Chinese investors well received
Updated: 2015-03-25 06:17
By CAI CHUNYING in Washington(China Daily USA)
Chinese Ambassador to the US Cui Tiankai (second from left), former US ambassador to China Gary Locke (middle), and US Deputy Secretary of Commerce Bruce Andrews (second from right), get together with Yuan Ning (left), president of China Construction America and former chairman of the China General Chamber of Commerce - USA (CGCC), and Xu Chen, president and CEO of the Bank of China USA and newly elected chairman of the CGCC, after the organization's 2015 China-US Investment reception at the Chinese Embassy in Washington on Monday evening. PROVIDED TO CHINA DAILY
For the 150 investors from China attending a major investment forum sponsored by the US government, there was a keynote speech by US President Obama and the exposure to high-level US officials continued at an evening reception in Washington hosted by the ambassadors of both countries.
"The United States and China bilateral relationship is the most important bilateral relationship, it cannot be said too often," said Max Baucus, the US ambassador to China, at the reception organized by the China General Chamber of Commerce- USA (CGCC) at the Chinese embassy on Monday evening.
"Mutual trade and mutual investment is going to be the glue to help build the foundation for this relationship," said Baucus, who is leading the Chinese delegation that attended the Tuesday session of the two-day SelectUSA Investment Summit. Organized by the US Department of Commerce to attract potential investors worldwide, it was held at the Gaylord Resort and Convention Center at the National Harbor in Maryland.
Baucus said he is very proud the Chinese delegation is the largest among all countries attending the summit, which attracted 2,600 attendees from more than 70 markets.
"Chinese investment in the US bring profits for Chinese investors. It also promotes economic growth of the US and provides a lot of job opportunities," said Cui Tiankai, the Chinese ambassador to the US, who addressed his countrymen in Chinese.
Cui said Chinese investment in the US has been growing rapidly in recent years. From 2008 to 2014, China's non-financial direct investment in US companies increased 46 percent. By the end of 2014, Chinese non-financial direct investment in the US was more than $20 billion, with total investment standing at $38.5 billion. The US has become China's third-largest destination for foreign direct investment.
Cui said both governments shall "actively and pragmatically push forward the rule-based and mutually-beneficial cooperation and reach consensus on a bilateral investment treaty to create a stable, transparent, open and predictable environment for investors from both countries."
US Deputy Secretary of Commerce Bruce Andrews, who hosted the daytime events of the Select USA summit, said, "The incredible turnout of the Chinese delegation in both years shows your country’s strong commitment toward investing in the United States."
"Our message is simple – America’s economic resurgence is real – and there is no better time to invest in our country," he added.
About 100 Chinese investors attended the first SelectUSA summit held in October 2013, which also had the largest delegation from China.
More than 80 current members of CGCC, the largest nonprofit organization representing Chinese enterprises in the United States, attended the meeting to share their know-how with their fellow newcomers.
Wang Jianlin, chairman of Dalian Wanda Group, which owns AMC movie chain in the US and a number of other US entities, is part of the Chinese delegation.
"Wanda has made internationalization its strategy," said Wang, whom Cui called "one of the most prominent Chinese entrepreneurs" and whom Baucus called his "poster child for positive attitude toward investing in the United States".
According to Wang, Wanda has invested more than $5 billion in the US, which is half of its global investment in the past three years. Wang is ranked as the No. 2 richest person in China according to Hurun Report.
Wang announced during his speech that his company will make more forays into the US with new acquisitions within the next 12 months.
Gary Locke, who led the Chinese delegation to attend the first SelectUSA summit while being the US ambassador to China, also attended the reception.
"As Chinese companies now grow in stature, it is only natural that they look to expanding and investing outside of China," said Locke. "Through your efforts in growing the business ties between the United States and China, you are helping to strengthen the US-China relationship, which is so critical not only to China, to the United States, but to the world."
For the investors who have potential interest in the nation's capital, newly elected Washington Mayor Muriel Bowser said, "Washington DC is open for business and right for investment. We are a city that is growing with immense opportunity." During the summit, the district's government is giving the Chinese delegation tours to see some current and potential investment projects.