BEIJING - Senior Chinese and US officials on Tuesday encouraged business people to invest in both countries during the Eighth Round of China-US Strategic and Economic Dialogues.

China is committed to protecting intellectual property rights, expanding market entry and increasing the transparency of laws and regulations to create a fair, transparent and predictable business environment, said Vice Premier Wang Yang.

"One of the priorities now is negotiations on a bilateral investment treaty (BIT). We should try to reach a mutually beneficial and high-level agreement as an early date," said Wang.

State Councilor Yang Jiechi said he hoped enterprises in both countries would explore new cooperation areas and foster new growth drivers.

US Secretary of State John Kerry and Treasury Secretary Jacob Lew said they welcomed Chinese investment in the United States, and that they were ready to grasp opportunities created by China's supply-side structural reform and increase investment in the country.