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April 14, 2004
JS-1325 Secretary Snow Appoints Ambassador Paul Speltz
as Economic and Financial Emissary to China Treasury Secretary John Snow today announced that, effective immediately, Ambassador Paul Speltz will serve as his economic and financial emissary to China. Ambassador Speltz will be responsible for leading the Treasury’s ongoing program to strengthen its economic and financial engagement with China.
“I’m honored that Ambassador Speltz has agreed to take on this work,” said Snow. “Our economic and financial relationship with China is important to the U.S. economy and globally. It’s important that as China is emerging as a more significant member of the international trading system, that the best infrastructure and policies are in place.”
“Ambassador Speltz has three decades of experience in China in working both in leading the efforts of a small American business operation in helping U.S. firms export U.S. manufactured goods to Asia and as an executive in a major International banking group,” Snow continued. “He has firsthand experience in understanding how China’s WTO compliance, market access, and currency policy does and can impact America’s small businesses."
While serving in this role, Ambassador Speltz also will remain in his current position as the U.S. Executive Director to the Asian Development Bank, splitting time between Beijing and in ADB’s headquarters based in Manila, Philippines, where he will continue to reside.
“I’m looking forward to taking on this added responsibility,” said Speltz. “China already is a large and growing trading partner of the United States. It is essential for both nations that we can have an appropriate understanding of how our financial systems should interact, adapt, and compete. China’s exchange rate policy will be an important part of our relationship.”
In this new capacity, Ambassador Speltz will serve as a technical expert in Chinese financial and economic affairs. The primary mission is to provide expert and authoritative advice on Chinese developments to senior Treasury officials, formulate and conduct expert reviews of macroeconomic and financial conditions and policy in China, and engage Chinese officials in matters of interest. A focus will be on financial infrastructure and policy, including: capital transfers; financial services; regulation and oversight; and foreign exchange.
John Taylor, Treasury Under Secretary for International Affairs, highlighted Ambassador Speltz’s long experience in Asia and work at ADB as assets: “Ambassador Speltz has proved to be a strong, effective advocate for our policy in the Asian Development Bank. As our Executive Director, he is in an excellent position to be Secretary Snow’s emissary to China. At ADB he is initiating important work on private sector development, remittances, financial good governance procedures, and in assistance to Afghanistan. His new responsibilities complement his current duties and underscore our attention to this region.”
The position will include oversight of the Technical Cooperation Program on financial issues initiated by Treasury and China earlier this year. The discussions include regulation and supervision of foreign exchange risk in the banking sector, and the development of foreign exchange derivatives. Particular interests in technical cooperation are financial regulatory issues that would facilitate a move to a more market-based exchange rate regime.
Ambassador Speltz will represent Treasury in interactions with the Chinese government and with the U.S. Embassy in Beijing. He will also consult with representatives of the business and financial community, government officials and private sector analysts.
The Bush Administration has emphasized that the international trading system works best with free trade, the free flow of capital and with market-based exchange rates. An efficient system of trade and finance, with fair and enforced rules, is essential for the United States and all nations to maximize the benefits of trade and generate the highest levels of economic growth. While the choice of an exchange rate regime is up to each country, we have been encouraging countries to use flexible exchange rates. Flexible exchange rates ease the adjustment to changing economic conditions in the international financial system. The Bush Administration is aggressively encouraging our major trading partners to adopt policies that promote flexible market-based exchange rates.
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