Under the BIT, US firms "would be treated like Chinese firms and given non-discriminatory market access, subject only to a specified list of exceptions".

"China's commitment to negotiate on the premise of non-discrimination, fairness, openness, and transparency offers a substantial opportunity to promote investment, and if achieved, will help level the playing field for American businesses to invest and compete in China," the treasury secretary said.

But he also said the list of exceptions, or "negative list", should be "short, limited in scope and narrowly defined".

As to the China-initiated Asia Infrastructure Investment Bank, the treasury secretary said the US "welcomes new additions to the international development architecture," and he also encouraged China to "maintain and advance high standards in institutions" as the two countries "work together to address the challenges of the 21st century".

Chinese Presdient Xi Jinping said while addressing the annual conference of the Boao Forum for Asia on March 28 that China will "advance complementary and coordinated development between the Asian Infrastructure Investment Bank and such multilateral financial institutions as the Asian Development Bank and the World Ban".

"We are happy to see the US' welcoming attitude toward the new bank," said Stephanie Xu, president of US-Asia Innovation Gateway, a non-profit corporation based in Silicon Valley and committed to advancing economic opportunities and investment between Asia and the US.

"The AIIB is aimed at promoting innovation and developing infrastructure projects in Asia, which will create more job opportunities and economic growth of the developing countries," she said.

"The progress of innovation and financial exchanges is unstoppable by some country or individual," Xu said.

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