Much can be done to improve US-China trade ties

WASHINGTON -- China-US trade relations are bigger and more important than ever with room for improvement, said Stefan Selig, under secretary for international trade at the US Commerce Department, on Wednesday.

In an exclusive interview with Xinhua, the former investment banker with the Bank of America said the Obama Administration is committed to strengthening partnerships in the Asia-Pacific region, particularly the commercial and economic ties in the region.

This week, Selig, who puts building stronger trade ties with China high on his agenda, is scheduled to meet China's political and business leaders to promote bilateral trade exchanges and make preparations for the upcoming meeting of the China-US Joint Commission on Commerce and Trade (JCCT).

Selig said many US businesses, often leaders in their industry, are very interested in entering the Chinese market or expanding their presence there, but are hindered by various market access barriers or impediments to doing business.

"Secretary Pritzker has been very clear that she is anxious for expanded positive economic engagement between our respective businesses and governments to find ways to address these concerns and to ensure that all potential commercial opportunities are leveraged to our mutual benefit," he noted.

For the upcoming JCCT meeting, Selig said it is a critical component of US engagement in Asia, and an important mechanism to further build on the bilateral relationship, particularly trade relationship.

"I am eager to engage with my Chinese counterparts on issues of mutual importance to both our nations as we head toward the next high-level JCCT meeting later this year," he added.

At a business roundtable meeting held in New York earlier this month, Selig said China is moving fast toward a consumption-driven economy, with about 200 million Chinese moving from rural to urban areas in the country.

China is witnessing a massive increase in purchasing power, fueled by one of the world's largest middle-class, which means a great deal to the United States, Selig said.

To address the US deficit with China, Selig said the US should increase exports to China, other than decrease imports from China.

He also underlined China is the third-largest market for US exports, responsible for more than 800,000 US jobs. Last year, US exports to China hit a record-breaking $122 billion.

In addition, Selig mentioned the increased travel exchanges between the two countries are certainly a highlight in the service sectors. The US is working to attract more visitors from China as it has significantly reduced the waiting time for visa interviews to less than two weeks for Chinese tourists.

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