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China, US swap 'negative lists'

The United States and China have begun formal talks on exchanging investment treaty "negative lists", China's Ministry of Commerce said on Friday. The move marks a new phase in the negotiation process on the Bilateral Investment Treaty between the world's two largest economies, the ministry said in a statement posted on its website. Negative lists outline industry sectors that each side deems to be closed to the other side's investors, defining the scope of the treaty.

Capital markets may attract $1.2t