On 12 July 2013, the US and China jointly announced that they had agreed to re-launch negotiations for a bilateral investment treaty (BIT). The two countries have been working on a new BIT since 2008. Many commentators see a new BIT as key to China opening up some of its restricted industries to US and other foreign countries, such as the telecoms, media and publishing areas. It is likely that the Chinese negotiators perceive some bias from the US government when Chinese corporations are seeking approval for investment in some sensitive areas in the US, and that a well structured BIT will allow for more transparency and a more level playing field.