— CGCC Hosted the 2018 SelectUSA Reception
On June 20th, China General Chamber of Commerce – USA (CGCC) hosted the 2018 SelectUSA Reception in Washington, DC. Wilbur Ross, US Secretary of Commerce, Zhu Hong, Minister for Commercial Affairs of Chinese Embassy in the US, Terry Branstad, US Ambassador to China, Gary Herbert, Governor of Utah, Matt Bevin, Governor of Kentucky, and Xu Chen, Chairman of CGCC and President and CEO of Bank of China USA, gave remarks at the event. Over 300 guests attended the reception, including John Hickenlooper, Governor of Colorado, CGCC members, China and U.S. government and businesses, and Chinese Delegation to the SelectUSA Investment Summit.
Chairman Xu Chen made a welcoming remark. Xu said, despite the intensified trade and economic relations between China and US, this evening’s gathering is “a true testament to the passion and commitment to dialogue” for future expansion of bilateral investment relations from both countries. He acknowledged the enormous economic benefits and social impact that CGCC member companies have brought to local communities in the US, with total investments exceeding 120 billion dollars. He also expressed the confidence that China and the US governments will focus on the big picture and seek common ground to benefit business communities on both sides.
Secretary Wilbur Ross, as the keynote speaker of the reception, said that Chinese affiliated companies are increasingly exporting products back to China, which is a positive trend that can help address the bilateral trade deficit between the two countries. He is hopeful for making progress and coming to mutually beneficial solutions that help both economies grow. He appreciated the support from Chinese investments for the benefits of the states, communities, businesses, and citizens in the US through good business relationships.
Minister Zhu Hong spoke highly of the US federal and local governments’ efforts in attracting Chinese investment to increase employment and stimulate economic growth. Despite differences in political systems and cultures, Zhu emphasized the importance of having patience and building trust to reach a mutual understanding between China and the US. He also noted that this year is the 40th anniversary of China’s opening up and next year will be the 40th anniversary of diplomatic relations between the two countries. Economics is the bedrock of this bilateral relationship, and it is imperative that it remains mutually beneficial and advances US-China cooperation.
Ambassador Terry Branstad welcomed Chinese companies and entrepreneurs in his speech. He said that states are ready to share investment projects that may interest Chinese investors. He also mentioned that there are many economic development organizations in the US —along with the US government, cabinet secretaries, and business people—that are eager to help Chinese investors to expand their businesses in the US. He encouraged Chinese business communities to take opportunities and resources they have to offer to further foster economic successes.
Finally, Utah Governor Gary Herbert and Kentucky Governor Matt Bevin introduced their established partnerships with Chinese companies—including growing mutual trade and cultural exchanges—and assured their continued commitment to creating a conducive environment with beneficial policies for future investment. Governor Herbert said that Utah is making great efforts in developing transportation, education, and high-technology industries, which will benefit Chinese businesses. Governor Bevin noted that Kentucky’s central geographic location makes it strategically advantageous for Chinese businesses.
Representatives from California, Georgia, Idaho, Maryland, New York, Texas, and Virginia also joined the Chinese business executives at the reception and expressed their welcome for Chinese investment and hope for expanded cooperation.
President Obama initiated the SelectUSA program in 2011 to boost foreign investment in the US. This is the fourth time that CGCC hosted the SelectUSA Reception for the Chinese Delegation to the SelectUSA Investment Summit with the aim to connect the US-China business communities and to promote sustainable growth of Chinese investment in the United States.