Upcoming Xi-Obama meeting of milestone significance

Edited and translated by Liang Jun, People's Daily Online

The upcoming get-together between Chinese President Xi Jinping and U.S. President Barack Obama at the private Sunnylands estate of late publishing tycoon Walter Annenberg on June 7 is described as a milestone by U.S. Ambassador to China Gary Locke on Tuesday.

Now the strong interdependence of China-U.S. economy is unlikely to change and go backward, said Locke in Beijing on June 4.

As the U.S. is committed to expanding bilateral ties and China is seeking to establish new type of relationships of big powers, Xi-Obama meeting is greatly significant for strengthening personal and working relations between the two leaders, said Locke.

Clearly, the upcoming meeting will be very candid and both sides will exchange views on a series of issues including security, diplomacy and economy, he revealed.

Now China-U.S. cooperation in bilateral and global issues is closer than ever. Forty years ago, the bilateral trade volume was less than 100 million U.S. dollars when the former U.S. president Nixon visited China. But the figure now exceeds 1 billon U.S. dollars for one day. People of the two countries also benefit from the increasingly economic integration.

China's investment in the U.S. in 2005 stood at 700 million U.S. dollars but hit a record and reached 6.5 billion U.S. dollars last year. In the first quarter of this year, Chinese enterprises have completed eight acquisitions and nine green investment projects in the U.S., worth 2.2 billion U.S. dollars. It is expected that China's investment in the U.S. in 2013 will exceed that of in 2012.

The U.S. welcomes Chinese investment, be it state-own enterprises, private or public sectors, said Locke.

In response to the national security review of foreign investment in U.S. businesses, Locke said the Committee on Foreign Investment in the United States (CFIUS) reviews the national security implications of foreign investment in U.S. companies, but actually, most of foreign investment does not need to go through the examination for approval.

He also advised Chinese enterprises that intend to invest in the U.S. to turn to U.S. law firms, accounting firms or public relations operating in China, because they will help them enter into the U.S. market smoothly.

China needs a prosperous America, and vice versa. So both countries need to shoulder responsibility of world affairs and the world expect the two big powers to do so, he said, adding both sides need work together to create a better world.

Read the Chinese version: 骆家辉：中美互相依存性“不可能倒退”

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