Exclusive: China launches lobbying push on currency bill

Comments (35)
JoeMulick wrote:

Congress is bought and paid for already China, I hope you brought your wallet! I hope China doesn’t catch on to how effective lobbying is.. eek.

Oct 11, 2011 7:44pm EDT  --  Report as abuse
Intriped wrote:

We have traders in Washington DC. The Chinese paying an American firm to lobby people on the hill to vote in favor of China. We can not do this in China. Something needs to change.

Oct 11, 2011 7:55pm EDT  --  Report as abuse
jo5319 wrote:

Isn’t there some law restricting lobbying for non-citizens?

Oct 11, 2011 7:55pm EDT  --  Report as abuse
Intriped wrote:

I do not know jo5319 but we need one.

Oct 11, 2011 7:58pm EDT  --  Report as abuse
Whatsgoingon wrote:

“Isn’t there some law restricting lobbying for non-citizens?” LOL have you consulted Israel?

Oct 11, 2011 8:13pm EDT  --  Report as abuse
Janeallen wrote:

Sounds like we need a dollar cap for money spent by non-citizens in lobbying.

Oct 11, 2011 8:17pm EDT  --  Report as abuse
M.C.McBride wrote:

Not an expert in Federal law, but this is applicable in my personal opinion http://en.wikipedia.org/wiki/Foreign_Agents_Registration_Act

Do we need anymore evidence that the USA is no longer a representative democracy? Time for laws that bring about a direct democracy in the United States.

Oct 11, 2011 8:18pm EDT  --  Report as abuse

An easily accessible website/disclosure of all lobbyists and their platform, like the way donations to political campaigns may be traced — that would be helpful.

Oct 11, 2011 8:21pm EDT  --  Report as abuse
robb1 wrote:

should all lobbies be outlaw? :(

Oct 11, 2011 8:22pm EDT  --  Report as abuse
Intriped wrote:

Good idea robb1.

Oct 11, 2011 8:53pm EDT  --  Report as abuse
sagesseanco wrote:

I would have seen more transparency of the lobbying by Health Insurance Companies, and how they procured a law that force everyone to pay them, knowing that on the average 30% of the premium goes to the profit to the insurance companies, exorbitant top administrators’ paycheck.

So I absolutely agree with more regulation and transparency on lobbying.

We would not be here, if so much time was wasted on the healthcare bill that was lobbied by the insurance companies.

Oct 11, 2011 9:10pm EDT  --  Report as abuse
billrich9876 wrote:

This is what PRC would call “not interfering with other nations internal affairs”.

Oct 11, 2011 11:28pm EDT  --  Report as abuse

all lobbyists work for china should be charged w treason and hanged in front of the senate… this is what we need in this country…

Oct 12, 2011 6:32am EDT  --  Report as abuse
SanPa wrote:

The protesters in New York went to the wrong street. It is Washington’s K St. that should be occupied.

Oct 12, 2011 6:46am EDT  --  Report as abuse
vision966 wrote:

As said, China has improved. Not that they are bothered that works or not but it does signal CLEARLY that they can and have CHANGED for the better. Widening one’s repertoire is an improvement. On the other hand the US, as one’s failing memory recalls, from approximately USD1.00 : RMB8.25 a few years ago to the present USD1.00 : RMB6.35 has been uncannily consistent WITHOUT CHANGE :- PROBLEM = CHINA. One would have thought that if China continues to keep her currency low, she will face massive inflation. Her imports will be very very expansive and everyone knows she needs oil, gas, coal, iron ore, copper and plenty of agriculture produce. How can China, with so huge a handicap plus a huge population of below the poverty line people more forward? No one can be lucky day in day out with cheating from year to year from USD1.00 : RMB8.20 to USD1.00 : RMB6.35. That is a miracle too but if US wants to claim oversight as the cause of it that is even more inexcuseable for it means the entire US democratic system failed. When a system has failed it is common sense to abandon it, find a new one before dealing with China. At least the exchange rate move speaks volumes of changes that China has been making on her own while the US remains stubbornly stagnated on the same rhetorics while problems continue to compound. No one can predict the situation when the conversion rate reaches USD1.00 : RMB4.35 but if there is one vote to be cast in US, it ought to be for US to admit her failings, starts rolling up her sleeves (not to punch or box), get dirty and start working on the rusting engine again. US doesn’t need an enemy in China given that the Chinese probably harbour no hatred of the US. If China becomes an ally or a near equal prtner what is wrong? US can then easily reduce her military bases in Asia concentrating just in Bahrain, Japan and Australia. Maybe China will even allow US military to set foot on her soil. This will lift the cost of having to operate in Korea, with Philippines, Vietnam and difficult countries like India, Afganistan and Pakistan for no tangible gains – who is really the enemy there? (but of course the defence insutry will lobby against that – talk about lobbying) Plus a closely knitted US-CHINA actually connects nicely two lands – one the Asia-Africa-Europe network, the other, the North America-South America network. How can US lose then? Even if overall China’s economy grows bigger than US, that is because of her larger workforce and population but volume doesn’t translate into leadership which is where US retains her exclusivity of unparalleled leadership. The combined US-China economy and military strength gives US an unshakeable foundation to lead the world. A fragmented China doesn’t help. Other form of more potent force will definitely take shape. Two’s company, three’s a crowd. More partners isn’t necessary better. Surely that rings something to the US.

Oct 12, 2011 7:32am EDT  --  Report as abuse
Pete_Murphy wrote:

One of the biggest problems with our huge trade deficit that no one ever mentions is that it is financed by a sell-off of American assets, and with ownership comes control. China now owns us and can dictate U.S. policy.

Oct 12, 2011 7:47am EDT  --  Report as abuse
txgadfly wrote:

Sounds like they are copying Israel.

Why do we tolerate interference by either here? Why don’t we throw the people who listen in prison for a few years?

Oct 12, 2011 10:21am EDT  --  Report as abuse
sweettea wrote:

Any spies (lobbyists) working for the Chinese government should be tracked down and hung by citizens of the United States of America. We need to take back our country, because our politicians have their hands in the pockets of the goons and thugs in Beijing. Am I advocating murder? No, I am advocating justice.

Oct 12, 2011 10:22am EDT  --  Report as abuse
diluded0000 wrote:

CommonSensLogic: Maplight.org does a good job of breaking down political contributions by industry, party and associated legislation. 30K a month from China likely wouldn’t even make it on their radar. Unless you really like lobbyist, I would say this is a well balanced site.

Oct 12, 2011 11:07am EDT  --  Report as abuse

I realize that my opinion will be all alone out there, but the fact that this bill is being considered tells me that the US is desperate. The Fed is playing the same game with the dollar that the Chinese are playing with the Yuan for the same reason: exports. How can it be that the US can tell another country how to value their currency? Do we allow any other country tell us what to do with the value of our dollar? Who can blame China for using the same avenues big corporations do to get what they want from Congress? We are trying to push China into a corner with this lame bill for the Yuan. I cannot blame them for pushing back. Two wrongs do not make a right.

Oct 12, 2011 12:27pm EDT  --  Report as abuse
LEEDAP wrote:

Where is the WTO in all this? I thought that body was the forum for handling international trade. Clearly China is manipulating its currency as it has for decades. So why is congress getting involved?

This is a non-partisan issue. So that is something to applaud. But I thought the Senate had some adults in it. This approach will have a backlash. The Chinese are vengeful.

However, the US is not without it’s faults. Our farm subsidies make our exports cheaper. That’s not fair either. So tit-for-tat legislation is only good for political posturing.

So while I applaud the Senate for working together on a common goal, I feel this is a simplistic bill that the adults in the room need to resolve with understanding and balance.

@Vision996 is right. The US’s role should be one of leadership. Unfortunately congress seems unable to provide it.

Oct 12, 2011 1:57pm EDT  --  Report as abuse
JohnG-73645 wrote:

They have bought every republican in Congress!

Oct 12, 2011 2:41pm EDT  --  Report as abuse
xyz2055 wrote:

The “job creators” (i.e. Republican campaign donors) don’t want any part of this either. They are making a ton of money using China’s cheap labor. The last thing they need are tariffs that attempt to level the playing field. No money in that proposition. Boner over in the House has already said his 2 cents on the bill (it ain’t never going to come up for a vote in the House unless Boehner is sure it’s dead on arrival).

Oct 12, 2011 3:11pm EDT  --  Report as abuse
speez wrote:

Worried about a trade war? China declared war in 1999. Unrestricted Warfare, a book written by two Peoples Liberation Army air force political officers, Senior Col Qiao Liang and Senior Col Wang Xiangsui laid out the plan to destroy the US non militarily. These PLA officers enjoyed an almost hero status in China after their publication. USA WAKE UP! We have been at war…… and everybody is too busy with meaningless crap to realize that we’re being conquered without a shot being fired.

Oct 12, 2011 7:57pm EDT  --  Report as abuse
speez wrote:

Repley to alwayslearning: Not even close. China has bought 1 BILLION US DOLLARS A DAY FOR THE LAST FIVE YEARS. They did this to devalue their Yuan. Our dollar goes down, their currency goes down. They have a constant unfair insurmountable advantage.

Oct 12, 2011 8:08pm EDT  --  Report as abuse
uha1 wrote:

This is such a disrespectful post. When was the last time you have seen similar news on Israeli lobbying to the congress (which pretty much have been screwing the entire nation for decades)?

Oct 12, 2011 9:50pm EDT  --  Report as abuse
vksaini wrote:

China will definitely try its level best by all means at its disposal to lobby for yuan bill to see it fails to become a law to maintain its own interests. However it is for the U.S. lawmakers, administration, bureaucrats and other American holding responsibility to steer the best interests of America and not to fall prey to any such lobbyists. Will such Americans approached by Chinese lobbyist understand their motives and do not succumb to flashes of allurements….only coming times will tell?

Oct 12, 2011 10:23pm EDT  --  Report as abuse
sweettea wrote:

alwayslearning:

The Chinese have been manipulating their currency for decades, while the US did nothing. You saying that the Chinese have a right to push back is like saying a 30 year old, strong and healthy man has a right to push back when a 5 year old, weak girl with glasses tries to push the man for molesting her since she was born. In trade protectionism, the US is the one being bullied by other nations. It is about time the US realizes that it can use economics to bully instead of its military. It is about time the US pushes back against Asian economic protectionism and imperialism. After all, if the Chinese can decide on the value of their currency, the US can decide on the value of their tariffs. We all know China uses tariffs against the US, so we are double justified in this case.

Oct 12, 2011 10:26pm EDT  --  Report as abuse
yrbmegr wrote:

We need to just have QE3, $5 trillion or so. Inflation will hit 10% in China, and their banks will get crushed.

Oct 12, 2011 11:20pm EDT  --  Report as abuse
ran3301 wrote:

The Chinese have already stolen millions of US jobs because they didn’t play by the rules. Don’t let them take any more

Oct 12, 2011 11:41pm EDT  --  Report as abuse
Whatsgoingon wrote:

“We need to just have QE3, $5 trillion or so. Inflation will hit 10% in China, and their banks will get crushed.” What a brilliant idea! Pity our leaders didn’t think about that. With such a magic weapon in our disposal, do we still need this currency bill?

Oct 12, 2011 11:57pm EDT  --  Report as abuse
Shamrock21 wrote:

It’s so nice to see a country that buses school children to state executions has so much influence in our internal politics. Another banner day for American democracy. I seem to remember something in my passport about renouncing my citizenship if I work for a foreign government. How do those rules not apply to lobbyists who take Chinese or Israeli money down to K Street and press their policies on American politicians sworn to represent their constituencies? Did I miss something while congressional districts extended into Manchuria?

Oct 13, 2011 1:07am EDT  --  Report as abuse
Shamrock21 wrote:

It’s so nice to see a country that buses school children to state executions has so much influence in our internal politics. Another banner day for American democracy. I seem to remember something in my passport about renouncing my citizenship if I work for a foreign government. How do those rules not apply to lobbyists who take Chinese or Israeli money down to K Street and press their policies on American politicians sworn to represent their constituencies? Did I miss something while congressional districts extended into Manchuria?

Oct 13, 2011 1:07am EDT  --  Report as abuse
vision966 wrote:

It takes US about 8 years to set up all the necessary production facilities and the necessary infrastructure. The RMB which has been appreciating 4%-6% annually, probably would exceed its real value to reach USD1 : RMB4.80 in less than 5 years to complete her economic transformation. Assuming the Congress successfully ignites the long US-asked-for-it US-China trade war plus a QE3 now, ever thought of asking the Congress (reps will change) who will take responsibility if that was the wrong path? China again? God bless US!

Oct 13, 2011 1:53am EDT  --  Report as abuse
tleeny wrote:

We are so patriotic when we talk about our Veterans sacrifices for out Country, and our solders who put their lives in harms way for our way of life, but when it comes to money from lobbyist, All bets are off!!! You’re on your own “I got mine” is all that matters.

Oct 13, 2011 4:22pm EDT  --  Report as abuse
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