Wicker, Gonzalez Introduce Bill to Expose Bad Economic Data from China – Press Releases
WASHINGTON – US Senator Roger Wicker, R-Miss., Was joined today by US Reps Anthony Gonzalez, R-Ohio, Haley Stevens, D-Mich., Colin Allred, D-Texas, Dean Phillips, D- Minn., French Hill, R-Ariz., Michael Waltz, R-Fla., Andy Barr, R-Ky., To present the Documenting Adversarial Trade Agression (DATA) Act. The bill would create a China Economic Data Coordination Center within the Economic Analysis Bureau of the Commerce Department. Serving as a one-stop-shop for information on China’s economic health, the Center would work in coordination with federal agencies and the private sector to collect and consolidate data on Chinese financial markets.
“China has reported misleading data and obscured systemic problems within its financial system for years, endangering American companies engaged in international affairs,” Wicker mentionned. “By establishing a China Economic Data Coordination Center within the Commerce Department, this legislation would protect US companies from CCP disinformation by exposing gaps in official data and providing a central clearinghouse for everything the US government knows about China’s economic health.
“At the heart of our US-led international system is a fair and free global market. The Chinese Communist Party (CCP) has proven that it cannot be trusted because it constantly seeks to undermine the free world ”, Said Gonzalez. “The economic data that the CCP continues to circulate is unreliable and manipulated, harming American investors and ordinary business owners. This bipartisan, bicameral legislation will ensure that the US government and US investors have reliable data that can be used to measure and assess risks to the Chinese economy.
“I have long advocated more economic transparency, China having become one of the largest creditor nations in the world,” said Rep. Hill. “Specifically, borrowing from Beijing as part of their Belt and Road Initiative has resulted in opaque and vague loans that allow the Chinese to take advantage of low-income countries. Chinese lending practices and benchmark Chinese economic data must be error-free and easily accessible to US investors and entities. The data law is a step in the right direction to hold China accountable to the same high standards used by international financial institutions. I thank my friend, Representative Gonzalez, for his work on this bill and I am proud to support this important bill.
“The COVID-19 pandemic has exacerbated risks in China’s strained financial system. Full transparency is essential to manage growth risks. Financial ties between the United States and China ”, said Representative Stevens. “I am proud to join Representative Gonzalez in introducing the Data Law to provide a more robust analytical infrastructure to follow developments in the Chinese economy and financial markets and protect the financial and national security interests of the United States. United.”
“The economic health of the United States depends on our ability to assess risks and make strategic decisions based on available data and it is no secret that the disclosure of economic data from China is not transparent. To protect American interests, we must hold China accountable to ensure the accuracy of the reports. said Representative Allred. “I am proud to join with my colleagues on both sides of the aisle, in the House and the Senate, in bringing forward this bill that would do just that by creating a focal point to critically analyze the data available and disseminate reliable information on all aspects of the Chinese economy. “
“China has the second largest economy in the world and is our most prolific trading partner outside of North America,” Rep. Phillips said. “Yet Chinese economic data is unreliable and incomplete, which means that American investors and lawmakers are too often left behind. By creating a national clearinghouse for accurate and comprehensive information on the Chinese economy, this bipartisan legislation would ensure the transparency of our businesses in the country – while holding our adversary accountable for his manipulative behavior. “
“For too long, China got rid of unethical business and monetary practices that circumvent international law and hurt the American worker,” said Representative Waltz. “By establishing the China Economic Data Coordination Center, we will strengthen our ability to monitor China’s robust economic and trade activities and provide comprehensive reports that will lead to stronger domestic policies.”
“The COVID-19 pandemic has exposed the threat that the Chinese Communist Party (CCP) poses to the United States ”. said Representative Barr. “Requiring the Commerce and Treasury Departments to develop metrics to track CPC economic data, investments in the United States, as well as the destructive Belt and Road Initiative, will better inform policymakers as we work. to better position the United States against the CCP. I commend Congressman Gonzalez for leading this bill through the House. “
The center created by this legislation would coordinate with heads of other federal agencies and the private sector to collect and synthesize all official and unofficial economic data on developments in Chinese financial markets. It would also analyze the United States’ exposure to risks and vulnerabilities in the Chinese financial system. The center would also coordinate with the Treasury Department to produce briefing notes and semi-annual reports to Congress and the private sector.