China lashed out on Monday against a US commission that accused it of currency manipulation and called for legislation imposing penalty tariffs on Chinese goods. Foreign ministry spokesman Liu Jianchao said the recommendations by the United States-China Economic and Security Review Commission were a "libellous" infringement on Chinese internal affairs.
"This creates hurdles to China-US cooperation abroad," Liu said in comments posted on the ministry's website. "But (the commission's) schemes will not succeed. We have already made solemn representations to the Americans expressing our resolute opposition."
The commission, in a report to Congress last week, proposed that "Congress enact legislation to define currency manipulation as an illegal export subsidy and allow the subsidy to be taken into account when determining penalty tariffs. "
Some lawmakers have charged that Beijing has undervalued its yuan currency in order to boost its exports, saying it is a key reason for the snowballing bilateral US trade deficit. The US Senate is already considering bills that would allow the US government to push nations to adopt more market-based currency policies or face sanctions.
Liu said the commission report "disregards the reality of China's advancements in political, economic and social development" in favour of "libellous schemes that mislead public opinion and the people." Commission Chairwoman Carolyn Bartholomew also said China had not fulfilled pledges to protect the intellectual property of foreign business software and entertainment companies from rampant piracy.
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