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McHenry at Hearing on China: We Must Double Down on Our Commitment to Free People and Free Markets

Washington, February 7, 2023 -

Today, the House Financial Services Committee is holding its first hearing of the Congress on combatting the economic threat from China. Committee Republicans are unified that we must outcompete China on the global stage by reinforcing American values, rather than undermining them.

Watch Chairman McHenry’s opening remarks here.

Read Chairman McHenry’s opening remarks as prepared for delivery:

“The actions of the Chinese Communist Party last week serve as a clarifying moment.

“China is not an ally or a strategic partner. They are our competitor and pose the single greatest threat to America’s global standing.

“This Committee is holding our first hearing of the Congress on combatting the economic threat from China.“This is a priority for the Congress and our Committee’s jurisdiction is central to this discussion.“The economic strength and vibrancy produced by our system of free market capitalism directly fuels America’s military strength and cultural power.

“Whether it’s through sanctions, export financing, international financial institutions, or our capital markets—all of which fall under this Committee’s purview—we will lead this Congress’ economic agenda in response to China.

“This agenda must maintain trust and confidence that our system will continue to grow capital resources, industrial capabilities, and new technologies.

“In other words, we must double down on our commitment to free people and free markets.

“The juxtaposition between the United States and China could not be more clear.

“They are centralized; we are decentralized.

“They are closed; we are open.

“They suppress free speech; we embrace it.

“These are the American values that produce the economic strength that has led to the highest living standards and greatest military power in human history.

“Last Congress, Committee Republicans laid out principles for how we should attack the economic parasite of China without sacrificing the host—our free market system.

“First, we must walk the walk. For the U.S. to compete with China, we cannot become more like the Chinese Communist Party.

“We need to carefully evaluate if a policy proposal could jeopardize America’s ability to innovate, grow, and allocate capital, or if it would cause allies to question our commitment to free people and free markets.

“Second, the United States and its allies must prevent China from rewriting the international rules of the road. 

“We should reject policies that allow China to ignore debt transparency and multilateral standards with impunity or allow them to exert a malign influence in the international financial institutions.

“Finally, the United States must lead by example. Our national security requires the U.S. financial sector to remain open, vibrant, and resilient—even as we prevent Chinese companies from advancing Beijing’s strategic ambitions.

“If we stick to these principles—and reinforce American values rather than undermine them—we can outcompete China on the global stage.

“I yield back.”


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