Trade Group Urges Annual U.S.-China Presidential Summit

The presidents of the world’s two largest economies, the U.S. and China, should hold a summit meeting every year, the U.S.-China Business Council said.

A regular discussion would help lower barriers to foreign direct investment in China, encourage Chinese investment in the U.S. and ensure equal treatment in obtaining commercial licenses in China, John Frisbie, the president of the group, said in Washington today. The council represents about 240 American companies with business in China, including Apple Inc. (AAPL), Ford Motor Co. and Wal-Mart Stores Inc. (WMT)

President Barack Obama spoke with his Chinese counterpart Hu Jintao 12 times during the American leader’s first term, Frisbie told a news conference. Obama is now in the process of winning Senate approval for the members of his second-term administration, while in China Xi Jinping was named general secretary of the Communist Party in November, and is set to consolidate his power by taking over as president in March.

“An annual presidential summit should be considered,” Frisbie said. “At this time of transition I think that’s something that would be worth the two sides exploring”

To contact the reporter on this story: Kasia Klimasinska in Washington at kklimasinska@bloomberg.net

To contact the editor responsible for this story: Kevin Costelloe at kcostelloe@bloomberg.net

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