Business     

Locke: US welcomes Chinese investors

Shanghai Daily, March 20, 2012

• The United States does not intentionally block Chinese investment and imports, US Ambassador to China Gary Locke said in Shanghai yesterday.

  "The US is responding to Chinese concerns about American economic practices - for example on inbound investment and export control restrictions on high-technology goods - so that together we can find ways to further unlock the economic potential of our two countries," Locke said in a speech to an audience of around 450 at the American Chamber of Commerce.

  He said Chinese investment into the US was vital to economic growth, job creation and productivity, and the world's largest economy welcomed such investment.

  "Many Chinese firms are reluctant to invest because they misunderstand that their investment will be blocked by the US government and that all Chinese investment in the US requires US government approval," Locke said.

  To change that perception, he said the US had beefed up efforts to attract Chinese investors.

  He said the US Foreign Commercial Service had regularly been organizing investment fairs and conferences targeted at attracting Chinese investment, and the embassy had commissioned a video in Chinese to dispel "false myths" about investing and guide investors on how to become successful in the US.

  "The video will be ready in a month and we will show it all over China," Locke said. "The reality is that only a handful of all foreign investment in the US is reviewed by the US government, and very few of these involve Chinese companies."

  The US is also in the midst of a major reform that will enable more high-tech goods to be exported to China, Locke said.

  It has granted 46 out of 141 high-tech items that China listed as hoping to purchase from the US, he said. For the remainder, China needs to offer additional details so the US can determine whether and under what conditions they can be exported.

  In May, Locke said, a delegation of American companies will be in Shanghai to meet Chinese companies interested in purchasing high-tech goods, including items on the list.

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