WASHINGTON: The United States (US) won China’s commitment to limit subsidies to its state-owned firms and a Chinese pledge to move to market determined exchange rates for the Yuan at the US-China Strategic and Economic Dialogue on Friday. A decision to restart negotiations on a bilateral investment treaty was also made. US business leaders welcomed the moves, even as some said they were largely aspirations rather than firm commitments. “It is important to view this ... as a sign of robust debate about economic reform in China,” said Jeremie Waterman, China Director for the US Chamber of Commerce. China also acknowledged US concerns about cyber theft of intellectual property, a step towards addressing US complaints of lack of intellectual property rights enforcement by Beijing.
Published in The Express Tribune, July 14th, 2013.
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