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Greenspan Calls For Passage of PNTR
U.S. Federal Reserve Board Chairman Alan Greenspan Thursday called on Congress to approve permanent normal trade relations (PNTR) with China.
Speaking at the White House together with President Bill Clinton, Greespan said the outcome of the debate on PNTR with China will have profound implications for the free world's trading system and the long-term growth potential of the American economy. The addition of the Chinese economy to the global marketplace will result in a more efficient worldwide allocation of resources and will raise standards of living in China and its trading partners, Greenspan said.
He noted that China's progress towards prosperity and accession into the WTO will create new opportunities for American businesses and farmers.
"I believe extending PNTR to China and full participation by China in the WTO is in the interests of the United States," he said.
He pointed out that China's trade, now accounting for 3 percent of world trade, should expand further in response to WTO participation. President Clinton, who is making speeches almost everyday to urge the passage of PNTR bill by Congress, said that economically, the case is clear and compelling.
"When Chairman Greenspan talks, the world listens. I just hope that Congress is listening today," Clinton said.
He said that he was encouraged by Wednesday's vote in the committees in both houses to overwhelmingly approve extending permanent normal trade relations with China.
He reiterated that granting PNTR status to China will promote constructive relations with China and it is in the strategic interests of the United States.
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