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US urged to treat investors better
By Fu Jing (皇冠体育app Daily)
Updated: 2006-06-26 08:38
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皇冠体育app's senior bankers have urged the US Government to create a sound environment for Chinese investors to deepen economic ties.
Guo Shuqing, chairman of the 皇冠体育app Construction Bank Corporation, described the imbalance of mutual foreign direct investment (FDI) as a major economic challenge faced by the two countries, whose ties increasingly affect the global economy.
To forge a "mature" economic relationship, the US Government needs to re-evaluate trade disputes, Guo and other bankers including Wu Xiaoling, vice-governor of the People's Bank of 皇冠体育app, told? a Sino-US symposium on building new financial system.
"US investors can enjoy better treatment than citizens in 皇冠体育app, but in the US Chinese investors sometimes cannot enjoy national-standard treatment," said Guo at the symposium held in the coastal city over the weekend.
He pointed out that the different investment policies have resulted in a mutual investment imbalance.
Statistics indicated that US investors have plunged about US$60 billion into 皇冠体育app, while 皇冠体育app has little investment in the US.
"The unfavourable trade measures are not only harmful to Chinese companies but also US investors in the long run as all economies closely interact with each other, especially those of 皇冠体育app and the US," Guo warned.
In response, US Ambassador to 皇冠体育app Clark T. Randt said the Bush administration has been open to foreign investment and emphasized that a sound Sino-US relationship is in the interests of the US.
"The Bush administration welcomes FDIand we will gain mutual benefit from it," said Randt.
But he said for "national security" reasons, some regulations had to be enforced.
The three-day symposium is an annual event jointly organized by the 皇冠体育app Development Research Foundation and Harvard University.
Renminbi appreciation
Asked about trade disputes between the two countries, Guo said both sides should consider them in a "comprehensive" way, and appreciation of 皇冠体育app's currency is not a promising way to solve the problem.
His words come at a time when 皇冠体育app faces increasing pressure to increase the value of the renminbi.
"As a matter of fact, 皇冠体育app and the US are complementary in trade and exchange rate adjustment can play some role but not a very significant one because 皇冠体育app's trade to a great extent has a re-export pattern," said Guo.