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CGCC Hosts the 2015 China-U.S. Investment Reception
On Monday, March 23rd, China General Chamber of Commerce – U.S.A. (CGCC)—the largest nonprofit organization representing Chinese enterprises in the United States—hosted the 2015 Ambassadors’ Reception at the Embassy of China in Washington, D.C. This event was held in conjunction with the Select USA Investment Summit.
With the support of the Chinese Embassy in Washington D.C., CGCC hosted the event in order to promote Chinese investment in the United States and allow CGCC members to share their experiences in the U.S. marketplace.
The Chinese Ambassador to the United States, Amb. Cui Tiankai and the United States Ambassador to China, Amb. Max Baucus, attended the event and served as the keynote speakers. Other participants included U.S. Deputy Secretary of Commerce Bruce Andrews, Mayor of Washington D.C. Muriel Bowser, Dalian Wanda Group Chairman Wang Jianlin, and former U.S. Ambassador to China Gary Locke.
"I am very pleased that we have such a large delegation from China," said Gary Locke, who led the Chinese delegation to the first Select USA Investment Summit in 2013.
Attendees of the event included over eighty CGCC members and over 150 members of the Select USA Investment Summit China Delegation from China and Hong Kong, in addition to eighty delegates from Taiwan. Several members of the U.S. Department of Commerce and the U.S. Chamber of Commerce attended as well.
Chinese investment in the United States has been growing rapidly in recent years. From 2008 to 2014, China's non-financial direct investment in U.S. companies grew 46%. By the end of 2014, Chinese non-financial direct investment in the United States was more than $20 billion, with total investment standing at $38.5 billion. The United States has become China's third largest destination for foreign direct investment. Chinese investment in the U.S. continues to promote economic growth and employment opportunities. Wanda’s acquisitions last year alone will maintain 20,000 jobs in the U.S.
Former CGCC Chairman Yuan Ning opened the reception by introducing the new CGCC Chairman, President and CEO of Bank of China USA Xu Chen. Mr. Xu was elected Chairman of CGCC earlier in the day by a majority vote of the executive board members. “I am extremely proud to introduce Mr. Xu Chen as the new Chairman of CGCC,” Mr. Yuan stated. "Xu will undoubtedly lead the organization with passion and intensity, and CGCC is certain to achieve new milestones under his new leadership."
Both Chinese Ambassador to the United States, Amb. Cui Tiankai and the United States Ambassador to China, Amb. Max Baucus spoke regarding progress in the U.S.-Chinese bilateral relationship and Chinese investment in the U.S.
"The United States and China bilateral relationship is the most important bilateral relationship, it cannot be said too often," said Ambassador Max Baucus. "Mutual trade and mutual investment is going to be the glue to help build the foundation for this relationship."
"Chinese investment in the US bring profits for Chinese investors. It also promotes economic growth of the US and provides a lot of job opportunities," said Ambassador Cui Tiankai, who made his address in Chinese.
After the event, former CGCC Chairman Yuan Ning thanked the organization for his four years of leadership. He stated, “I want to thank everyone involved with CGCC for allowing me to serve as Chairman of CGCC over the last several years. I am proud to turn the Chairmanship over to Mr. Xu Chen, and I know he will do an incredible job leading this organization.”
CGCC would like to thank all of the sponsors of the event, including Agricultural Bank of China, China Telecom Americas, Huawei Technologies USA, Delta Airlines, Allen & Overy LLP, Ernst & Young, and CBRE. Without your contribution and support, the event would not have been possible.
CGCC currently has six regional chapters across the U.S., located in Chicago, Houston, Los Angeles, New York, San Francisco and Washington D.C. It also has a growing number of industrial committees in Automotive, Energy & Chemical Industry, Finance, Information Technology, Real Estate, Trade and Transportation & Logistics. Thirty eight CGCC members are Fortune 500 companies. For more information about CGCC, please visit www.cgccusa.org.
Media Contact:
Ms. Sherry Qu
Tel: 646 918 7804 Email: yuan.qu@cgccusa.org