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China seeks to seal investment treaty with US.

Following a period of tension, Chinese officials have finally agreed to resume talks on a bilateral investment treaty with the US – in an attempt to open up new opportunities for businesses in both countries.

The decision to restart the talks was reached at high-level negotiations between the two countries held in the US.

China’s Vice Premier Wang Yang said that the US had agreed to accept investment by Chinese state-owned enterprises and sovereign wealth funds.

Such investment treaty is vital to make it easier for US companies to invest in China and will include all sectors in the treaty – the first time Beijing agreed to such notion.

This marks a major milestone for the US, as it has been pushing for such a deal for American firms to get more access to the Chinese market, amid growing consumer demand in the emerging market economy.

Treasury Secretary Jacob Lew said that a high standard US-China bilateral investment treaty is a priority for the United States and will facilitate the opening of new markets for fair competition.

“The commitment made today stands to be a significant breakthrough and marks the first time China has agreed to negotiate a Bilateral Investment Treaty, to include all sectors and stages of investment, with another country”, he added.