China remains a highly desirable destination for investment and a major global priority for U.S. companies, according to the U.S. Chamber of Commerce in its annual report of China's business environment.

The Chamber of Commerce released on Monday its 2010 White Paper on the State of American Business in China.

Christian Murck, president of the COC, said that although the global economy began to emerge from a long recession, China enjoys robust growth even as it faces several challenges.

He said the COC believes that in the next 30 years of Sino-U.S. relations, the two countries can achieve "three 1 trillions."

"It includes US$1 trillion each of U.S. annual exports of goods and services to China, U.S. companies' annual production in China for the market, and cumulative Chinese investment in the U.S.," he said.

The 2010 White Paper reflects U.S. companies' positive overall outlook on the Chinese economy, as well as its growing concern about future market access and its transition to a market economy.

Based on the views and experiences of its members working and living in China, the report highlights areas that could hinder China's economic development as it moves out of the recession. It suggested that China open government procurement and innovation markets and promote national treatment for foreign companies.

"We have seen the Chinese government engaging us on issues like energy and innovation policy," Murck said. "We are optimistic that the recommendations that we are publishing will help progress towards tangible improvements."

The U.S. business community has been paying careful attention to China's policy direction on these issues as it closes in on 10 years of inclusion in the World Trade Organization.

"China did a good job of living up to its explicit WTO commitments," Murck said. "We hope that the government will now go beyond these and meet commitments that have no deadline, like joining the Agreement of Government Procurement."