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China business climate worrying: US

dpadpa 7/06/2016

The US has raised concerns about the business climate in China at annual talks between the two countries.

Foreign businesses increasingly question whether they are welcome in China, US Treasury Secretary Jack Lew has told Beijing officials.

"Concerns about the business climate have grown in recent years, with foreign businesses confronting a more complex regulatory environment ... in China," Lew said on Tuesday, the second day of high-level meetings in Beijing between US and Chinese officials.

Lew also called on China to improve policy transparency and intellectual property rights.

"Our two governments have a responsibility to foster conditions that facilitate continued and increased investment, trade and commercial cooperation," he said.

"This means enacting policies that encourage healthy competition, ensuring predictability and transparency in the policy-making and regulatory process, protecting intellectual property rights and removing discriminatory investment barriers," Lew added.

China's Finance Minister Lou Jiwei on Monday evening said China was willing to let market forces play a bigger role and to work alongside the international community to strengthen policy co-ordination and boost growth potential.

"China has bid farewell to the planned economy, so the government can not dictate to industries," Xinhua news agency cited Lou as saying at a press briefing.

The eighth China-US Strategic and Economic Dialogue and the seventh China-US High-Level Consultation on People-to-People Exchange finish on Tuesday.

The two countries have been discussing issues including advancing bilateral relations, improving co-operation on climate change and managing areas of conflict.

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