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China, US companies discuss trade ties


07-12-2013 15:53 BJT

Full coverage: 5th China-US Strategic and Economic Dialogue

As the U-S and China wrap up their talks in Washington, business leaders from both countries also met to share ideas and concerns. Executives from companies like Lenovo and Dupont were on hand to discuss mutually beneficial trade ties.

American and Chinese business leaders ranging from China’s Lenovo to American chemical giant, DuPont converged on the U.S. Treasury Department Thursday to share ideas and express concerns to government officials from both nations.

It’s been a mutually beneficial trade relationship complicated by domestic politics.

While the U.S. Congress identified Chinese telecom giants Huawei and ZTE as possible threats to U.S. security, China’s Lenovo has become a popular provider for U.S. government laptops卆nd is now number one in world in personal computer sales.

DuPont, meanwhile, has ongoing civil and federal court cases against former employees charged with stealing trade secrets for China.

Nonetheless, Corning CEO Wendell Weeks sent CCTV a statement, saying: "These were extremely productive and constructive talks designed to further economic opportunities in China and the U.S. China is an extremely important market for Corning and I was pleased to be invited to participate in the discussion."

Chinese Commerce Minister Gao Hucheng said there was real progress in the negotiations for a Bilateral Investment Treaty, or "BIT."

A senior U.S. Treasury Department official says China has agreed to begin these negotiations by easing existing restrictions on foreign investments in China, which will be particularly important to American telecommunication and financial services companies.

That same official tells CCTV News that China has pledged to work towards creating a pilot "Shanghai Free Trade Zone," which would give foreign investors unrestricted access to do business in Shanghai.

When the U.S. Federal Reserve starts tapering off its massive economic stimulus program - and by how much - also concerned Chinese representatives. They told reporters the U.S. should take into account how these decisions will affect the global financial system.

Meantime Chinese Finance Minster Lou Jiwei reassured the Americans about the slowdown in China’s economic growth.





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