Embassy staff headline quarterly economic briefing
15th October 2007
Taking note of business trends
U.S. Embassy experts provided the quarterly economic briefing on the state of China’s economy to AmCham members on September 27 at the American Club.
David Loevinger, minister-counselor for financial affairs, Sarah Ellerman, senior import administration officer for the Department of Commerce, and David Meale, first secretary of the macroeconomic and financial policy unit, reviewed new government policies impacting business trends and the policy environment for decision-makers involved in the China market.
Meale broke down the latest economic figures and the components of China’s GDP growth, noting that fixed assent investment has served as a recent major driver.
Loevinger discussed the US-China Strategic Economic Dialogue and highlighted the focus on rebalancing the sources of China’s economic growth through further reform of capital markets, social security, and the development of corporate dividends. Due to low-yielding bank instruments and lack of alternative investment options, Chinese households are forced to save more in order to generate increased income, thus contributing to China’s current account surplus and imbalanced growth, Loevinger commented.
Ellerman provided an update on the Department of Commerce’s recent countervailing duty cases against China and an overview of the Embassy’s new “Invest in America” initiative.
Arthur Kroeber, managing editor of China Economic Quarterly, moderated the event and provided insights on some opportunities and challenges involved across various service industries in China.