Goldman Sachs is exhorting the US to quickly complete a treaty with China to open the long-sheltered market of the world's most populous nation to American banks and other firms. Goldman Sachs' urgency contrasts with another important part of corporate America. Silicon Valley is wary of any deal that would not address broader issues, including the potential unauthorised use of technology by Chinese partners who then become competitors. While Wall Street is eager to manage more Chinese money and underwrite more Chinese securities, other companies want negotiations that would also include promises that state-owned firms play by market rules without protection from the government. "The opportunity is now," said Mark Schwartz, the chairman of Goldman Sachs' Asia-Pacific business. "After 35 years in the business, one of the things I've learned is that there is a time and moment to do a deal." Schwartz said he's "not certain" that state-owned firms are "something we have to be worried about" in a treaty. "Just being a state-owned enterprise itself doesn't confer advantages," he said. In a letter to President Barack Obama last October, 51 chief executives called for action on an investment treaty. They included the leaders of Archer Daniels Midland, Ford and Wal-Mart. "It was a message meant to resonate in Beijing," said John Frisbie, president of the US-China Business Council. This week, Goldman Sachs will host a conference of American and Chinese chief executives at its New York headquarters - one that will include top US government officials - to drive home the need for action. The gathering is a follow-up to a similar one in Beijing in July. Yet technology companies like Qualcomm and Microsoft, weary of fighting battles where their competitors in China can be backed by the government, are much more sceptical of a US-China deal, said Robert Atkinson, president of the Information Technology Innovation Foundation, an industry-affiliated research group. Atkinson questions the premise of even negotiating with China, given the problems for US companies. "It does send a message that we essentially are saying to China, 'We believe what you are doing is OK right now, and we'll just negotiate with you,' and I don't think that's the right message," Atkinson said.