Date
12 December 2017
Chinese Vice Premier Wang Yang (R) meets with US trade representative Michael Froman during a session at the eighth round of US-China strategic and economic dialogue in Beijing. Photo: Reuters
Chinese Vice Premier Wang Yang (R) meets with US trade representative Michael Froman during a session at the eighth round of US-China strategic and economic dialogue in Beijing. Photo: Reuters

China to submit ‘negative list’ for US investment pact talks

Beijing will submit next week its “negative list” offer of sectors that will remain off-limits to US investment in a bilateral investment treaty (BIT), Vice Premier Wang Yang said on Monday.

The comments came after US officials have said a negative list that greatly reduces the number of off-limits sectors is critical to reaching a deal, Reuters reported.

US Treasury Secretary Jack Lew was quoted as saying that he looks forward to seeing the new negative list when US and Chinese BIT negotiators meet next week in Washington.

“The United States stands ready to advance the ongoing bilateral investment treaty negotiations provided that China is prepared to move forward in negotiating a high-standard and mutually beneficial agreement,” Lew said.

The US official also urged China to remain clear in its communications about foreign exchange policy and implementation.

“A market-determined exchange rate with two-way flexibility will help foster a more efficient allocation of capital,” he said.

Lew said earlier he hoped the two countries would make progress on market access issues as well as the problem of excess industrial capacity in China.

Wang highlighted the difficulties arising from the rising interest-rate trend in the US.

“Expectations on interest rate rises by the US Federal Reserve have increased uncertainties on economic growth of emerging market economies,” the Chinese minister said.

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RC

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