Washington to advance talks in investments treaty

The United States will work closely with China to push forward negotiations on the Bilateral Investment Treaty and welcome Chinese investors in a wide range of industries, a senior US diplomat said on Thursday.

"Beijing has realized the importance of the BIT, which guarantees the better flows of investment both ways, especially now that Chinese investment in the US is growing sharply," said Robert S. Wang, the US senior official for Asia-Pacific Economic Cooperation.

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"The major move forward of the 'negative list', which is essentially areas having restrictions against foreign investment, has changed the previous approach of conducting investment," he said.

Wang's remarks came two weeks after Premier Li Keqiang and visiting US Secretary of State John Kerry reaffirmed a joint determination to advance BIT negotiations and enhance communication on global issues such as climate change.

The BIT negotiations, which began in 2008, were revitalized in July at the fifth round of the China-US Strategic and Economic Dialogue.

"The treaty will take a long time to negotiate," Wang said, adding that he has noticed more effort from China to accelerate the pace. "This year, we will have four rounds of discussion."

Wang, head of the US delegation, is attending the APEC 2014 First Senior Officials' Meeting in Ningbo, Zhejiang province. Washington aims to advance priorities such as trade and investment liberalization, sustaining growth and connectivity during the 2014 APEC meetings.

Sustaining growth, which is being promoted by the US delegation, involves a broad range of proposals on renewable fuels, anti-corruption efforts and the empowerment of small and medium-sized enterprises, Wang said.