Where is our economic policy? Chief executives say the Bush Administration lacks a viable strategy for U.S. competitiveness

Chief Executive, The, June, 2005 by Peter Galuszka

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CEOs are worried about China. What can be done about the exchange rate?

We're engaged in an effort with the Chinese government on that subject. As a result of our engagement, China has agreed to move to a flexible exchange rate and to take the steps necessary to prepare the way for their financial system to accommodate greater flexibility. The Chinese have made significant strides in their financial architecture of the country, dealing with nonperforming loans and establishing a strong bank regulator, allowing larger outflows of capital, allowing more of their domestic firms to retain more of the capital earned outside of the country, and allowing foreign firms to come in and participate in their financial system. They've made much progress. We feel it's time for them to move to a more flexible system, and we are urging them to do so."