Shanghai Today
U.S. companies in China remain steadfast in their commitment, says AmCham Shanghai president - October 31, 2024
上海美国商会会长表示，在中国的美国公司仍然坚定不移地履行承诺
Visitors queue up at the PepsiCo booth at the 6th China International Import Expo (CIIE) in east China's Shanghai, Nov. 8, 2023.
Amid rising geopolitical tensions, U.S. companies in China remain steadfast in their commitment, said Eric Zheng, president of the American Chamber of Commerce in Shanghai, emphasizing their long-term focus on succeeding in the Chinese market.
Zheng spoke about the long-term commitment of U.S. companies in China during a recent interview with Xinhua, anticipating China will continue to play a key leadership role in globalization.
"Our companies are in China for China," Zheng added. "China has a critical role to play in leading the globalization process in the new decades to come."
Comparing China's economy today to that of four decades ago, Zheng said, "China has benefited tremendously from globalization, particularly after joining the World Trade Organization. Many U.S. companies have been part of this process, and we've seen China's economic growth and integration with the rest of the world."
Despite a more competitive environment in the Chinese market, Zheng remains optimistic about China's potential. "China is still probably the most competitive manufacturing base in the world, with a developed ecosystem supporting manufacturing, including infrastructure, capability, talent and workforce," he said, adding that he thinks China will continue to enjoy these advantages for the next decade.
"We still believe the potential market is here. That's why our companies are not leaving," Zheng said.
The American Chamber of Commerce in Shanghai, or AmCham Shanghai, now has 2,800 members from more than 1,000 companies.
Acknowledging the geopolitical tensions between the United States and China, Zheng emphasized the importance of communication. "Since the summit in San Francisco last November, the two countries have established a series of channels of communication," he said.
"It's important for the U.S. and Chinese governments to coordinate and work together, so that their policies will be beneficial, not only to these two countries, but also to the Asia-Pacific Economic Cooperation and the world," Zheng noted.
Zheng also underscored the symbiotic nature of Sino-U.S. trade, particularly in agriculture. "The U.S. is an important exporter of agricultural products, and China is a substantial importer. This is a win-win scenario for both sides," he stated.
"During the China International Import Expo (CIIE) last year, we worked jointly with USDA to host a pavilion to promote American food and agricultural products. It was a great commercial success as we reached agreements with a value of over 500 million U.S. dollars." Zheng noted.
AmCham Shanghai and the United States Department of Agriculture (USDA) will partner again to launch the American Food & Agriculture Pavilion, promoting U.S. food and agricultural products at the upcoming 7th CIIE in Shanghai.
"For this year, we'll continue the effort for the upcoming CIIE. Our pavilion will be bigger than last year, and we are trying to present a better image," he said.
Covering over 240 square meters, the American Food & Agriculture Pavilion will feature 14 exhibitors, ranging from state representatives, national trade associations, food manufacturers, and export packaging companies, showcasing the diversity of the American agriculture and food industry, such as beef, wine, potatoes, and pet food, aiming to bolster U.S. exports to China and foster stronger commercial bonds.
The 7th CIIE, scheduled for Nov. 5 to 10 in Shanghai, has drawn participants from 152 countries, regions, and international organizations. A record-breaking 297 Fortune Global 500 companies and industry leaders are expected to attend the event.
Since its first edition in 2018, this expo has become an important stage spotlighting China's new development paradigm, a platform for high-level opening up, and a public good for the whole world.
Source: Xinhua
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