The US-China Business Council (USCBC) is calling for the continued building of strong, mutually beneficial commercial ties between the US and China.

The statement of action priorities issued on Tuesday by the USCBC board said it aims to focus the efforts of both governments on the top priorities for American companies that conduct business with China. It was the fifth such report issued by the USCBC board.

John Frisbie, president of USCBC, said some of the issues raised in previous statements have seen progress, citing the cybersecurity issue during President Xi Jinping's successful state visit to the US last September.

At the same time, the USCBC report believes progress remains insufficient on other critical issues, including several new concerns that have recently developed.

In a conference call on Tuesday evening, Frisbie believes that Xi and President Barack Obama would be able to discuss some of the outstanding issues on the margins of the G20 Summit in China this fall.

Mark Fields, president and chief executive officer of Ford Motor Co and chairman of the USCBC, said in a USCBC press release on Tuesday, "Success in meeting the global challenges of today depends greatly on how the US and China come together in support of common goals. We look forward to working with both governments to advance these policy priorities."

The priorities set in the statement include four major goals to further solidify the foundation for mutually beneficial commercial relations: reduce trade barriers and enforce globally accepted trade rules; ensure competitive neutrality and improve transparency; strengthen intellectual property rights protection; and adhere to mutually beneficial innovation policies.

The statement reiterated a call to finalize a high-standard Bilateral Investment Treaty (BIT) in 2016.

"A BIT provides one of the best opportunities to reduce investment barriers in both countries, ensure a level playing among all enterprises, and improve protections for US and Chinese investors in each other's markets," the statement said.

A slowing Chinese economy, at 6.9 percent in 2015, is making headlines, and Frisbie said USCBC members have seen that slowdown in their revenue numbers.

But he said it's important to realize that a slowing China is still delivering growth for American companies, citing a survey four months ago that found 40 percent of respondents saying they were still enjoying double-digit revenue growth in China.

China's annual 30 percent contribution to global growth, and a middle class that will double in the next decade are some of the factors that US companies are optimistic about their China operations. China is still growing faster than most of the emerging markets, according to Frisbie.

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