  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.-China Strategic Economic Dialogue in 
 Washington, May 24, 2007. [Reuters]
   | 
SHANGHAI: The American Chamber of 
Commerce in China (AmCham) on Friday urged the US government to stop putting 
pressure on China to revalue the renminbi. 
The US-China trade balance issue could not be addressed by forcing Chinese 
currency revaluation, said a White Paper presented by AmCham to the 2007 China 
Trends Conference in Shanghai. 
China's steady reform of its banking and overall financial infrastructure is 
considered key to the full integration of China's currency globally, said the 
paper. 
The full global integration of China'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 China 
should not serve as the definite measure of US-China 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 China has made in reforming its 
capital market. 
It noted that the deepening of the reforms to further open the capital market 
in China would allow for the removal of capital controls and enable China to 
adopt a market-driven, flexible rate regime. 
AmCham supports current efforts under the US-China Strategic Economic 
Dialogue (SED) to encourage the greater participation of US financial sector 
firms, which is an indispensable part of helping China 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 China appreciate China's sustained 
efforts in IPR protection. AmCham urges both sides to take the opportunities 
presented by the SED and the US-China Joint Commission on Commerce and Trade 
later this year to map out efforts to beef up China's IPR enforcement. 
AmCham also advised the US government to offer overall coordination and 
support for US companies' efforts to capture more opportunities in China. 
"China'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."