Honeywell CEO Urges US Congress to Grant PNTR to China
Michael R. Bonsignore, Chief Executive Officer of Honeywell, urged the US House of Representatives Ways and Means Committee to grant Permanent Normal Trade Relations (PNTR) status to China in 2000. Bonsignore emphasized that extending PNTR would enable US companies and China to benefit from the recent US-China WTO agreement, support China's economic and social reforms, and open the vast Chinese markets for US companies.
Key Takeaways:
- Bonsignore, as Chairman of the US-China Business Council and a member of The Business Roundtable's Trade & Investment Task Force, testified before the House Ways and Means Committee on the importance of granting PNTR to China.
- Bonsignore stated that PNTR would make the benefits of the WTO agreement real, support China's economic and social reforms, and open the doors to the vast Chinese markets for US companies.
- Honeywell's business in China is approaching $500 million annually, with a substantial portion coming from direct exports to the region.
- The company has almost 6,000 employees in China, 11 wholly-owned subsidiaries, nine joint ventures, and 16 representative offices spanning the country.
- Honeywell's annual growth rates in some Chinese markets exceed 25%.
- Bonsignore highlighted the importance of engagement over isolation in sustaining positive change in China.
Statistics:
- Honeywell's business in China is approaching $500 million annually.
- The company has almost 6,000 employees in China.
- Honeywell has 11 wholly-owned subsidiaries, nine joint ventures, and 16 representative offices in China.
- The company's annual growth rates in some Chinese markets exceed 25%.
- Honeywell is a $24-billion diversified technology and manufacturing leader, employing approximately 120,000 people in 95 countries.
Sources:
- "Honeywell Urges US Congress to Grant Power to Negotiate Trade Accord with China" (press release, BusinessWire, February 16, 2000)
- http://www.honeywell.com (Honeywell's website)