Following US Treasury Secretary Robert Rubin's address, which was closed to the press, PRC Ambassador to the United States Li Zhaoxing read a congratulatory letter from PRC State Councilor Wu Yi. Wu praised the Council for its dedication to promoting bilateral trade and investment and improving overall US-China relations. Wu also expressed hope that President Clinton's trip to Beijing would build on the progress made at the October 1997 presidential summit. Li then offered his own congratulations to the Council, and commended the organization for its "vision, courage, and professional integrity."
China Council for the Promotion of International Trade (CCPIT) Chairman Yu Xiaosong was the Council's Chinese guest of honor. Yu congratulated the Council on its 25th anniversary, commenting that the Council has played a vital role in assisting the US business community with its China endeavors. Yu called the bilateral trade relationship among the most important issues between the two countries. Yu presented the Council with a framed congratulatory message in his own calligraphy.
Council President Robert A. Kapp concluded the evening by announcing the formation of the US-China Legal Cooperation Fund, which will operate under the China Business Forum (the Council's education and research arm). Ambassador Wendy Sherman, counselor to the Department of State and acting undersecretary of state for global affairs, congratulated the fund's founding sponsors for their commitment to a partnership with the US government on cooperation with China. Through resources pledged by Council members, the fund will support bilateral cooperative programs in the field of law. According to Sherman, this initiative should "strengthen China's economy and society, provide transparency and predictability for US businesses, and promote a range of other interests, including...human rights."
In his remarks to Council members, Senator Frank Murkowski (R-AK), chairman of the US Senate Energy and Natural Resources Committee, described the current mood on Capitol Hill toward China. "Congress is on a collision course with the Administration on MFN," he said. Despite such sentiments, Murkowski reaffirmed his strong support for the Administration's policy of engagement with China, stressing its contribution to US competitiveness. Though Murkowski forecast a contentious MFN vote, he did not believe there would be enough votes to override a presidential veto of any attempts to withdraw China's MFN status. Murkowski urged Council firms to take the lead in educating members of Congress, and their own workers, about the PRC's importance to their firms.
US Institute of Peace President Richard Solomon followed, speculating about the future of US-China relations based on the relationship's progression over the past quarter century. China and the United States today stand at a crossroads in their attempts to maintain stable relations, said Solomon. The Clinton Administration has moved the country's China policy back to constructive engagement, away from the ineffective "punitive sanctions" approach. The question, according to Solomon, is whether the US government can sustain a stable relationship with China in the midst of vocal criticism of engagement.
Department of Commerce (DOC) Secretary William M. Daley, in his luncheon address, detailed the many commercial and strategic reasons for the Clinton Administration's engagement policy with China. Daley pointed out the importance to the United States of economic security, in the form of stable, reliable markets for US products--particularly high-technology products in which US firms excel. But Daley stressed that enforcement of US export-control policy remains as strict as ever. The secretary also noted recent DOC efforts to advance the concerns of US firms in China through Joint Commission on Commerce and Trade meetings at both working and higher levels, and praised the Council's efforts behind the US-China Legal Cooperation Fund as the "kind of public-private partnership that has made [US] China policy a success."
At the meeting, members also elected a new board of directors. Fisher was named the Council's chairman for a second year. Elected as vice chairmen were Michael R. Bonsignore, chairman and CEO, Honeywell Inc.; Carla A. Hills, chairman and CEO, Hills & Co.; and Frederick W. Smith, CEO, Federal Express Corp. Member companies also selected Edgar G. Hotard, president and chief operating officer, Praxair, Inc., to fill the board's secretary-treasurer position. Elizabeth R. Rindskopf, a partner with Bryan Cave LLP, will serve as the board's counsel.
In addition, Council members elected five new directors to initial three-year terms, and re-elected five current directors to new three-year terms. The new directors are William E. Bradford, chairman and CEO, Dresser Industries, Inc.; Roger A. Enrico, chairman and CEO, Pepsico, Inc.; Pierre Hochuli, executive vice president and chairman, International, Monsanto Europe SA; Karen Elliott House, president, International, Dow Jones & Co., Inc.; and Howard Pierce, CEO Americas, ABB Ltd. Elected to their second three-year terms were Fisher; Hills; Michael H. Jordan, chairman, Westinghouse Electric Corp.; Harry J. Longwell, senior vice president, Exxon Corp.; and George W. Sarney, chief operating officer, The Foxboro Co.
Last Updated: 26-Jun-98