Ambassador Zhang Yesui Delivers Keynote Speeches on China-US Economic and Trade Ties in Miami and Dallas
2010/10/09

Ambassador Zhang Yesui delivered two keynote speeches on China-US Economic and Trade Ties at the luncheons in Miami, Florida and Dallas, Texas hosted by the US Chamber of Commerce and its local partners on October 7 and October 8, 2010.

Ambassador Zhang briefed the audiences about the economic and trade relations between China and the United States. The economic and trade relations have become the areas where we see the most converging interests, and provided the crucial foundation for the overall China-US relationship. Currently, we are each other’s second largest trading partner. China is the third largest export market for the US. Since 2000, US export to China has grown by 330%. The US is China’s No. 1 source of foreign direct investment. Chinese investment in the US is also growing rapidly, said Ambassador Zhang.

Ambassador Zhang pointed out that the economies of China and the US are highly complementary and have become increasingly inter-dependent. Cooperation based on mutual benefit has always been the dominating trend in our trade relations. The US has shared the dividends of China’s economic growth and gained extensive and enormous economic benefits from its trade relations with China. In fact, China-US business ties have contributed to the US economy in a significant way, particularly in two aspects. First, the rapidly growing US export to China has created many jobs in the US. Second, China-US trade has brought real and tangible benefits to US businesses and households. As to the problems that have emerged in this process, they should not be politicized. Instead, we should address them properly through dialogue and consultation as equal partners.

China’s continued economic growth will help provide more opportunities for China-US business cooperation. Since the beginning of reform and opening up, China has opened up for foreign direct investment, which has contributed to China’s industrial upgrading and technological advancement, and which has also become an important part of the Chinese economy. Foreign businesses have benefited greatly from the open Chinese market. When the global financial crisis was at its worst, foreign companies were doing well in China. For many, their China business has become the bright spot and profit center in the global business growth of their parent companies. China is actively expanding its domestic market. US companies will continue to gain from the growing Chinese consumer market, noted Ambassador Zhang.

Ambassador Zhang said that in responding to the financial crisis, China has given priority to industrial restructuring and upgrading, and major efforts are being made in China to expand domestic demand, notably consumption demand, and transform the economic growth pattern. We have intensified the protection of intellectual properties and have put in place a comprehensive IPR legal framework and law-enforcement system including both administrative and criminal enforcement. We will continue to improve our legislations on foreign investment, comply with WTO rules and provide a stable, transparent and predictable investment environment. All US businesses are welcome to participate in China’s reform and opening up.

Ambassador Zhang also proposed some suggestions on expanding and deepening the economic and trade relations between China and Florida, China and Texas. He encouraged the business community of Florida and Texas to tap the potentials in expanding business ties with China and open a new chapter in their future engagement with China.

Ambassador Zhang also answered questions from the audiences regarding China’s economic situation, FDI of China, the challenges facing China in its development, the economic and trade relations between China and Latin America, RMB exchange rate, and the future development of China-US relations, etc.

 

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