CGCC Launches its 10th Annual Business Survey Report
Washington, D.C. – On May 1st, 2023, China General Chamber of Commerce – USA (CGCC) and CGCC Foundation released their 2023 Annual Business Survey Report on Chinese Enterprises in the U.S. The launch event convened nearly 200 guests from the U.S.-China business communities at Hilton Washington DC National Mall The Wharf in Washington, D.C.
This year marks the 10th anniversary of CGCC’s survey report, which details the experiences and sentiments of Chinese companies in the U.S. based on first-hand responses from 101 companies and a select number of executive interviews. Aside from the most recent performances and status of companies in 2022, this year’s report expands the timeframe to the previous decade. It also overlaps with the volatile and splendid 10-year journey of most Chinese companies entering the United States.
Emceed by Peter Reisman, Co-Chair of the CGCC Government and Public Relations Committee, Chief Communications Officer & Managing Director at Bank of China U.S.A., the launch event opened with a presentation from Abby LI, Director of Corporate Communication and Research at CGCC, where she shared highlights from the report and various key findings.
“Today is the 10th Anniversary of our Annual Survey. Now we can proudly say that, for the past decade, as one of the most comprehensive research projects focusing on existing Chinese companies in the U.S., our survey helps to timely update business developments, and reflect on the issues they’ve encountered in the previous year.”
According to this year’s survey results, Chinese companies in the U.S. performed slightly worse than the previous year, with cautious expectations for subsequent developments. Tensions in U.S.-China relations and persistent inflation in the U.S. are top concerns for Chinese companies in the U.S. 81% of respondents are concerned with the bilateral tension between the U.S. and China; 68% show concerns over inflation in the U.S. and the impact on the economic environment.
The report also pointed out that Chinese companies are mostly satisfied with the U.S. market and have developed localization strategies to maximize business growth. Past up and down cycles help Chinese companies develop diversification capability to cope with short-term fluctuations. In the “up” market cycle, “new business areas and portfolio expansion” are the top strategic priorities adopted by Chinese companies.
The key findings presentation was followed by a panel discussion titled “A Bridge Across the Pacific – Reflections on Ten Years of Chinese Investment in the U.S.”
The panel featured Zhanfu (Jeff) YU, Partner of Roland Berger; Ben Jurjevich, Business Development Manager at BYD; Kurt Foreman, President & CEO of Delaware Prosperity Partnership; and John LING, Founder of LinVest Consulting. Moderated by Mike Walter, Principal Anchor of CGTN-America, the panel delved deeper into some of the survey’s key themes as well as best practices and challenges that Chinese companies have experienced throughout the past decade.
The launch event concluded with a panel discussion featuring Craig Allen, President of the US-China Business Council, and Pin NI, Vice-Chair of CGCC, President of Wanxiang America. With the title “Navigating the Complexities of U.S.-China Bilateral Investment: Opportunities and Challenges”, the panelists shared their views on the survey report and current Chinese investments in the U.S. as well as challenges faced by both U.S. and Chinese companies.
“I think now is a good opportunity not to take the [U.S.-China] relationship for granted but to maintain and repair those bridges, many of which are 50 years old and could need an upgrade,” said Mr. Allen.
“I hope that within the next six months, we will be able to witness an improvement, a stabilization, a firmer foundation for this bilateral relationship.”
Mr. NI also echoed similar themes, “as the Chinese saying goes, flowing water will not decay, we should let the flow start, people’s flow, technology flow, capital flow, etc. If we allow these flows to come through, businesses will thrive and communities will be benefited.”
CLICK HERE to read the full survey report
CLICK HERE to watch the event program
CLICK HERE to view photos from the event
Founded in 2005, the China General Chamber of Commerce – U.S.A. (CGCC) has been recognized as the largest and most influential non-profit organization representing Chinese enterprises in the U.S. As an independent, non-partisan, non-governmental chamber of commerce, CGCC provides a broad range of programs, services, and resources to over a thousand multinational members across the U.S., with a mission to create value, generate economic growth, and enhance cooperation between the U.S. and Chinese business communities.
About CGCC Foundation
Established in 2014, CGCC Foundation is a 501(c)(3) tax-exempt organization. The mission of CGCC Foundation is to deepen mutual understanding and cooperation between the United States and China through research, public charity and engagement in economic, cultural and social exchanges.