ANNAPOLIS, Maryland -- The U.S. and China agreed to launch negotiations to establish a bilateral investment treaty, which could expand opportunities for U.S. companies in the fast-growing Chinese economy, U.S. officials said.

U.S. and Chinese officials announced the agreement at the end of the two-day Strategic Economic Dialogue, which was aimed at defusing simmering economic tensions between the two nations.

Whether the two countries will be able to come to a deal on a treaty isn't a certainty, with the U.S. concerned about whether issues such as market access in China can be appropriately addressed.

Private-sector representatives who have been following the talks, which have continued for more than 1½ years, have said any deal likely won't cover certain areas, such as the financial-services sector.

President Bush Presses Congress
To Lift Offshore Drilling Ban

WASHINGTON -- President Bush pressed Congress to take quick steps to boost oil production in the U.S., sharpening the clash with Democrats over energy policy as consumers struggle with soaring gasoline prices.

Speaking in the Rose Garden, Mr. Bush outlined a four-point plan to tackle the imbalance between supply and demand that the White House believes is the main force pushing oil prices to record levels. He called for Congress to lift a moratorium on drilling off the U.S. coast, open Alaska's Arctic National Wildlife Refuge to drilling, develop oil shale resources and expand domestic oil-refining capacity.

The Greater San Antonio Chinese Chamber of Commerce would like to thank the following individuals and companies for donating to GSACCC in honor of the China Earthquake Donation Dinner held on May 22, 2008.

Thank you for choosing to share your generosity with such a worthy cause in our name.   Knowing that the residents in San Antonio are willing to lend a helping hand to the people in need overwhelms us. Your kindness will make a difference in the lives of the 7.9 Richter Scale earthquake survivors in Sichuan, China.

With your help and support, GSACCC was able to raise $ 14110. After deducting the cost of dinner, we were able to donate $13075.  Among the donation, $5215 of checks are in title to Red Cross.  We sent them to Red Cross yesterday.  Red Cross will send you receipts directly.  The balance of $7860 will be sent to The Consulate General of the People’s Republic of China in Houston.  They will forward the money to Sichuan government in China.  This amount will be used to buy supplies to rebuild homes and school for the survivors.

Once again, thank you for your kindness and GSACCC dedicates to be the regional leader who cares for this community. You can read about this initiative in up coming issue of our newsletter and visit us on line at http://www.gsaccc.org.