The context -- Toward free trade and investment between China and the United States -- The economic impact of a China -- US free trade and investment agreement -- Adjustment challenges for US workers -- Potential self-balancing stand-alone agreements -- Merchandise tariffs -- Government procurement -- Agriculture -- Potential components of a comprehensive agreement -- Services barriers -- Financial services -- Intellectual property rights -- Labor policy -- Environment policy -- Export controls -- The investment cluster -- Foreign direct investment -- State-owned enterprises -- Competition policy -- Parallel issues -- Cyberespionage -- Trade and currency -- Wrapping up -- Dispute settlement -- Conclusions and recommendations.