Investment talks just first step
Updated: 2016-09-07 07:03
(China Daily)
|
|||||||||
Chinese President Xi Jinping (right) meets with US President Barack Obama, who is here to attend the G20 summit, in Hangzhou, capital city of east China's Zhejiang Province, Sept 3, 2016. [Photo/Xinhua] |
During a meeting on the sidelines of the G20 Summit in Hangzhou, capital of East China's Zhejiang province on Sept 4-5, President Xi Jinping and US President Barack Obama confirmed that the two countries have made significant progress in their talks on a bilateral investment treaty.
China and the United States are the world's two largest economies and a bilateral investment treaty would be of global significance.
After an agreement was reached on the Trans-Pacific Partnership agreement last year, Obama said that the US will not let countries such as China write the global trade rules and their making should be dominated by the US. And some US economists have hinted that China must first reach an agreement on an investment treaty with the US if it wants to join the TPP.
Since the onset of the global financial crisis in 2008, it has become the mainstream view in China that the country should actively embrace the new rules of global trade and development trends. After formally commencing in 2008, talks between China and the US on a bilateral investment agreement entered a substantive stage in July 2013 when both sides announced they would extend to each other pre-establishment national treatment and adopt a negative list system.
On Sept 29, 2013, China formally launched a free trade zone in Shanghai based on the negative list model. Since then, China has launched other free trade zones, which, along with several rounds of talks with the US, have contributed to the current progress in their talks on an investment treaty.
Given that tangible advancement in their talks will demonstrate to the rest of the world that the two countries can strike an investment deal despite their differences, it should not be too difficult to overcome any difficulties to strike such a deal with other countries.
The standards involved in the Sino-US talks can set a model for an investment agreement to include other developed and developing economies.
--Thepaper.cn
- China relaxes foreign financial investment quota rules
- 'It's time' for open global investment environment
- Opportunity in G20 investment
- Proposal a new driver of investment
- G20 to help boost global trade, investment: MOC official
- Investment 'principles' proposed
- China revises inbound investment laws
- China can lead the way in trade, investment at G20
- Xi tells Park China opposes deployment of THAAD in ROK
- Singapore confirms 27 new cases of Zika infection
- Russia, Britain agree to mend ties
- EU can't leave entire migration issue to mediterranean countries: official
- Rousseff appeals impeachment to Supreme Court
- Europeans displeased with their education systems
- First Ladies shopping in Hangzhou
- Flower children greet world leaders in Hangzhou
- World's largest transparent-domed bar under construction
- In pics: Journalists cover G20 Summit in Hangzhou
- Air attendant 'incubator' welcomes freshmen
- Evening gala for G20 summit held in Hangzhou
- First Lady fashion: Rhapsodies in blue
- Hangzhou: A city of bridges in East China
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
Trump outlines anti-terror plan, proposing extreme vetting for immigrants
Phelps puts spotlight on cupping
US launches airstrikes against IS targets in Libya's Sirte
Ministry slams US-Korean THAAD deployment
Two police officers shot at protest in Dallas
Abe's blame game reveals his policies failing to get results
Ending wildlife trafficking must be policy priority in Asia
Effects of supply-side reform take time to be seen
US Weekly
Geared to go |
The place to be |