US Treasury's Lew says concern has grown over China's business climate

[BEIJING] US Treasury Secretary Jack Lew said on Tuesday concerns about China's business climate have grown due to a more complex regulatory environment and urged Beijing to grant greater access to foreign investments.

"Concerns about the business climate have grown in recent years, with foreign businesses confronting a more complex regulatory environment and questioning whether they are welcome in China," Mr Lew said in remarks prepared for a roundtable discussion in Beijing among Chinese and American businesses and officials.

"Our two governments have a responsibility to foster conditions that facilitate continued and increased investment, trade, and commercial cooperation," Mr Lew said, on the second day of high level talks between the two countries in Beijing.

"This means enacting policies that encourage healthy competition, ensuring predictability and transparency in the policy-making and regulatory process, protecting intellectual property rights, and removing discriminatory investment barriers. These policies are vital as China seeks to build on its economic progress in recent decades."

US business groups have complained about new Chinese regulations they say favour local firms and make it more difficult to operate in China.

REUTERS