HSBC China Forum 2018 Held in New York in Partnership with CGCC
NEW YORK – On July 30, China General Chamber of Commerce – USA (CGCC) partnered with HSBC to host its fourth annual China Forum at Time Warner Center in New York. With the theme “Openness and Opportunity: The Future of the China-US Corridor”, the forum convened a diverse array of experts, economists, corporate executives and investors from both the US and China to discuss their unique insights and experiences on advancing and executing their China strategy. A total of 200 people attended the forum. Representatives from CGCC member companies including China Telecom Americas, Broad USA, and China International Capital Corporation (CICC) US, participated in the panel discussion.
The forum opened with welcome remarks by the President and CEO of HSBC USA Pat Burke, who introduced the history and mission of HSBC and remarked on the ongoing opening-up of the Chinese finance industry. In the keynote speech, Helen Wong, the Chief Executive of HSBC-Greater China, highlighted the growing role of consumers and the service industry in China’s economic growth and the importance of continued trade between China and the US. Julia Wang, Greater China Economist at HSBC, shared her research on the challenges and growth opportunities for Chinese businesses under the ongoing US-China trade dispute.
In the first panel discussion, representatives from different divisions of HSBC and experts in foreign affairs and national security discussed “The Future of the U.S.-China Relationship”, moderated by Ben Laidler, Head of Research at HSBC USA.
The second panel “China’s Catalysts for Growth – Belt and Road Initiative, Green Development, and Digitalization”, moderated by Michael McDonough, Chief Economist for Financial Products from Bloomberg LP, was joined by keynote speakers Helen Wong and Julia Wang as well as representatives from AmCham and AmCham South China. When discussing technology and mobile banking, Wong commented that there is a lot of room for commercial banks to work alongside tech companies to improve their services. Wang further commented on digitization, expressing its great potential in the service industry in China.
In the third panel, “Exploring the Opening up of China’s Capital Markets – Challenges and Opportunities”, operated by Shery Ahn, Co-Anchor of “Bloomberg Markets” and ” Bloomberg Markets: Balance of Power” from Bloomberg LP, experts and representatives from HSBC, Vanguard, and MSCI shared their experiences in the Chinese and Asian financial market and discussed the changes and progress made in the Chinese market. They described some of the systems and routes US investors use in the Chinese market as well as some of the limits and constraints they face in accessing the market.
The fourth panel, “Chinese Investment in the US: The Path Forward”, moderated by Andy Serwer, Editor in Chief at Yahoo Finance, featured executives from CGCC member companies. Luis Fiallo, Managing Director of Business Development at China Telecom Americas, discussed how China Telecom was impacted by the current trade war and shared their strategy in coping with the challenges. Shuguang Wang, Executive Board Director of CGCC and Managing Director and Head of US Operation at Broad Group, shared his experience in dealing with US government regulation. When asked about Broad Group’s strategy in dealing with the steep tariff, Wang said, “As the traditional saying in China goes, Wei‘’ji(危机) means danger and opportunity come hand in hand.” Wang also recommended the CGCC 2018 Annual Business Survey Report as a great reference to better understand Chinese businesses in the US. Elaine La Roche, CEO of China International Capital Corporation US, shared some advice to Chinese businesses wanting to invest in the US market. She emphasized the importance of making a strategic decision based on the company’s long-term goal and understanding the strategic viability of M&A and U.S business culture.
A fireside chat with Stephen Hadley, Former United States National Security Advisor, moderated by Gerry Mato, Chairman of Global Banking and Markets at HSBC America closed the forum with an insightful discussion on the tariff, trade deficits, and the current administration’s concern on trade dispute.
CGCC would like to thank HSBC especially for their partnership and China Telecom Americas, Broad USA, and CICC US for their support. CGCC will continue to support and organize events that generate conversations and improve mutual understanding between the US and China in trade issues.