Chairman Yoho on the hearing: “As the leading driver of global economic growth and dynamism, the Asia-Pacific is important to the United States for more than security concerns alone. To contribute to Asia’s economic transformation and unlock its opportunities for our industries, the United States needs a concerted strategy for economic engagement in Asia. This is all the more important as China’s Belt and Road Initiative, advancing China’s interests and influence, sometimes at the expense of our own, stands unchallenged as the region’s premier economic engagement initiative. Development finance mechanisms are important tools for recalibrating U.S. development assistance in Asia to become more sustainable, better serve U.S. foreign policy and security goals, and generate more economic opportunities for the United States. In this hearing, regional and development experts will provide analysis and policy recommendations to the subcommittee to advance a strategy to boost U.S. economic engagement in Asia, address competing development visions, and leverage development finance to promote prosperity in the region and at home.”

Opening Statements

Witnesses

Mr. Daniel F. Runde
William A. Schreyer Chair and Director of the Project on Prosperity and Development
Center for Strategic and International Studies
[full text of statement]
[truth in testimony form]

Mr. Roy Kamphausen
Senior Vice President for Research
The National Bureau of Asian Research
[full text of statement]
[truth in testimony form]

The Honorable Jonathan N. Stivers
Commissioner
U.S.-China Economic and Security Review Commission
(Former Assistant Administrator, Bureau for Asia, U.S. Agency for International Development)
[full text of statement]
[truth in testimony form]