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New York, June 24th, 2021 – China General Chamber of Commerce – USA (CGCC) and CGCC Foundation released its 2021 Annual Business Survey Report on Chinese Enterprises in the U.S. Conducted in partnership with Ernst & Young LLP (EY US), the survey found that 83% of Chinese companies remain committed to investing in the U.S. The launch event attracted over 120 American and Chinese company executives and business leaders from various sectors.
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In its eighth consecutive year, the CGCC 2021 Annual Business Survey on Chinese Enterprises in the U.S. details the experiences and sentiments of 183 Chinese companies in the U.S. based on survey responses from the companies, as well as interviews with a number of select executives conducted in early 2021.
CGCC Vice Chairman, Chairman of the US Management Committee of ICBC, and General Manager of ICBC New York Branch, Yuqiang Xiao delivered welcoming remarks at the launch event. Mr. Xiao highlighted “the clear optimism and resilience on the part of Chinese companies” in this year’s survey. “I strongly believe and we do hope the survey will continue to act as a valuable tool for both the business community and policymakers in the U.S. and China that provides important data and insight to help relevant stakeholders better understand the position of Chinese investments in the U.S. and supports more fully informed and data driven decision-making” said Mr. Xiao.
The survey report’s key findings, presented by Abby Li, Director of Research and Analysis at CGCC, highlighted the optimistic outlook of the U.S. business environment, “Chinese companies expressed greater optimism about the direction of the U.S.-China bilateral relationship and economic cooperation, with 39% of respondents citing a moderate to substantial improvement compared to 33% in 2020.” The survey launch was then followed by a dialogue on “Investments in branding and understanding” between Richard Edelman, CEO of Edelman, and Linhua Guan, CEO of Surge Energy America.
The dialogue highlighted trust and brand building practices of Chinese companies in the U.S. Mr. Guan first shared his experiences leading Surge Energy, “My first lesson learnt in the U.S. is that trust is the foundation in everything Americans do in life.” By prioritizing trust building with the company’s internal and external shareholders, “Surge Energy America has grown from a small company to one of the largest oil producers in Texas,” and today, it celebrates the first 100 million barrels of oil it has produced since its operation started.
Mr. Edelman echoed Mr. Guan’s point on the importance of trust. According to the 2021 Edelman Trust Barometer Special Report: Trust, the New Brand Equity, “after quality and price, the third most important aspect of brand purchase is trust, it’s well ahead of brand love.” Mr. Edelman also emphasized that “trust is no longer conferred from top down, it is local, and it’s horizontal through the employees and the communities.”
EY US Partner and Americas China Overseas Investment Network Leader Shau Zhang delivered the closing remarks. “In uncertain times, purpose is what keeps us anchored, faster and more agile,” said Ms. Zhang, “our common goal to strengthen U.S.-China business relations also bound us with CGCC and many like-minded fellow CGCC members.”
As U.S. and Chinese businesses still hold deep commercial interests in each other’s markets, CGCC remains committed to not only carrying out more constructive engagements and encouraging positive conversations, but also building bridges and achieving greater synergies to encourage better understanding and cooperation between the world’s two largest economies.
CGCC extends great appreciation to all the speakers and participants.