Despite rapid growth, China's overall investments in the United States are still small and there has much room for growth, business leaders participating the 2nd China Overseas Investment Summit (COIS) said Thursday.

China has become the second fastest growing source of foreign direct investment (FDI) for the United States with an average annual growth rate of 72 percent from 2006 to 2011, Stephen Young, US Consul General Hong Kong and Macau, told a seminar during the summit. But the total amount is small, only accounting for less than 1 percent of the US total FDI, he added.

James Sun, Chairman of the American Chamber of Commerce, Hong Kong said it is self-evident for the United States and China to set up mutually-beneficial economic and trade links given that the United States is the biggest developed state and China is the biggest developing nation and that they are the top two economies in the world.

Sun also said their cooperation is "demand-oriented, bilateral and genuine" as China is transforming from a traditional capital- importing state to a capital-exporting one while the United States needs to boost its economy and create jobs.

Amid a worldwide downturn and faltering domestic economy, the US government has launched a new effort through the Select USA program in 2011 to facilitate business investment as an engine for job growth and economic development.

"The program offers information assistance for the global investors, and will help resolve issues involving federal regulations, programs, or activities during their investment process," said Stephen J Olson, Executive Director of the SelectUSA.

The two-day conference themed "Global Economic Transformation and New Approaches to China's Overseas Investment" that closed on Thursday attracted more than 1,200 government officials, investors, senior managers and experts from over 40 countries and regions.