US companies look to seize opportunities from US-China cooperation

U.S. businesspeople have expressed enthusiasm about the potential opportunities arising from strong trade ties between the United States and China.

A Chinese delegation led by the China Council for the Promotion of International Trade (CCPIT) is paying a week-long visit to the United States.

The 50-person delegation will have extensive and comprehensive exchanges with the U.S. Department of Commerce, the State of New York, the State of Maryland, the U.S. Chamber of Commerce, the U.S.-China Business Council and other government departments and agencies, as well as U.S. companies, according to Ren Hongbin, chairman of the CCPIT.

“We look forward to achieving concrete results and fostering new growth drivers through this communication,” Ren told about 300 businesspeople from various sectors in both countries at the China-US Economic and Trade Cooperation Forum on Monday.

According to Ren, bilateral trade between the United States and China increased by 2.9% in the first half of 2024, and the number of American companies announcing investments in China increased by more than 20%. The value of actual investment doubled during the period.

“We are encouraged by the current administration’s efforts to resume bilateral dialogue and cooperation with China,” said Declan Daly, chief operating officer of the U.S. Council on International Affairs.

“We’re here because I want to meet people who can introduce us to Chinese infrastructure, Temu, TikTok and Shein,” said Jonathan Webb, co-founder and co-CEO of New York-based e-commerce company Packable, Inc.

The U.S. market wants to know more about what is made in China, from selfie sticks to wax-heating kits and magnetic puzzles to electric vehicle charging stations, Webb said on the sidelines of the forum.

“All these products are being manufactured in China and brought to the United States, but everyone is concerned about the tariffs. So we want to know how to try to mitigate these issues,” he told Xinhua.

Webb mentioned that he plans to work with Chinese manufacturers and said that such partnerships are necessary and will shape the future of his business.

Webb sees opportunities in bonded warehouses, foreign trade zones and some U.S. visa programs.

Ultimately, working with China creates jobs and economic stimulus in the United States, which is very important for municipalities across the country, he said.

Webb warned that a new increase in tariffs on Chinese-made goods would cause many US innovators who manufacture in China to go to other countries and create chaos.

“China’s involvement in the supply chain globally is very important,” he said.

Robert L. Garland Jr., CEO of Garland & Zhang, LLC, said he is working to promote international trade directly with Indian communities and cooperation between Chinese manufacturers and American retailers.

“In the last few years, we’ve seen a huge decline in items in the supply chain. So we want to re-establish ways to get them at affordable prices,” Garland told Xinhua.

Garland said the forum promoted more understanding of Chinese technology.

Jesse Weiner, managing partner at YK Law LLP, expressed satisfaction at seeing business, investment and commerce booming, in contrast to the slowdown during the pandemic.

Weiner said many U.S. entities, artists and influencers want to be in China and market their products on video-sharing platform Douyin, e-commerce platform Tmall and Alibaba.

“Now there is more positive cooperation and development between the two countries. I hope this continues,” Weiner said.

Daly told the forum that it is time for the United States to re-engage with China on issues of concern and the trade relationship to find negotiated solutions to long-standing disputes.

“To this end, we want to establish frequent bilateral dialogue,” Daly added.

Daly said there is no doubt about the importance of this massive economic relationship between the United States and China to its members, who collectively have annual revenues of more than $5 trillion and 11.5 million employees.

Peter Tichansky, president and CEO of the Business Council for International Understanding, said the United States and China are aligned on issues such as innovation, energy transition, artificial intelligence, chips and trade.

Source: Xinhua