Key issues over Sino-US pact resolved
Print Edition
TALKS over the China-US bilateral investment treaty (BIT) are nearing completion with most key issues resolved, former Chinese Minister of Commerce Chen Deming said yesterday.
Both sides have agreed in principle to take disputes between the host countries and investors to third-party arbitration at the World Bank, Chen told the Boao Forum for Asia in Hainan Province.
The treaty is vital for free and easy investment, a key aspect of economic vitality, Chen said. The BIT will help Chinese companies invest overseas and fit better in the global value chain.
A total of 24 rounds of talks have been held since negotiations started in 2008. The treaty is expected to boost Sino-US ties after China became the biggest trading partner of the United States last year, with trade volume reaching nearly US$560 billion.
“Sino-US trade has grown large in volume, but bilateral investment is still trudging a muddy path,” said Song Hailiang, president of Shanghai Zhenhua Heavy Industry Co, a heavy-duty equipment maker.
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