Donohue Says U.S. Business Frustration in China Worst in Decade

May 24, 2010

Bloomberg

Mark Drajem

U.S. companies in China are as frustrated as they’ve been since before the Asian nation joined the World Trade Organization in 2001, Tom Donohue, president of the U.S. Chamber of Commerce, will say in a speech in Shanghai.

There are “growing concerns about whether China is backtracking on the progress it has made to open its economy,” Donohue will say, according to a statement released by the organization. “These concerns have risen to the highest level I have seen in 10 years.”

Donohue said China is restricting sales of foreign technology products and maintains ongoing investment and operating restrictions in sectors such as financial services, insurance and express delivery services.

“We need to see some additional movement on currency as well,” Donohue will say.

His speech comes as U.S. and Chinese leaders meet in Beijing for the Security and Economic Dialogue to discuss China’s currency policy, U.S. export restraints and diplomatic issues such as North Korea.

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