Senior Republican urges US-China investment treaty

A top Republican lawmaker is calling on the Obama administration to pursue an investment treaty with China and press Beijing on its currency policy at talks next week.

Rep. Dave Camp, chair of a congressional panel that oversees revenue and trade policy, said Thursday that China needs to open up its markets more to the U.S. and end trade-distorting policies. He voiced concern that countries such as Brazil, India and Argentina were emulating some of China's trade practices.

Camp notes encouraging signs as China looks to rebalance its economy away from export-led growth. But he said the U.S. should continue to press Beijing to let market forces determine its currency value.

He said next week's U.S.-China Strategic and Economic Dialogue in Beijing provides an opportunity to do that.