On January 17, before Chinese president Hu Jintao started his state visit to US, MOFCOM and Texas government co-hosted in Houston Sino-US Trade and Investment Environment Seminar. Vice Minister of Commerce Wang Chao attended and addressed the Seminar.

Wang Chao expressed in his address that the Trade and Investment Environment Seminar is held by China and US on the significant historical moment for the purpose of reinforcing the consensus, transmitting confidence, manifest sincerity and seeking cooperation. He hoped to jointly make practical efforts in order to actively implement consensus reached between the two heads of state, turn challenges into opportunities, continue to vitalize Sino-US trade and economic cooperation by trade and investment, and actively and comprehensively strengthen Sino-US relations.

Wang Chao said that over the past decade, with the changing international situation, China-US trade and economic relations always maintain the momentum of rapid development without major ups and downs. At present, China and US are second largest trading partners to each other, and bilateral trade increased from US$80.5 billion in 2001 to US$385.34 billion in 2010, US export to China increased by up 9 times. Accumulated US direct investment to China was over US$65.22 billion, and US is one of the largest foreign investment sources for China. China’s investment to US was over US$4.73 billion, and the growing tend proves to be rapid. In addition, the two countries continue to deepen their cooperation in many fields including energy, environment, technology, education and culture.

Wang Chao pointed that the fruitful achievements in trade and economic cooperation had benefitted both Chinese and American people. The difference in stages of economic development and complementation of economic structure are the basis for enhancing sustainable development of trade and economic relations of both countries. The development for trade and economic relations with mutual benefits and win-win meets the fundamental interests of the people on both sides.

Wang Chao stressed that on this critical moment of global economic recovery, both China and US need to intensify support to free trade, resolutely oppose protectionism, actively launch trade and economic cooperation, and realize mutual benefits in the cooperation.

Wang Chao said that Sino-US cooperation enjoyed a broad prospective. China is in the period of rapid development for industrialization and urbanization. We make efforts to expand domestic demand, especially consumer demand as the long-term strategy for economic development, accelerate transformation of economic development mode, promote economic restructuring, vigorously develop information technology and new energy and other emerging strategic industries, and that will bring about huge demand for investment and consumption demand.

Wang Chao said that China will regard 10th anniversary of China’s accession into WTO as the a new starting point, and continue to improve foreign economic laws, regulations and policies, strengthen protections on intellectual property rights, strictly abide by the rules of WTO and actively create a more stable, transparent and predictable investment environment.

Esperanza Andrade, secretary of state of Texas, and Craig Allen, Assistant Minister of US department of Commerce, attended the seminar, where 6 contracts, valued at US$574 million, had been signed by enterprises from both sides in the fields of automobile, electronics, mechanical engineering, textile and clothing, ceramics, etc.

Wang Chao met with Mme. Andrade, secretary of state of Texas, and attended the luncheon hosted by the Houston City Council in honor of Chinese business and trade delegation.

Sino-US Trade and Investment Environment Seminar is sponsored by China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) and The Greater Houston cooperative Council, and about 200 people from governments and enterprises of two countries participated in the seminar.