Yangzhou looks to make its mark in New York

Yangzhou, a major city in Jiangsu province on China's southeast coast, is looking to expand business with New York.

"Compared with New York, a young, dynamic, open and innovative city, Yangzhou is an oriental city both with a long history and a new prospect, a city that best represents the Chinese characteristics and boasts international features," said Zhang Aijun, mayor of Yangzhou, at a Yangzhou city promotion and overseas capital-matchmaking symposium at Bank of China New York on Thursday.

The event was held with the aim of building a bridge of economic cooperation between Yangzhou and New York.

"Jiangsu province has always played a leading role in developing foreign trade compared with the other provinces, and Yangzhou stands out as a shining pearl of this abundant land," Zhang said.

"As an important component of Jiangsu's economy, Yangzhou's economy is growing rapidly, and it has gradually received attention from investors around the world," said He Changyun, representative of the Jiangsu Provincial Economic and Trade Office in East America.

Yangzhou's GDP has reached $6.45 billion, 38th among more than 300 cities in China. The city's competitiveness has ranked in the top 50 for many years, according to Zhang.

So far, more than 1,400 enterprises from 88 countries and regions are investing and developing in Yangzhou. Eighty-five of those enterprises are from the US, He said.

Zhang said the city's growing competitiveness has attracted financial capital.

"The scale and activity of finance is a decisive factor of the economic power and development level of a city; and those who have more financial resources hold the initiative of economic development," Zhang said.

He said Jiangsu province is an important hub of the Belt and Road initiative and the Yangtze River Economic Zone. Zhang believes that Yangzhou will exploit its advantages to provide more development opportunities for US enterprises.

"The driving force of economic exchanges between China and the United States can be truly felt," said Fang Wenjian, vice-president of the Bank of China New York.

Fang said that new aspects of China-US trade will include more and faster-moving investment.

Loop Capital, PwC and Mayer Brown attended the symposium and discussed products for cross-border investment.

The Yangzhou Municipal Government also signed a strategic cooperation agreement with the China General Chamber of Commerce-USA and Bank of China New York branch.

xiaohong@chinadailyusa.com