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To: Dealer who wrote (17771)	5/8/2000 3:09:00 PM
From: T L Comiskey	Read Replies (2) \| Respond to of 35685

China News..... Monday May 8 12:50 PM ET Greenspan Says China PNTR in US Interest WASHINGTON (Reuters) - Legislation granting China permanent trading privileges in the United States would benefit both the U.S. and the Chinese economies, Federal Reserve Chairman Alan Greenspan said in a letter released on Monday. ``The addition of the Chinese economy to the global marketplace will result in a more efficient worldwide allocation of resources and will raise standards of living in China and its trading partners,'' Greenspan said in a letter to House of Representatives Banking Committee Chairman James Leach, an Iowa Republican. The U.S. administration signed a landmark trade agreement with China last year, calling on Beijing to open a wide range of markets. In exchange, the White House has asked Congress to grant China permanent normal trade relations (PNTR), which would allow Chinese goods low-tariff access to U.S. markets. ``As China's citizens experience economic gains, so will the American firms that trade in their expanding markets,'' wrote Greenspan, a long-time proponent of reduced trade barriers. ``Further development of China's trading relationships with the United States and other industrial countries will work to strengthen the rule of law within China and to firm its commitment to economic reform,'' Greenspan said in the letter, a copy of which was released by Leach's office.