CGCC aims for more economic co-op between China and the US

The United States has always been an attractive market for foreign businesses.

With the solid and robust diplomatic relationship between China and the US, as well as the growing economic impact of China, we have witnessed increasing business interactions between the two nations.

This growth is not only reflected in international trade, but also in capital investments.

Traditionally, China-US economic relations were largely based on trade. Even today, it still plays a crucial role. According to the US International Trade Administration, in 2014, China imported $124 billion of merchandise from the US, and exported $467 billion. China has become the US' second-largest trading partner in the world.

In addition to trade, Chinese foreign direct investment to the US has also gained momentum.

Chinese foreign direct investment to the US reached $46 billion in 2014, and has created more than 80,000 jobs. Last year alone, China increased its investment to the US by 25 percent, to $5.2 billion, which was almost twice of the investment amount from US to China.

Creating a more open and friendly business environment to foster bilateral investment has become the new focal point.

We are pleased to see that both governments have already reached agreements on a series of fundamental and important issues, such as prioritizing negotiations on bilateral investment treaties, initiating public-private partnerships, enhancing cooperation on education and research and committing to joint efforts on climate change.

To better facilitate such efforts, the China General Chamber of Commerce-USA's mission is to promote bilateral investment, enhance communication and develop local communities.

We believe that Chinese President Xi Jinping's first state visit to the US will further consolidate and expedite our process. CGCC will take this opportunity to better serve our member's interests and continue to promote bilateral investment.

The core value of CGCC has three important components: interaction, information and integration.

CGCC strives to provide members with the most necessary and up-to-date information through various platforms. We believe that the most efficient form of information-sharing occurs through direct conversations.

We put strong efforts to spread knowledge and information not only through in-person interactions, but also through various off-site platforms.

CGCC upgrades its website on a yearly basis, aiming to provide user-friendly online information search experiences to members and to the public.

We also make constant improvements to our internal monthly newsletter, which provides the latest news, findings and commentaries to members.

Our organization is a platform where our members' interests converge. On behalf of CGCC members, we feel obliged to deliver integrated voices, collective attitudes and progressive appeals.

To better facilitate this mission, CGCC has recently started a number of initiatives to strengthen our unity.

We have launched a whitepaper project, a public policy publication that overviews China-US economic development, trends and regulatory challenges faced by Chinese companies.

We have conducted business environment surveys to provide firsthand critical evaluation of the US market.

These two projects will help both countries better understand what Chinese companies are doing, how they are doing it and how confident they feel about the US economy.

In 2014, CGCC established the CGCC Foundation, a charitable organization affiliated with the China General Chamber of Commerce-USA. It is dedicated to fulfilling social responsibilities, giving back to local communities and enhancing mutual understanding between people in China and the US.

The CGCC Foundation is actively involved in charitable, educational and cultural exchange programs to benefit society.

Since its establishment, it has supported multiple charitable programs including the Pediatrics Foundation Programs in China, 100,000 Strong Scholarship Program, and the China National Peking Opera Co programs.

Born with such missions, CGCC has grown from a small organization 10 years ago with less than 100 members, to today a well-functioning chamber with more than 1,000 members, six regional chapters, and seven industrial committees. The investments of CGCC's members account for more than 60 percent of the entire investment volume of China to the US.

Moving forward, despite challenges, CGCC and its members will work together with their US partners, to create new business opportunities, to develop more membership programs and benefits, to foster better community development, and to bring significant impact on the global economy.

The author is chairman of China General Chamber of Commerce-USA; president & CEO of Bank of China USA.

(China Daily 09/25/2015 page23)