please翻譯中文

The current economic and financial crisis in Asia has begun to affect the Chinese economy. Chinese officials have raised concerns that the devaluation of several Asian currencies (including the Japanese yen) is making many Chinese exports less competitive in international markets. U.S. officials have urged China not to devalue its currency out of concern that it could lead to a new round of currency devaluations in Asia and further deepen the financial crisis there. The Asian financial crisis could affect the pace and extent of future Chinese economic reforms.

The growth of China's economy and the pace of reforms have been of great concern to Congress. Some Members view the sluggish growth in U.S. exports (and the rising U.S-China trade imbalance) in recent years as an indicator that Chinese markets are relatively closed to most U.S. goods and services; they argue that the United States should support China's membership in the WTO only if it agrees to significantly open up its markets to U.S. goods and services. Congressional support, or lack thereof, for China's WTO membership will likely determine whether it will eventually vote to extend permanent most-favored-nation (MFN) treatment to China.