China to reveal ‘negative list’ next week
Print Edition
CHINA will next week submit its “negative list” offer of sectors to remain off-limits to US investment in a China-US bilateral investment treaty, Vice Premier Wang Yang said yesterday.
Wang made the comments in his opening remarks at the eighth session of the Strategic and Economic Dialogue talks in Beijing.
US officials have said that a negative list which will greatly reduce the number of off-limits sectors is critical to reaching a deal.
US Treasury Secretary Jack Lew said he looked forward to seeing the new negative list when US and Chinese 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.
Lew 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 that he hoped both countries would make progress on market access issues as well as the problem of excess industrial capacity in China during this week’s talks.
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,” Wang said.
Speaking later to reporters, Chinese Vice Minister of Commerce Zhang Xiangchen was asked about another area of trade controversy between the two countries, China’s so-called “secure and controllable” provisions.
Foreign insurers have raised concerns about new Chinese cyber security regulations that require “secure and controllable” information technology.
Zhang said concerns over security reviews went both ways.
“The security review issue is a concern of both sides. China also hopes the US can treat Chinese enterprises equally during security reviews and prevent security reviews from becoming a barrier to cooperation between Chinese and US companies.”
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