But to achieve this, the treaty needs to go much further.

As well as removing restrictions on investment, it needs to address the concerns of many of our members.

These include transparency and due process in the way regulations are enforced, data localization, government support for State-owned enterprises and licensing regimes that cater to domestic companies.

We also note what appear to be overly broad definitions of national security in the recently passed National Security Law.

So during Xi's US visit, we hope that both sides will see the benefit of cooperation in getting a high-quality bilateral investment treaty signed as soon as possible.

As the example of the manufacturing sector shows, an open, dynamic and innovative service sector has the potential to transform China's economy.

What we're seeking is ambitious, but no less than what China needs to overcome its current problems.

The author is the Chairman of the American Chamber of Commerce China and has lived and worked in Beijing for 17 years.