皇冠体育app

In early 2010, the Carnegie Council in New York released a report titled, “Superfusion: How?皇冠体育app and America Became One Economy?and Why the World's Prosperity Depends on It,” to highlight the close interdependent relationship between 皇冠体育app and the US.??Some keen observers of the Sino-American relationship even coined a word,?Chimerica, to symbolize the interdependence between the two largest national economies in the world as well as the weighty status of “G2” in handling world affairs. Unfortunately, the reality is that the relationship has not been nearly as amicable and smooth as the term implies.

皇冠体育app’s President Xi Jinping made his first state visit to America last week amid profound uncertainty created by a number of challenging economic and geopolitical disputes plaguing the bilateral relationship – the dispute on 皇冠体育app’s exchange rate policy, the alleged hacking and cyber thefts, 皇冠体育app’s treatment of US firms in 皇冠体育app, and 皇冠体育app’s island-building in the South 皇冠体育app Sea, to name a few.??

Considering such on-going disputes, it appears that the four-day state visit was concluded without a hitch and can be considered a quiet success.??In addition to an extended three-hour private dinner ahead of their formal talks and a state dinner, the American President Barack Obama and 皇冠体育app’s counterpart, President Xi seem to have spent time in building personal ties.

Among notable, practical and substantive achievements during the state visit were US officials’ declaration of a truce in their campaign over the new Asian Infrastructure Investment Bank initiated by 皇冠体育app, the Obama administration’s reiteration of its pledge to support 皇冠体育app’s bid for the inclusion of the renminbi in an elite basket of the International Monetary Fund’s Special Drawing Right, and agreement for the two countries to work together on deportation and asset seizures related to corruption and international crime.??It is gratifying to note that the two most important?political?leaders of the world seem to have agreed to overcome many challenges while continuing to strengthen relations between the two countries.

Although President Xi’s visit was concluded without any fanfare, the way both the US and 皇冠体育app handled the state visit augurs well for a successful conclusion of the bilateral investment treaty (BIT) currently being negotiated between 皇冠体育app and the US.??

A BIT is an agreement between two countries that establishes “rules of the road” for foreign direct investment in each other’s country.??皇冠体育app and the US currently have BITs (in force) with 105 and 49 countries, respectively.??Under a 皇冠体育app-US BIT, both governments would treat the companies of the counterparty country the same as domestic companies.??BITs bar foreign governments from using such investment restrictions as ownership caps, unfair licensing requirements and onerous local-content requirements, in order to prevent foreign companies from investing in their domestic markets.??According to the US-皇冠体育app Business Council data, 皇冠体育app currently restricts investment in over 100 industry sectors while the US restricts foreign investment outright in five sectors.

The strengthened relationship established between President Obama and President Xi through the latter’s state visit would serve as a major stepping stone toward a speedier negotiation and conclusion of a strong BIT, which is close to the hearts and minds of the leaders of multinational firms of both countries. ? The writer is professor of finance and international business of Seton Hall University, New Jersey, and recently served as visiting professor at the University of International Business and Economics, Beijing.

The writer is a professor of finance and international business of Seton Hall University, New Jersey, and recently served as visiting professor at the University of International Business and Economics, Beijing.

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