On January 12, 2022, The China-US Business Alliance held the 10 Year Anniversary Celebration in New York City. Chinese Consul General in New York Huang Ping delivered a video speech.
In his speech, Consul General Huang Ping first congratulated the China-US Business Alliance on the 10th anniversary, and expressed appreciation for the positive contributions made by the American business community, including the Alliance, to the development of China-U.S. relations. Consul General Huang Ping also reviewed the progress made in China-U.S. economic and trade cooperation since the establishment of the Alliance in 2011: In terms of trade, the bilateral trade volume between China and the U.S. in 2011 was $446.7 billion U.S. dollars, and in 2020, the bilateral trade volume increased to $696.3 billion U.S. dollars. In 2021, despite the double blows by Covid-19 and measures conducted by the previous U.S. Administration including tariffs, China-U.S. trade maintained rapid growth. The total bilateral trade in goods and the total U.S. exports to China both achieved a year-on-year growth of more than 30%, which fully demonstrates the mutually beneficial nature of the China-U.S. economic and trade relationship. In terms of investment, China is still one of the most important investment destinations for American companies. At the same time, a large number of Chinese companies, including Fuyao American Company, CRRC Massachusetts Company and Nine Dragons Paper Company, invested in the consular district, making positive contributions to local economic development and employment. In the financial sector, which is the focus of the Alliance members, since 2018, China has accelerated the pace of a new round of financial opening up, announcing more than 50 measures to open up the financial industry, benefiting many American companies. J.P. Morgan Securities (China) Company is China's first wholly foreign-owned securities company. Goldman Sachs follows and wholly controls its securities company in China. Black Rock Fund Management Co. becomes the first wholly foreign-owned public fund company, and S&P Global Inc is the first foreign rating agency approved to enter China.
Looking forward to the future, Consul General Huang Ping said that China will accelerate fostering a new development paradigm, with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, and promoting high-quality development. China will become the world's largest commodity consumption market by 2025 which will provide huge business opportunities for foreign companies. In the keynote speech at the opening ceremony of the 4th China International Import Expo, President Xi Jinping emphasized that China will unswervingly share market opportunities with the world, unswervingly promote high-standard opening up, and orderly expand the opening of service industries such as telecommunications and health care. Just last month, China unveiled the newest shortened negative list for foreign investment, which removed the foreign ownership caps on passenger car manufacturing companies. The Resolution of the Central Committee of the Communist Party of China on the Major Achievements and Historical Experience of the Party over the Past Century underlined that China will pursue a more proactive opening up strategy, advancing opening up on a larger scale, across more areas, and in greater depth.
Consul General Huang Ping pointed out that in Nov. 2021, President Xi Jinping and President Biden held a virtual meeting. During the meeting, President Xi put forward three principles for China-U.S. ties in the new era, namely mutual respect, peaceful coexistence and win-win cooperation. President Xi stressed that our two countries enjoy common interests in a wide range of areas and should complement each other and make the pie bigger for China-U.S. cooperation. He highlighted the economy, energy, education, science, technology and environment as potential growth areas and opportunities for China-U.S. cooperation. Economic and trade cooperation has always been an anchor and propeller of the China-U.S. Relationship. We hope American business community will actively support the development of bilateral relations，oppose the politicization of economic and trade issues, and encourage the U.S. administration to follow a sensible and pragmatic China policy.