Locke Urges China to Open Further to U.S. Firms
U.S. Ambassador to China Gary Locke criticized China’s treatment of foreign companies and repeated calls for faster appreciation of the yuan in his first major speech to business executives since arriving in Beijing last month.
Speaking to the American Chamber of Commerce in China, Mr. Locke on Tuesday emphasized the need for China to further open its markets to U.S. companies and to better protect of intellectual property rights, particularly for U.S. software products. “Foreign businesses face substantial restrictions in participating in a variety of industries in China, ranging from health care to energy to financial services and several others,” Mr. Locke said. “A perfect example of that is in the area of credit cards where China’s restrictions have created a domestic monopoly and have shut out the foreign credit card companies.”
In February, the U.S. Trade Representative filed a suit with the World Trade Organization alleging that China has unfairly kept U.S. credit-card companies like MasterCard Inc., Visa Inc. and American Express Co. out of its market. Mr. Locke also pledged to reform U.S. visa policies to make it easier for Chinese business people and students to visit the U.S., saying the reforms will be one of his top priorities as ambassador.
Mr. Locke announced that over the next year he would lead five trade delegations to China to help U.S. companies find opportunities in China’s “emerging cities.” The delegations will focus on key industries including clean energy, rail, health care and information technology, he said.