Investment treaty would benefit China and US, Kerry says

Updated: 2014-11-09 08:58

(GAO YUAN)

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A high-level bilateral investment treaty between China and the United States will benefit both countries economically, and stronger bilateral ties will provide more business opportunities for all Chinese and US companies, US Secretary of State John Kerry said in Beijing on Saturday.

Sustaining long-term economic growth is a focus of Chinese and US leaders, and the US government is determined to make sure the investment and trade policies related to China are productive and equitable, Kerry told a reception hosting executives of the major US companies operating in China.

The relationship between China and the US, the world's two largest economies, plays a role in defining the 21st century landscape of the Asia-Pacific region, Kerry said. He also praised growing Chinese investment in the US, calling the results "extraordinary".

"We are looking to build a strong and mutually beneficial relationship with China, a relationship that can manage our differences effectively," Kerry said.

China and the US are in talks to ink a treaty that encourages investment between China and the US.

Mark Duval, president of the American Chamber of Commerce in China, said a high-level bilateral investment treaty, including a smaller negative list, will accelerate the Sino-US relationship toward a more "open, comprehensive and integrated" status.

More fluid capital flow between the countries may also pave the way for higher-level economic cooperation.

President Xi Jinping will meet with US President Barack Obama during the Asia-Pacific Economic Cooperation Economic Leaders' Meeting this week. According to Kerry, the discussions will include trade relations, clean energy and patent protection.

Trade in goods from both sides reached a record high of $521 billion in 2013, according to the Ministry of Commerce.

Duval said China's economic rebalancing requires the support of US businesses, among companies from other economies.

"The state and progress of the China-US relationship is crucial to the success of US companies doing business with China," he said.