This is the first time China has agreed to talks on a treaty covering foreign investment in all sectors of its economy.The move shows Beijing's new leaders recognize that future growth will not be met by models of the past, said U.S. Treasury Secretary Jacob Lew."They know they need more market-oriented features to their economy, and we need to open markets to each other," Lew said."We welcome Chinese investment in the United States. We welcome the opportunity to have U.S. investment in China.Beijing and Washington agreed to increase cooperation on financial regulations, law enforcement, over-the-counter derivatives and accounting standards --all important steps forward, said Chinese Vice Premier Wang Yang."The United States welcomes Chinese financial institutions to invest in the U.S. market. Mutual understanding and trust is an important prerequisite for a win-win cooperation between our two major countries.With two-way trade of nearly $500 billion last year, a bilateral investment treaty could mean big gains for both economies.But it also would require approval by two-thirds of the U.S. Senate where many members have been critical of Chinese cyber-espionage,which experts say costs the United States hundreds of billions of dollars a year. U.S. Deputy Secretary of State Bill Burns."The technological ties that bind us together also introduce a new challenge to our bilateral relationship," Burns said."During our engagement this week, we underscored that the cyber-enabled theft of trade secrets, intellectual property, and confidential business information is unacceptable.
