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The event gathered over 200 members of the U.S.-China business community to promote sustainable growth, share experiences of Chinese investment, and provide a space for potential business cooperation
Washington, D.C. - On Monday, May 1st, 2023, China General Chamber of Commerce-USA (CGCC) and CGCC Foundation successfully hosted their eighth annual SelectUSA Reception at the Hilton Washington DC National Mall - The Wharf in Washington, D.C.
Reception speakers pose for a group photo. (Left to Right): Wei HU, Diane Farrell, Xueyuan XU, Laurie Farris, and Frederick Helfrich
Nearly 200 members of the U.S.-China business communities, including CGCC member companies, members of the Chinese delegation to the SelectUSA Investment Summit, and representatives from different U.S. state economic development organizations joined the event, which aimed to promote sustainable growth further, share experiences of Chinese investment, and provide a space for potential business cooperation.
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 event began with welcoming remarks from CGCC Chairman, President, and CEO of Bank of China U.S.A., Wei HU.
“Here at CGCC, we are committed to building relationships based on mutual benefit, mutual respect, and mutual understanding, and we believe that the opportunities ahead of us are limitless,” said HU.
“As we all know, the United States continues to be a beacon of innovation and entrepreneurship. After spending the last several years here in the U.S. and traveling from coast to coast meeting with CEOs and public officials, I remain confident and optimistic that opportunities for new collaboration exist and are in the economic interests of both our nations.”
Following Mr. HU’s remarks, Diane Farrell, Deputy Under Secretary for International Trade, recognized the long partnership CGCC has had with the U.S. Department of Commerce and emphasized the important contributions of Chinese companies in the U.S.
“The Department of Commerce and SelectUSA have been working with the CGCC since 2015 and we gladly participated in your annual event in parallel to the investment summit,” remarked Farrell.
“As our investment summit begins, I’m reminded of the contributions Chinese companies have made to growth and job creation in the U.S. economy. Such investments have deepened business relationships between our two countries, and they offer opportunities that benefit both of our countries.”
Xueyuan XU, Chargé d'Affaires, Deputy Chief of Mission and Minister at the Embassy of the People's Republic of China, emphasized the significance of Chinese businesses in the U.S. in creating jobs and strengthening the bilateral relationship.
“As an important force for Chinese modernization, Chinese businesses are of great significance to closer U.S.-China trade ties and global economic recovery....Our two countries must work together to build an open global economy. We need to share opportunities through opening up, meet challenges through cooperation, and promote a steady recovery of the world economy,” said Madame XU.
“Erecting walls, decoupling, severing supply chains, putting unilateral sanctions and maximum pressure will only hamper global growth and make supply chains less secure. These moves undercut the fundamental interests of China, the U.S. and the world at large.”
Laurie Farris, Minister Counselor for Commercial Affairs at the U.S. Embassy Beijing, China shared five competitive advantages of investment in the U.S. while acknowledging CGCC’s long-term commitment to the U.S.-China trade relationship.
“I wish to express my thanks to the CGCC for their long-term commitment to the U.S. -China trade relationship and for hosting this wonderful event tonight,” expressed Ms. Farris.
Among the five competitive advantages of investing in the U.S. shared by Ms. Farris included discussion of the U.S.’s regulatory environment “that is particularly conducive to starting and operating a business, encouraging free enterprise competition,” the strength of the U.S.’s diverse workforce, and “unfettered access to capital financing and funding.”
“To succeed in the U.S., you must know how to navigate it. Like China, the U.S. is a big country. Partners like CGCC are critical to helping you navigate a myriad of U.S. investment options.”
Frederick Helfrich, Commercial Officer at SelectUSA, closed the event program, further emphasizing the benefits of foreign direct investment in the U.S.
“We believe there is no better time to invest in the United States as the United States continues to welcome job creating business investment,” said Helfrich.
“The U.S. affiliates of Chinese companies play an important role in adding investments and jobs to our economy.”
CLICK HERE to watch the event program
CLICK HERE to view photos from the event
About CGCC
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.