US-China bilateral investment has registered remarkable growth over the last two years, outgoing US Ambassador to China Gary Locke said at the 2014 Innovation & Capital Forum held by Zhongguancun Private Equity & Venture Capital Association in Beijing last week. Photo: Sino-US.com
Outgoing US Ambassador to China Gary Locke said last week in Beijing that US-China bilateral investment has registered remarkable growth over the last two years, with Chinese direct investment in the US amounting to $21 billion, more than the combined total of the previous 11 years.
It is the first time that Locke has made a public statement to underscore his role in promoting US-China bilateral investment since he assumed the post as US ambassador to China in 2011.
As early as 2011 when Locke was nominated as the new ambassador to China, the US and China had placed high hopes on Locke, who had served as Commerce Secretary, for his role in promoting bilateral investment between the world's two largest economies
However, his endeavor to boost the bilateral investment later came under scrutiny due to the vetting of Chinese investment in the US and the failure of inking the US-China Bilateral Investment Treaty in 2013.
Locke defended himself in the statement, saying that Chinese investment in the US has seen a growth spurt since the year of 2000 when the investment number was nearly close to zero.
In 2012, Chinese investment in the US hit a record $7 billion and the figure doubled to $14 billion in 2013, said Locke, adding that the combined investment volume of the two years surpassed the total between 2000 and 2011.
"It is just a beginning," said Locke, adding that institutions have predicted that China's foreign investment will reach $2 trillion by 2020. Locke expressed his hope that Chinese investors allocate more funds to the US market, as Chinese investment is helping with job creation in the country.
As to the US review of Chinese investment, Locke believes the concern that Chinese investment is not welcome in the US is unnecessary, noting that among the thousands of foreign investment cases in 2011, 114 were vetted by the US government, with only one proposal dismissed.
"About 700,000 Americans' employment relies on exports to China, while more than one million Chinese people's employment depends on exports to the US," said Locke.
(The article is translated and edited by Ding Yi)