That figure is in large part the result of regulatory shackles, not a sign that more intervention is required.

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In his post-summit press conference, Sarkozy proclaimed triumph--he had brought the U.S. to the table and forced them to sign up to an extensive global regulatory agenda.

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During the debate, chairman of the Press Complaints Commission Lord Hunt of Wirral said he was "optimistic" the media industry could deliver its own regulatory structure without the need for legislation and with "comprehensive sign-up" from across the industry by the middle of 2013.

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Overall, legislators seemed amenable to the argument, a sign that these deals may eventually pass unmolested through the regulatory gauntlet.

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People who must agree to a recommendation are those who must sign off on it before it can move forward executives with legal or regulatory compliance responsibilities, for instance.

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He said a royal charter would help to create the world's "toughest" regulatory system, which would allow the imposition of "exemplary damages" on newspapers which refuse to sign up.

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One hopeful sign: The Obama administration has promulgated a new model Bilateral Investment Treaty that, despite extraneous regulatory baggage it comes with, could well help guide U.S.-China efforts in the direct of more, not less, open investment across borders.

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