Henry Paulson, former Treasury Secretary of the United States and the former chief executive of Goldman Sachs, said in a speech delivered at the Chinese University of Hong Kong recently that China should take advantage while Obama still holds the presidency to finalize the bilateral investment agreement as soon as possible. He also affirmed China's exchange rate reform in recent years, calling for benign competition between China and the United States. Anbound's research team believes that Paulson’s statement in Hong Kong is his last effort to complete China-US investment agreement negotiations in Obama’s term. However, we believe that currently the Bilateral Investment Treaty (BIT) of the two countries show great differences, this coupled with Obama’s term is about to end and that there is huge resistance in the US Congress, the Chinese government is unlikely to make major concessions. It would be difficult for Obama to complete the China-US investment agreement negotiations in his term.