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US urges nation to invest in America

By Li Xing (China Daily)
Updated: 2009-09-21 08:46

Opportunities for Chinese investment in the United States are a significant part of US-China trade relations, US Secretary of Commerce Gary Locke said in Washington.

"It is important that we focus on mutually beneficial trade," Locke said in a recent exclusive interview with the US Edition of China Daily.

"We believe that opportunities for trade between the two countries will improve and increase," he said.

During the interview, Locke stressed how both countries have benefited from the trade partnership.

"There are many opportunities for the Chinese to invest in the US," Locke said. "We welcome Chinese investment."

Locke said that even considering what he called "isolated cases" in which Chinese companies failed at their attempts, it is more difficult to invest elsewhere.

"We are much more open to foreign investment than any other country in the world," Locke said.

Related readings:  State firms increase overseas investment  US govt seeks investment by China firms  UN: Global foreign direct investment continues to slide  Open trade, investment urged

Chinese companies began to venture into the US following the reforms and opening up policies that began to affect China in 1979.

The first foray was by China Ocean Shipping Co, which has since grown into China's largest company specializing in global shipping, modern logistics and ship building and repairs.

By the end of 2008, some 1,200 companies from the Chinese mainland had opened for business in the US.

At the same time, these companies created jobs and employed 7,300 Americans. Also last year, the flow of direct investment from the Chinese mainland to the US reached $462 million.

Locke said he has spoken with US President Barack Obama "at great length about opportunities to help increase American exports, particularly to help with trade relations between the US and China".

Last month, a German trade company released a study reporting that China would overtake Germany as the world's largest export economy, partly because the US economy is rebounding.

Even though Locke said he didn't study the German research results, the US "is beginning to see recovery", he confirmed.

"The US is succeeding in not going into a second Great Depression," he said.

Economic indicators over the past few months such as orders for factory goods, deliveries for exports, sales of manufactured goods and home sales have exceeded forecasts, he said.

Locke also said China's exports to the US have begun to increase.

"The Chinese economy has rebounded significantly without having to rely so much on exports," he said.

"So we see the future of the Chinese economy focusing more on domestic consumption, as Chinese leaders have advocated," Locke said.

But he added that there should be more opportunities for American goods and services to go to China.

For example, he said US companies have products, technologies and services to help reduce greenhouse gases and help Chinese enterprises become more energy efficient.