It is a source of concern to see pessimistic views on the China-US Bilateral Investment Treaty (BIT) circulating in American society, as it suggests that the US may lack confidence in furthering the negotiations.
Prior to the current China-US Strategic and Economic Dialogue (S&ED), in which talks on the BIT are expected to be high on the agenda, Leland Miller, president of data analytics firm China Beige Book International, was quoted by media reports as saying that the current political atmosphere in the US is not conducive for the BIT negotiations.
Some other American analysts have echoed Miller, saying it is unrealistic to expect the US Congress to approve the China-US BIT this year. It seems US society's enthusiasm for the deal may not be as strong as had been expected.
After years of negotiations, the talks are now at a critical moment as the two nations are expected to submit their new "negative list" proposals for those sectors that will remain off-limits to investment from the other side.
The US wants China to shorten its list of these sectors, while China wants the US to make concessions in areas such as high-tech investment and security reviews.
Although top leaders on both sides have called for the rapid conclusion of a high-standard China-US BIT, this will not be a simple task, either for China or for the US.
China's National Development and Reform Commission, the country's top economic planning agency, published a draft earlier this year on adopting the negative list approach in some pilot areas in the country.
It was considered unlikely that China would adopt the negative list approach several years ago, because it was totally different from the country's existing management system for foreign investment.
In the process of extending the negative list approach, the central government has to push forward domestic reforms and promote the formation of a national consensus among various interest groups.
However, it is doubtful whether the Obama administration has enough political resources to push forward domestic reforms, especially at a time when American society is showing less enthusiasm for the BIT negotiations. It seems the US now wants to pressure China to make more concessions in order to reach an agreement.
But it is unrealistic for the US to force China to sign the agreement without making concessions itself. While China will make great efforts to adopt the negative list approach, the US has to properly handle issues such as security reviews to meet the concerns of the Chinese side.
According to media reports, Chinese telecommunications giant Huawei recently became the target of a US investigation over its trade with Iran.
Concerns were expressed by some in China that this represented unfair treatment of Chinese investment by the US. The Obama administration may need to put more focus on domestic affairs, instead of putting pressure on China.
Admittedly, there's not much time left for the two countries. If negotiations are not concluded while Obama is still in office, the treaty might be hit by growing uncertainties.
Both China and the US have to do more in order to improve their domestic investment environments, and should avoid a diplomatic war over the BIT issue.
The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn