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Chinese deputy trade representative hopes US will give equal treatment to Chinese firms in security reviews
China and the United States will next week exchange the latest lists of off-limits sectors as part their bilateral investment treaty talks, Vice-Premier Wang Yang said on Monday.
Wang made the announcement on the “negative lists” at the start of the economic track of the two-day China-US Strategic and Economic Dialogue in Beijing.
Under a negative list system, investors are free to operate in any sector except for those on the list.
It is widely believed that a substantial cut in the Chinese restrictions is key to sealing a deal in the marathon eight-year talks.
US businesses had complained that China’s previous version imposed too many restrictions on them entering Chinese markets. Beijing also delayed submitting revisions that had been scheduled for early April.
“More time was needed to work on revising the negative list. The negotiation teams on both sides are communicating closely to make progress on the talks,” Deputy China International Trade Representative Zhang Xiangchen said on the sidelines of the dialogue.
But Zhang did not shed light on whether a final agreement would be reached this year.
This is the last round of the high-level talks during Barack Obama’s presidency. If a deal promising greater market access were sealed, it would be one of the biggest political legacies of Obama’s two terms.
But it is unclear if it would be backed by the Republican-controlled US Congress.
At the same time, China has embarked on talks for a similar investment pact with the European Union.
They come as China is under greater attack over protectionism of domestic firms and home-grown technology.
In a letter signed by nearly 30 foreign business associations and insurance groups, Chinese regulators were asked to delay the adoption of cybersecurity rules that require “secure and controllable” information technology and to allow for major revisions.
Zhang said security reviews were a concern for both sides.
“China hopes the US will treat Chinese enterprises equally during security reviews, and prevent reviews from being a barrier to the two countries’ trade and investment,” he said.
He said Chinese companies had created more than 90,000 full-time jobs in the United States for local residents. “We are willing to deepen communication and understanding with governments including the US, which will create a sound external investment environment for companies from both sides,” Zhang said.
(SOUTH CHINA MORNING POST)
