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Francisco J. Sanchez, U. S. Under Secretary of commerce, speaks at a forum in Hong Kong on Friday. (APD/Pan Jie).
The United State and China should work together to eliminate barriers that hinder trade and deepen cooperation by enhancing understanding with each other, a U.S. official said on Friday in Hong Kong.
Addressing a forum organized by American Chamber of Commerce, Francisco J. Sanchez, the U. S. Under Secretary of Commerce for International Trade at the Department of Commerce, said it is important to “cut through the noise in the U.S.-China relationships and “focus on what is real.
The dialogue, he said, should not just involve government-to-government, but also people-to-people interaction. "When people in different countries don't know each other, and don't take the time to really understand each other, misunderstandings and misinformation happen," he said. "And I think it is true with the relations between the U.S. and China."
Highlighting the important role China plays in the growth of U.S. exports, he said: “American export to China exceeded 100 billion dollars in 2011, and last year, our export to China increased 6% to 110 billion dollars.
Other than trade, Sanchez also welcomed more investment from China to the U.S and dismissed the claim that Chinese companies are buying out the U.S.as “unfounded.
“China represents the fastest growing source of FDI in the U.S.," he said. "In fact, since 2006, FDI of China to the U.S. grows at an average rate of 71% every single year. And I believe there is even more room for growth.
Referring to some Chinese investments that are rejected by the U.S., he said those account for a very small percentage. “About 98 percent of those investments from China came into the U.S. without any restriction or problem.
