PROVIDENCE, the United States, July 13 (Xinhua) -- Chinese Ambassador to the United States Cui Tiankai on Thursday urged Washington to revive negotiations over the bilateral investment treaty (BIT) concerning the world's two largest economies.
After 33 rounds of negotiations over the past 5 years, the BIT talks between China and the U.S. have been shelved by U.S. President Donald Trump's administration.
"Reaching a high-level bilateral investment treaty was an important outcome of previous economic and trade dialogues between China and the U.S. If concluded, this agreement would take care of many pressing concerns of the business communities of both countries," said Cui.
Cui made the remarks when speaking at a luncheon jointly held by the China General Chamber of Commerce (CGCC) and the U.S. National Governors Association in Providence, capital of the northeastern U.S. state of Rhode Island.
"Today, every state and almost every congressional district has Chinese investments. These investments have brought a total of 141,000 jobs to the U.S., and most of them in manufacturing. Chinese investment is making positive contributions to the local economy, employment and tax revenues," Cui said.
The cumulative value of U.S. foreign direct investment (FDI) in China reached over 240 billion U.S. dollars by the end of 2016, while the cumulative Chinese FDI in the U.S. totaled 110 billion dollars, according to a report jointly released by the Rhodium Group and the National Committee on U.S.-China Relations (NCUSCR) in May.
In 2016, Chinese companies invested a record 46 billion dollars in the United States, tripling the amount seen in 2015 and a tenfold increase compared to just five years ago, the report said.
"In order for more investment programs to succeed, there is a clear need to make sure the federal-level policy tools, like CFIUS (the Committee on Foreign Investment in the United States), will play a facilitating rather than obstructing role," Cui said.
With regard to the trade balance issue between the two countries, Cui said, "There could be deficit or surplus at any given time. But it is not about who wins or who loses. In the long run, everyone will win from a burgeoning economy."
China and the Untied States will hold the first round of their Comprehensive Economic Dialogue next week in Washington, D.C. This is one of the four major dialogue mechanisms the two sides reached in April.
"We are looking forward to the mutually-beneficial outcomes of this dialogue. We hope the dialogue will be a meaningful exchange and help to build an even stronger basis for our economic and trade relations, as we deal with the uncertainties of the global economy," said the Chinese ambassador.
Cui meanwhile voiced his confidence about the future development of China-U.S. relations.
"I am confident that, with the solid basis we have built in the past 46 years, with the political wisdom of our leaders, and with the joint efforts of people from different sectors, cities, states and provinces, China and the U.S. will be able to build a long-term partnership of win-win cooperation for our shared future," he said.
