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Shanghai makes a difference on US-China relations under Trump, experts say
Experts believe Shanghai can help strengthen US-China relations in technology, economy, and culture, even amid challenges posed by Donald Trump's re-election.
"Shanghai plays a very important role in Sino-US relations," Wu Xinbo, director of the Center for American Studies at Fudan University, said at a recent forum on the topic to address challenges in bilateral relations.
The current environment differs from Trump's first term as economic constraints are more pronounced today than seven years ago, Wu noted. For instance, Trump now faces an era of high inflation.
Donald Trump, set to return to office in January for his second term as the president of the US, has proposed raising tariffs on Chinese-made goods by more than 60 percent. This move could further fuel inflation and drive up consumer prices in the US.
The competition between China and the US in scientific and technological innovation is intensifying, but there are still opportunities for Shanghai to advance Sino-US relations through people-to-people exchanges and collaboration in these fields, said Zhuang Jun, director of a department under the Shanghai Institute for Science of Science.
Investment and Trade Hub
Shanghai is influential due to its strategic position in attracting foreign direct investment and facilitating international trade. As of Sept. 24, the US had cumulatively invested almost USD17.9 billion in Shanghai, with over 5,860 American-funded enterprises in the eastern city. Meanwhile, Shanghai-based companies had invested USD8.6 billion in the US, according to Wu.
From January to September, imports and exports between Shanghai and the US reached nearly CNY354.2 billion (USD48.9 billion), accounting for about 10 percent of the total US-China trade volume, Wu added.
This year, the US participated in the China International Import Expo for the second time at a federal government level, sending a positive signal, said Eric Zheng, president of the American Chamber of Commerce in Shanghai. Exhibitors in the country pavilion signed 11 deals with a total trade value exceeding USD711 million, refreshing last year's record of USD505 million.
The world's two biggest economies have a trade and investment history spanning several decades, Zheng said, adding that regardless of geopolitical changes, American companies have long-term development plans in China, with long-lasting confidence and commitment.
"Increasing tariffs is not the best way to resolve trade disputes. In fact, raising tariffs would only harm consumers' interests and increase inflationary pressures," per Zheng.
Import duty hikes could hurt American companies in China. According to the latest China business report from AmCham, when asked how the US government could support foreign firms in China, 48 percent of surveyed companies recommended reducing tariffs on Chinese goods.
Source: Yicai Global
