The Senate Finance Committee held a hearing on U.S.-China economic relations. The first panel focused on proposed legislation by Senator Collins (R-ME) and Senator Bayh (D-IN) that would extend U.S. countervailing duty law to non-market economies such as China. Federal Reserve Chairman Alan Greenspan and Treasury Secretary John Snow addressed the U.S. trade deficit and the valuation of China’s currency in the second panel of this hearing. Industry witnesses then testified on the experiences of U.S. exporters seeking to gain access to the Chinese marketplace.