As part of President Barack Obama’s current tour of Asia, he is sending the message that the US wants more open trade with countries like China. That message resonates strongly with US law firms and lawyers who are interested in pursuing business opportunities in China - but with more assurances that their investments of time, money and resources will be well spent.

International US-based firms with offices in China are still seeing a lot of partner movement, and the deals are still happening. In fact, jobs are opening up every week in Beijing, Hong Kong and Shanghai.

“The Administration is committed to ensuring our borders will remain open to the world’s products,” say US Secretary of Commerce Gary Locke and Ambassador Ronald Kirk in a blog post about the visit on the White House web site. “But that commitment will be met by a renewed focus on doing more to enable U.S. companies to compete in foreign markets.”

But whether the Chinese and other Asian countries will listen is another matter. The New York Times reports that PRC President Hu Jintao is pushing back, trying to change the subject from free trade and Chinese currency policy to US protectionist tendencies.

Obama left Beijing having created a joint statement in which the two countries promise to work together on issues including currency and trade. President Hu has agreed to visit the US in 2010 for more talks. According to news reports of the talks, Obama is pushing for the yuan to appreciate against the dollar, which would allow US exports to compete more effectively; Hu says no way until its export sector has recovered more fully from the 2009 worldwide economic collapse.

The US also wants more access to Chinese markets and a tougher approach to intellectual property protections. China says its economy is still developing and that this is an unfair double standard.

Firms are still opening offices in China and Hong Kong at a steady pace. Obama’s visit follows -and even in one case, corresponds with - more firms’ announcements that they are opening offices in China and Hong Kong: Winston & Strawn LLP announced on Nov. 17 that it is opening offices in Beijing and Shanghai. On Nov. 5 Arendt & Medernach, the largest law firm in Luxembourg, announced the opening of its new Hong Kong office. SJ Berwin opened a Shanghai office in October 2009, crafting its notice to coincide with the 60^th anniversary of the PRC’s establishment. The firm launched a Hong Kong office in April 2009.

How US/China relations shake out for these and other foreign firms looking to cash in on more deals - in areas including M&A and private equity, among others - will depend on how Asian markets respond to their increased power relative to the rest of the world. A new study from Deloitte and mergermarket indicates that China’s outbound M&A market is growing. This means more opportunities for lawyers in other countries whose clients are parties to those deals.

Additionally, says the report, as these deals become more sophisticated, they also become more controversial and are subject to more regulatory delays - always good and bad news for

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