US, China haggle over investment treaty ahead of summit
What’s a summit between the two most economically powerful nations on earth without a little dickering?
The US and China continue to haggle over what will actually be in the investment treaty they expect to announce when Chinese President Xi Jinping visits the White House next week.
China has more restrictions on foreign investment than the US, so Washington wants to reduce the so-called negative lists of sectors closed to the US investors, a spokeswoman for the U.S. Trade Representative told Reuters.
The process began in June, and a revised list was exchanged between the two countries last week. China is upset that the US is singling out Chinese investors for national security reviews.
“The United States continues to review China’s revised negative list and assess next steps in the negotiations,” the USTR spokeswoman told Reuters.
Xi is landing on the West Coast next Monday to meet with business leaders. His visit will end with talks with President Obama later in the week.
On Tuesday, the chief executives of 94 of America’s biggest firms signed a letter to Xi and Obama calling for the rapid conclusion of “a meaningful and high-standard” bilateral investment treaty, reported Reuters.
The CEOs included Tim Cook of Apple, Warren Buffett of Berkshire Hathaway, Rex Tillerson of ExxonMobil, Jeffrey Immelt of General Electric, Muhtar Kent of Coca Cola, Mark Fields of Ford, Doug McMillon of Walmart and Mark Zuckerberg of Facebook.