US, China exchange new investment treaty offers ahead of Xi visit

[WASHINGTON] The United States and China have exchanged revised offers for a proposed investment treaty, a spokeswoman for the US Trade Representative said, in the lead-up to Chinese President Xi Jinping's visit to the White House later this month.

China, which has more restrictions on foreign investment than the United States, is in talks with Washington to reduce the scope of so-called negative lists of sectors closed to the other side's investors.

The USTR spokeswoman said revised negative list offers were exchanged at talks in Washington last week. Business groups are hoping for news on the bilateral investment treaty (BIT) during Mr Xi's visit to Washington in September.

"The United States continues to review China's revised negative list and assess next steps in the negotiations," the spokeswoman said in an emailed statement late on Monday.

"In order to conclude the BIT negotiations successfully, the two sides will need to reach agreement on a high standard treaty text and a Chinese negative list that is limited, narrow, and represents a substantial liberalization of the Chinese investment market." The sides exchanged initial lists in June.

REUTERS