News / Economy

US, China to Restart Investment Talks

US, China to Restart Investment Talksi
X
July 12, 2013 10:27 AM
The United States and China have agreed to restart negotiations on a bilateral investment treaty that could expand Chinese market access for American investors. The agreement came during talks between senior Chinese and U.S. officials in Washington. VOA State Department Correspondent Scott Stearns has the story.

US, China to Restart Investment Talks

— The United States and China have agreed to restart negotiations on a bilateral investment treaty that could expand Chinese market access for American investors. The agreement came during talks between senior Chinese and U.S. officials in Washington.

This is the first time China has agreed to talks on a treaty covering foreign investment in all sectors of its economy. The move shows Beijing's new leaders recognize that future growth will not be met by models of the past, said U.S. Treasury Secretary Jacob Lew.

"They know they need more market-oriented features to their economy, and we need to open markets to each other," Lew said. "We welcome Chinese investment in the United States. We welcome the opportunity to have U.S. investment in China."

Beijing and Washington agreed to increase cooperation on financial regulations, law enforcement, over-the-counter derivatives and accounting standards -- all important steps forward, said Chinese Vice Premier Wang Yang.

"The United States welcomes Chinese financial institutions to invest in the U.S. market. Mutual understanding and trust is an important prerequisite for a win-win cooperation between our two major countries."

With two-way trade of nearly $500 billion last year, a bilateral investment treaty could mean big gains for both economies. But it also would require approval by two-thirds of the U.S. Senate where many members have been critical of Chinese cyber-espionage, which experts say costs the United States hundreds of billions of dollars a year. U.S. Deputy Secretary of State Bill Burns.

"The technological ties that bind us together also introduce a new challenge to our bilateral relationship," Burns said. "During our engagement this week, we underscored that the cyber-enabled theft of trade secrets, intellectual property, and confidential business information is unacceptable."

China denies the cyber allegations and has become increasingly outspoken on the issue following leaks by the former U.S. intelligence analyst Edward Snowden that revealed widespread U.S. surveillance of Chinese targets. Chinese State Councilor Yang Jiechi.

"China is a victim of hacking attacks," Yang said. "China's view is that the relevant international cyber rules should be developed by the U.N. to help uphold cyber security in all countries."

On rival maritime claims in the South China Sea and the East China Sea, Yang says China hopes the United States will support efforts to resolve the disputes through dialogue.

"Both sides are of the view that efforts to build a new model of major country relationship should start in the Asia-Pacific," Yang said. "The two sides decided to hold the next round of Asia-Pacific consultations this fall and jointly uphold peace, stability and development in the Asia-Pacific."

During these talks, U.S. and Chinese officials also discussed the war in Syria, the withdrawal of international forces from Afghanistan, and the nuclear programs of Iran and North Korea.

You May Like

Lebanese Media Unite to Support Palestinians in Gaza

Joint newscast billed as Arab world’s first unified news bulletin in support of Hamas-controlled Gaza Strip More

Photogallery Australian PM Alleges ‘Coverup’ at MH17 Crash Site

Meanwhile, Russia's ambassador to Malaysia denies plane's black boxes were opened before they were handed over to Malaysian officials More

Despite Advances in AIDS Treatment, Stigma Lingers

Leading immunologist tells VOA that stigma is often what prevents those infected with disease from seeking treatment More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
IAEA: Iran Turns its Enriched Uranium Into Less Harmful Formi
X
July 22, 2014 10:26 AM
Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.
Video

Video Chicago’s Argonne Lab Developing Battery of the Future

In 2012, the U.S. Department of Energy’s Office of Science awarded a $120 million grant to a new technology center focused on battery development - headquartered at Argonne National Laboratory in suburban Chicago, Illinois. As VOA’s Kane Farabaugh reports, there scientists are making the next technological breakthroughs in energy storage.
Video

Video In NW Pakistan, Army Offensive Causes Massive Number of Displaced

Pakistan’s army offensive in North Waziristan has resulted in the large-scale displacement of the local population. VOA's Ayaz Gul reports from northwest Pakistan where authorities say around 80 percent of the estimated 1 million internally displaced persons [IDPs] have settled in Bannu district, while much of the remaining 20 percent are scattered in nearby cities.
Video

Video Kurdish Peshmerga Force Secures Kirkuk, Its Oil

The Kurdistan regional government has sent its Peshmerga troops into the adjacent province of Kirkuk to drive out insurgents, and to secure the area's rich oil fields. By doing this, the regional government has added a fourth province to the three it officially controls. The oil also provides revenue that could make an independent Kurdistan economically strong. VOA’s Jeffrey Young went out with the Peshmerga and filed this report.
Video

Video Malaysia Reeling: Second Air Disaster in Four Months

Malaysia is reeling from the second air disaster in four months involving the country’s flag carrier. Flight 340 vanished in March and despite an extensive search, no debris has been found. And on Thursday, Flight 17, likely hit by a surface-to-air missile, came apart over eastern Ukraine. The two incidents together have left more than 500 people dead. VOA Correspondent Steve Herman reports from Kuala Lumpur.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.