Deputy Under Secretary of Commerce
For International Trade
U.S.-China Investment Forum
Monday, February 13, 2012
As prepared for delivery
Thank you, Chairman Wan, Assistant Minister Yu, Deputy Director General Zhang and U.S. Chamber Vice President Overby.
I also want to thank our hosts – the China Council for the Promotion of International Trade and the China Investment Promotion Agency.
It is an honor to welcome all of you for what I hope will be a very productive week.
The United States and China have continued to build on our relationship since President Hu’s visit last year. At that time, we affirmed that both countries will promote continued economic cooperation and prosperity for our people.
The Department of Commerce presented the Peace through Commerce Award to Chairman Wan a few months ago in Chengdu. Congratulations, again, Chairman Wan, and thank you.
As the two largest economies in the world, we now have an opportunity and a responsibility to lay a stronger foundation for economic growth and job creation.
Overall, we must ensure a balanced commercial relationship based on fairness and openness.
That includes more investments in each other’s economies.
While U.S. companies will continue to invest in China, as they have for decades, Chinese companies are expected to dramatically increase their investments in the United States over the months and years ahead.
America’s unequivocal policy of openness to foreign direct investment means that we welcome Chinese investment in the United States. We want Chinese companies to know that the United States has the world’s most transparent, open, and dynamic business environment. The U.S. economy is intensely competitive and open to new ideas.
The Department of Commerce, in particular, is playing an active role to promote investment in the United States through its leadership of the SelectUSA initiative.
SelectUSA, created by Executive Order of the President, is a U.S. government-wide initiative to attract and expand business investment in the United States. Housed with the International Trade Administration, SelectUSA stands ready to assist Chinese companies that seek to learn more about how to invest in the United States.
SelectUSA also includes an ombudsman function to serve as facilitator between the business investment community and the U.S. Government, which will address, investigate, and respond to investor concerns involving federal rules and regulations.
China is already the fastest growing source of foreign direct investment in the United States. But there is still significant room for more growth.
We support and encourage your investments in America.
At the same time, a balanced trade relationship is also important.
Today, we are at a critical moment. Our commitment is that we will continue to pursue deeper, broader, and more sustained cooperation.
We can continue to learn from each other, overcome our differences, and meet our global responsibilities.
Thank you all for being here as we continue working together to unlock the full potential of our industries, our people, and our economies.
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