Govt targets 6% trade growth next year

China, US to tap trade and investment potential

Intelligent home systems made by Sichuan Changhong Electric Co Ltd attract attention at the International Consumer Electronics Show in Las Vegas, in January. China was among the top three export markets for 42 US states in 2013. [Photo/Xinhua]

Senior Chinese and United States officials met in Chicago in December for a high-level forum to address bilateral trade and investment issues and promote business opportunities.

The Chinese delegation to the 25th session of the China-US Joint Commission on Commerce and Trade from Dec 16 to 18 was led by Vice-premier Wang Yang on the Chinese side. From the US side, the team was led by Secretary of Commerce Penny Pritzker and US Trade Representative Michael Froman.

It was the first time for the JCCT to include a full day of events to facilitate private-sector engagement with Chinese and US officials, according to the US Department of Commerce.

This year's meeting included a roundtable discussion on bilateral investment, a cooperative travel and tourism program and developing a shared vision of economic leadership.

Fast-growing trade and investment ties have long been regarded as an important anchor for a stable bilateral relationship.

Speaking to the President's Export Council, US President Barack Obama said that China has great interest in the relationship with the US and recognizes the interdependence that has evolved between the two economies.

"The business investment treaty that they have shown an interest in negotiating could end up being a significant piece of business. We actually saw some movement during my last trip on issues surrounding technology," Obama told the council, comprised of private business leaders, lawmakers, governors and mayors and his cabinet members.

During Obama's trip to Beijing in November, the two governments reached a deal on climate change with commitment on reducing carbon emissions. They also agreed to the reciprocal issue of 10-year business and tourist visas and five-year student visas, to expand the scope of the Information Technology Agreement and speed up negotiations on a bilateral investment treaty.