Statement on US Vice President Joe Biden's Visit to China

BEIJING, Aug. 19, 2011 /PRNewswire-Asia/ -- AmCham-China welcomes US Vice President Joe Biden to China, and we wish him a productive and successful series of meetings with Chinese leaders including Vice President Xi Jinping.

There are great opportunities for both Chinese and American companies in the period ahead, and each side will work to make it a success. Work is underway in both countries to resolve lingering economic imbalances. As the US undergoes a period of deleveraging, China is focusing on how to re-orient its economy towards consumption and to rely less on investment and exports.

In the meantime, our member companies' growth in China benefits the US economy by creating American jobs and boosting US corporate global competitiveness. Our member companies are also making important contributions in China by creating a more vibrant, service-oriented and innovative business environment, in line with China's own development goals.

Later this year, we will mark the tenth anniversary of China's entrance into the WTO. The past decade has seen rapidly increasing trade in both directions, and American business has benefited from increased access to the Chinese domestic market. In the future, we hope China will move beyond the baseline of its WTO commitments, simplify investment procedures, and expand the scope for foreign companies to invest. Growing foreign investment in areas such as the service industries will help the Chinese government meet some of the objectives outlined in the 12th Five-year plan.

Meanwhile, we are encouraged to see that Chinese foreign direct investment in the US is growing rapidly, having reached USD 5.3 billion in 2010. The US welcomes and will benefit from Chinese direct investment, just as China has benefited from American direct investment.

AmCham-China would also like to extend our appreciation to the Chinese and US governments for helping organize a private meeting, which the chamber co-sponsored, between Vice President Biden, business leaders and government officials. We thank all those involved for their time and hard work.

About the American Chamber of Commerce in the People's Republic of China:

AmCham-China is a national non-profit organization representing the interests of some 2,600 companies and individuals doing business throughout China. Headquartered in Beijing, it has chapters in Dalian, Central China (Wuhan) and Tianjin. For more information about the organization, visit: www.amchamchina.org

SOURCE AmCham-China

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