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OPA News Release: [05/23/2007]
Contact Name: Jennifer Coxe or Angie Tang
Phone Number: (202) 693-4676
Release
Number: 07-0779-NAT
Statement of U.S. Labor Secretary Elaine L. Chao
at SED II press conference
WASHINGTON — U.S. Secretary of Labor Elaine L. Chao today made the following statement at the closing press conference of the U.S. — China Strategic Economic Dialogue (SED) II:
"As part of the Strategic Economic Dialogue, the U.S. Department of Labor will sign three Letters of Understanding with China's Ministry of Labor and Social Security to help strengthen the social safety net for workers.
"A stronger social safety net will allow Chinese workers to decrease their high rate of precautionary savings, so they buy more goods and services, including more U.S.-produced products.
"The three areas of cooperation are in pensions, especially employer-provided pensions, unemployment insurance and labor market statistics.
"Labor market statistics were added because accurately measuring employment is critical to designing social safety net programs for workers.
"These agreements are part of ongoing exchanges that the U.S. Department of Labor has been pursuing with China for several years, which also include cooperation on health and safety, and compensation issues."
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