Washington's commerce chief 'hopeful' on trade feud solution

US Secretary of Commerce Wilbur Ross said on Wednesday that he hoped China and the United States would make progress in resolving their trade dispute with "mutually beneficial solutions".

Ross spoke at a reception held by the China General Chamber of Commerce-USA to coincide with the SelectUSA Investment Summit.

His comments came, however, as a Chinese diplomat said on Wednesday that Chinese firms are seeing a souring environment for investing in the US.

Ross said: "I know that you're carefully watching the trade discussions between our two nations. We are hopeful that we can make progress and come to mutually beneficial solutions that help both of our economies grow."

Following US President Donald Trump's latest tariff threats, the White House pressured China by issuing a policy document on Tuesday detailing what it alleged was "China's economic aggression" threatening US technologies and intellectual property.

Ross, a key member of a US delegation visiting Beijing to negotiate with Chinese officials on bilateral trade early this month, said Chinese-affiliated companies have invested a cumulative $73.4 billion in the United States and directly employ 77,000 people there.

"Increasingly, these companies are exporting goods back to China. This is a positive trend that can help address the bilateral trade deficit," he said.

Earlier on Wednesday, Ross formally opened the fifth SelectUSA Investment Summit in Washington.

The annual event brings together international companies, US economic development organizations and other stakeholders to explore job-creating investment opportunities across the US.

At least 100 Chinese entrepreneurs are attending the event. Terry Branstad, US ambassador to China, encouraged the Chinese delegation attending the summit to expand Chinese businesses' footprint in the US.

"There are economic development organizations from many United States states and cities across the country who are eager to help you pursue investment opportunities in their states and communities," Branstad said at the reception.

But Zhu Hong, minister for commercial affairs for the Chinese embassy in the US, said the US policy environment has become a major consideration for Chinese investors.

Chinese investment in the US has plummeted as trade relations soured between the world's top two economies.

Chinese investment totaled $1.8 billion between January and May. In the first half of this year, acquisitions and greenfield investments from China are projected to see a year-on-year drop of more than 90 percent to the lowest level in seven years, according to a report released on Wednesday by Rhodium Group, a New York-based research firm.

Meanwhile, some US lawmakers and the White House are planning fresh curbs on Chinese investment.

"If, on one hand, the US hopes to attract foreign investors to invest more and expand local employment, but on the other hand, the US tightens investment restrictions, the chaotic message makes our investors feel at a loss," Zhu said.

On the same day, the China General Chamber of Commerce-USA released its 2018 Annual Business Survey Report in Washington.

Forty-four percent of respondents see deterioration in China-US economic and trade relations in 2018. The same proportion said a stable and healthy relationship between the two countries is extremely important to the success of their company's business in the US.

"It's clear that the US-China relationship is facing incremental challenges and perhaps even roadblocks for further development and cooperation," said Xu Chen, chairman of the CGCC.

Those who took the survey were especially concerned about high tariffs on imports (60 percent of respondents) and the prospect of tighter senior executive work visas and immigration policies (63 percent).

Contact the writers at huanxinzhao@chinadailyusa.com