011. http://www.bloomberg.com/news/2011-05-26/morgan-stanley-said-to-market-yuan-bonds-at-1-625-1-7-yield.html.47. Guanqun Wang, ‘‘China issues 20 bln RMB treasury bonds in Hong Kong,’’Xinhua, August 17, 2011. http://news.xinhuanet.com/english2010/china/2011-08/17/cl131055155.htm.48. James Anderlini, ‘‘McPanda bonds still just a McGesture,’’ Financial Times,August 20, 2010. http://blogs.ft.com/beyond-brics/2010/08/20/mcpanda-bonds-stilljust-a-mcgesture/#axzz1Vc7H5er5.49. Josh Noble, ‘‘Renminbi bonds: dim sum for dull palates,’’ Financial Times,March 29, 2011. http://blogs.ft.com/beyond-brics/2011/03/29/renminbi-bonds-dim-sumfor-dull-palates/.50. Daniel Hui, ‘‘Guest Post: RMB internationalization—too big to ignore,’’Financial Times, June 8, 2011. http://blogs.ft.com/beyond-brics/2011/06/08/rmbinternationalisation-too-big-to-ignore/#axzz1Vc7H5er5.51. Securities Industry and Financial Markets Association, ‘‘Statistics and datapertaining to financial markets and the economy’’ (New York, NY). http://www.sifma.org/research/statistics.aspx.52. Tian Li, ‘‘RMB Internationalization Well Underway,’’ People’s Daily Online,July 18, 2011. http://english.peopledaily.com.cn/90001/90780/91344/7443776.html.53. Reuters, ‘‘The RMB’s Internationalization Continues Apace,’’ Asia Money, July29, 2011. http://www.asiamoney.com/Article/2875840/The-RMBs-internationalizationcontinues-apace.html.54. Jialong Tan, ‘‘RMB Trade Settlement Puts Upward Pressure on Forex [foreignexchange] Reserves,’’ People’s Daily Online, July 29, 2011. http://english.peopledaily.com.cn/90778/7454911.html.55. Jialong Tan, ‘‘RMB Trade Settlement Puts Upward Pressure on Forex [foreignexchange] Reserves,’’ People’s Daily Online, July 29, 2011. http://english.peopledaily.com.cn/90778/7454911.html.56. Fiona Law, ‘‘Hong Kong Expects Yuan FDI Framework This Year,’’ WallStreet Journal, August 22, 2011. http://online.wsj.com/article/SB10001424053111903327904576523631444547752.html.57. Jialong Tan, ‘‘RMB Trade Settlement Puts Upward Pressure on Forex [foreignexchange] Reserves,’’ People’s Daily Online, July 29, 2011. http://english.peopledaily.com.cn/90778/7454911.html.58. Agence France-Presse,’’US seeks WTO action on China, India subsidies,’’ October6, 2011.59. World Trade Organization, Report of the Working Party on the Accession ofChina, para. 104, WTO Doc. WT/MIN(01)/3 (Geneva, Switzerland: November 10,2001).60. World Trade Organization, Accession of the People’s Republic of China, art.18.4, WT/L/432, WTO Doc. 01–5996 (Geneva, Switzerland: November 23, 2001);Julia Qin, ‘‘’WTO–Plus’ Obligations and Their Implications for the World Trade OrganizationLegal System—An Appraisal of the China Accession Protocol,’’ Journalof World Trade 37:3 (2003): 483–522. http://papers.ssrn.com/sol3/papers.cfm?abstractlid=939329.61. World Trade Organization, ‘‘Trade Policy Reviews.’’ http://www.wto.org/english/tratople/tprle/tprle.htm.62. William Steinberg, ‘‘Monitor With No Teeth: An Analysis of the WTO ChinaTrade Review Mechanism,’’ U.C. Davis Business Law Journal 6 (2005): 2–23.63. U.S.-China Security and Economic Review Commission, ‘‘China’s Compliancewith World Trade Organization Obligations: A Review of China’s 1st Two Years ofMembership’’ (Washington, DC: 2004).VerDate Nov 24 2008 13:46 Nov 10, 2011 Jkt 067464 PO 00000 Frm 00146 Fmt 6601 Sfmt 6621 G:\GSDD\USCC\2011\067464.XXX 067464
dkrause on DSKHT7XVN1PROD with $$_JOB13564. Inside U.S.-China Trade, ‘‘WTO quietly approves China’s first compliance reviewwithout recommendation,’’ December 11, 2002.65. U.S.-China Security and Economic Review Commission, ‘‘China’s Compliancewith World Trade Organization Obligations: A Review of China’s 1st Two Years ofMembership’’ (Washington, DC: 2004).66. Henry Gao, ‘‘Aggressive Legalism: the East Asian Experience and Lessonsfor China,’’ in China’s Participation in the WTO (London, United Kingdom: CameronMay Publishers, November 2005), p. 315. http://papers.ssrn.com/sol3/papers.cfm?abstractlid=897140.67. These cases are U.S. Anti-Dumping, E.U. Steel Fasteners, U.S. Tyres, andE.U. Footwear. Henry Gao, ‘‘Elephant in the Room: Challenges of Integrating ChinaInto the WTO System,’’ Asian Journal of WTO & International Health Law and Policy6:1 (March 2011):137–168. http://papers.ssrn.com/sol3/papers.cfm?abstractlid=1822946.68. Henry Gao, ‘‘Elephant in the Room: Challenges of Integrating China Into theWTO System,’’ Asian Journal of WTO & International Health Law and Policy 6:1(March 2011):137–168. http://papers.ssrn.com/sol3/papers.cfm?abstractlid=1822946.69. This is done to ascertain an appropriate price for the inputs being consideredin such cases by referencing the price of similar inputs in market economies withsimilar levels of economic development. As a nonmarket economy, China’s prices areviewed as not reflecting market forces and, accordingly, proxy rates from third countriesare appropriate and legal under WTO codes and jurisprudence. World TradeOrganization, ‘‘Protocols of Accession of the People’s Republic of China,’’ Section15(a) (Geneva, Switzerland: November 10, 2001).70. World Trade Organization, ‘‘Protocols of Accession of the People’s Republicof China,’’ Section 15(b) (Geneva, Switzerland: November 10, 2001).71. World Trade Organization, ‘‘Protocols of Accession of the People’s Republicof China,’’ Section 15(d) (Geneva, Switzerland: November 10, 2001). In addition tothis, the China-specific Product Safeguard provisions are set to expire in 2013. SeeProtocols of Accession, Section 16(9).72. World Trade Organization, Report of the Working Party on the Accession ofChina, Accession Protocol, paras 5.1 and 5.2; WT/MIN(01)/3 (Geneva, Switzerland:November 10, 2001).73. State Council of China, State Council Order No. 594 (19 March 2011) arts.41, 43; State Council Order No. 595 (19 March 2011) art. 27.74. Julia Qin, ‘‘Agora: Ten Years of China’s Participation in the WTO,’’ ChineseJournal of International Law 10 (June 2011): 271.75. Julia Qin, ‘‘Agora: Ten Years of China’s Participation in the WTO,’’ ChineseJournal of International Law 10 (June 2011): 319.76. Human Rights in China, State Secrets: China’s Legal Labyrinth (New York,NY: 2007).77. Julia Qin, ‘‘Agora: Ten Years of China’s Participation in the WTO,’’ ChineseJournal of International Law 10 (June 2011): 271.78. Robert Scott, ‘‘Unfair China Trade Costs Local Jobs’’ (Washington, DC: EconomicPolicy Institute, March 23, 2010). http://www.epi.org/publication/bp260/.79. House Committee on Ways and Means, Testimony of C. Fred Bergsten, ‘‘Correctingthe Chinese Exchange Rate: An Action Plan,’’ 111th Cong., 2nd sess., March24, 2010; Robert E. Scott, ‘‘Unfair China Trade Costs Local Jobs’’ (Washington, DC:Economic Policy Institute, March 23, 2010).80. Economist, ‘‘Climbing the Greenback Mountain,’’ September, 24, 2011.81. U.S.-China Economic and Security Review Commission, 2004 Annual Reportto Congress (Washington, DC: U.S. Government Printing Office, June 2004), p. 62.82. China Daily, ‘‘Deputy Raps SOEs’ Imparity on Taxes and Jobs,’’ March 10,2010. http://www.chinadaily.com.cn/china/2010–03/10/content_9567711.htm.83. Patrick Chovanec, ‘‘Guo Jin, Min Tui—The State Advances, The Private SectorRetreats,’’ Seeking Alpha blog, August 31, 2010. http://seekingalpha.com/article/223160-guo-jin-min-tui-the-state-advances-the-private-sector-retreats.84. WTO, Trade Policy Review of China, Report of the Secretariat, WT/TPR/S/230 (Geneva, Switzerland: April 26, 2010), p. 54. http://www.wto.org/english/tratop_e/tpr_e/tp330_e.htm.85. World Bank, China Quarterly Update (Beijing, China: June 2010), p. 3.http://siteresources.worldbank.org/CHINAEXTN/Resources/318949–1268688634523/Quarterly_June_2010.pdf.86. Michael Wines, ‘‘China Fortifies State Business to Fuel Growth,’’ New YorkTimes, August 29, 2010.87. World Bank, China Quarterly Update (Beijing, China: June 2010), p. 3.http://siteresources.worldbank.org/CHINAEXTN/Resources/318949–1268688634523/Quarterly_June_2010.pdf.VerDate Nov 24 2008 13:46 Nov 10, 2011 Jkt 067464 PO 00000 Frm 00147 Fmt 6601 Sfmt 6621 G:\GSDD\USCC\2011\067464.XXX 067464
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12011REPORT TO CONGRESSof theU.S.-C
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U.S.-CHINA ECONOMIC AND SECURITY RE
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CONTENTSPageTRANSMITTAL LETTER TO T
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23Figure 1:China’s Share of the U
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25The weakness in U.S. exports of a
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31Table 3:RMB Bond Issuances by Mul
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35of bilateral negotiations under t
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37Stonewalling the WTO: A Case Stud
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39that China’s existing system of
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41now. Because the structures of th
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43How Big Is China’s State Sector
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45Fortune Global 500, compared to j
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47panies are less profitable, after
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49erate primarily within state-cont
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57Figure 1: Chinese FDI Stock in th
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63U.S. firms with sensitive technol
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65Addendum I: SASAC Companies, Larg
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67Addendum I: SASAC Companies, Larg
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69dkrause on DSKHT7XVN1PROD with $$
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71January 2010, the heads of 19 U.S
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77cause Beijing had sought to exclu
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81China in Search of Western Techno
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Page 97 and 98: 89Like previous plans, the 12th Fiv
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187Therefore, the PLA maintains the
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189Of import, the PLA’s geographi
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197ther moves toward independence,
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199trates the depth of China’s sp
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201Figure 2:Representation of Beido
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205ganization, modeled on the Europ
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207China’s leadership also places
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211[General Armaments Department] p
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213Table 2: Select Chinese Satellit
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215weapons or coorbital satellite w
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217Malicious Cyber ActivitiesDirect
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RECOMMENDATIONSChina’s ‘‘Area
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239320. Chang Xianqi, Military Astr
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243woman Jiang Yu simply expressed
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245Table 1:Timeline of Sino-North K
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249China also provides economic sup
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251economic and social strains woul
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255Iran’s South Pars Gas Field af
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257When asked by Commissioners abou
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281trade, and dispute settlement. 2
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287of Request to the United States
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289fense, since its current fleet o
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3190aRCRD&ss=Hong+Kong&s=News; Pete
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323mation Office. Day-to-day superv
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327Although the slogans change over
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335What Constitutes a ‘‘Core In
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339Selected CAIFC/CPD Track Two Exc
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341disseminated through diplomatic
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375ecutive Schedule under section 5
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APPENDIX IIIPUBLIC HEARINGS OF THE
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APPENDIX IIIALIST OF WITNESSES TEST
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393Alphabetical Listing of Panelist
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397In TaiwanU.S. Government• Amer
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APPENDIX VLIST OF RESEARCH MATERIAL
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401The National Security Implicatio
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APPENDIX VIACRONYMS AND ABBREVIATIO
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