Released on = June 21, 2007, 4:00 pm

Press Release Author = William J Hallenbeck/China Finance Centre

Industry = Financial

Press Release Summary = China Finance Centre Cautions That New Anti-China Tariff
Bill Submitted Last Week By Senators Chuck Schumer (D-NY) and Lindsey Graham (R-SC_)
Designed to Raise Prices of Chinese Made Goods to Create Increased Manufacturing
Jobs in US Could Drastically Increase Cost of Living And Cause Worldwide Recession


Press Release Body = New York, NY : CHINA FINANCE CENTRE, the New York based
multimedia and trade exposition center expanding business ties between China and the
United States, has proposed that Congress be required to issue Economic Impact
Statements with all new legislative measures.

The proposal was first outlined on Monday in CFC's weekly China Business Watch
publication in reaction to a current Congressional move to force China to increase
the value of its currency. The bill's sponsors theorize that increasing China's
exchange rate will make its exports more costly, and slow the movement of US
manufacturing to the country. CFC has noted that this represents a serious
misunderstanding and oversimplification of the economic consequences of such a new
law, which many economists say could spark a regional crisis and worldwide
recession. Such an economic meltdown followed Japan's increase in its exchange rate
in the late 90's.

It is CFC's position that Congressional members sponsoring such legislation should
be required to prepare and submit a detailed Economic Impact Statement in support of
their proposal. Under CFC's plan, the impact study would outline the likely
projected results to the U.S. economy and taxpayers should the legislative proposal
be enacted into law. The group notes that the submission of such Economic Impact
Statements would assure that predictable economic consequences of the legislation
would be fully considered and debated by the Congress and the public. Also, the
sponsors' assessments and projections would become part of the record, providing a
basis for political accountability should economic disruptions occur following
passage of such measures.

The CFC legislative proposal and issues of China Business Watch are available at
www.chinafc.net.


Web Site = http://www.chinafc.net

Contact Details = William L. Hallenbeck
President
China Finance Centre
515Madison Ave (2306)
New York, NY 10022
Dir Tel 914-588-0216
Fax:8029269269
Email: wjhalle@attg.net