Chinese banking delegation visits Bay Area
Updated: 2014-07-18 13:53
By Lian Zi in San Francisco (China Daily USA)
A delegation of senior level Chinese government officials and banking executives started a week-long executive training program at the Stanford Graduate School of Business this week.
This is part of the delegation's three-week visit to the US, which also include a few days in the San Francisco Bay Area and Sacramento to explore financial regulation and management at the state and local level and technological innovations in payments systems.
Then they will travel to Washington, DC to meet with senior representatives at numerous government agencies and international organizations.
The purpose of the group's visit is to educate Chinese government officials and financial regulators about the US financial system, institutions and regulations, with a focus on electronic payment system.
The delegation attended a reception hosted by the Bay Area Council and sponsored by the Visa Corporation and Meridian International on Wednesday.
"The meeting came as China explores new foreign investment opportunities in the US and makes regulatory changes consistent with its emerging presence in foreign markets," said Del Christensen, chief of global business development at the Bay Area Council.
"We also provide American banks a unique opportunity to meet with top decision makers from China's banking and financial services sector, so as to promote trade between China and California," Christensen added.
Trade between China and US is on the rise. As more and more Chinese enterprises look overseas and start embracing the challenges and opportunities of globalization, Chinese banks' overseas presence and operation has become an irresistible trend. In 2012, the Industrial and Commercial Bank of China (ICBC), completed its purchase of an 80-percent stake in the Bank of East Asia (BEA), the first time a Chinese financial institution has taken a controlling interest in a US bank.
"As of now, seven provinces in China have built state relationships with California since Chinese President Xi Jinping's visit to California last year. In 2013, China-US trade volume was $562.3 billion and China invested nearly $14 billion into US market," said Xia Xiang, economic and commercial counselor of Chinese Consulate General. "So we are exploring the opportunities to set up a settlement center overseas in San Francisco."
The Chinese delegation consists of 15 executive deputies from organizations including the People's Bank of China, the China Banking and Regulatory Commission, the National Development and Reform Commission, the Ministry of Commerce, and Financial Affairs Officials from the governments of Shanghai, Tianjin and Guangzhou.
Xia Xiang, economic and commercial counselor of Chinese Consulate General in San Francisco talks about the current economic collaboration between California and China during the reception for a Visa-Meridian-sponsored delegation visit from China in the office of the Bay Area Council in San Francisco on Wednesday. Lian Zi / China Daily
(China Daily USA 07/18/2014 page2)