US enterprises will continue to invest in China: Commerce Secretary Raimondo
Published: Aug 30, 2023 02:40 PM
Starbucks to open its first Greener Store outside of North America in Shanghai Photo:Chen Xia/GT

Starbucks to open its first Greener Store outside of North America in Shanghai Photo:Chen Xia/GT

US Commerce Secretary Gina Raimondo expressed the hope that US enterprises will continue to invest in the Chinese market despite the current challenges.

She made the remarks when delivering a keynote fireside chat at the 8th Annual WeForShe conference in Shanghai on Wednesday.

The US and China have massive and consequential economic relationship, which is good for the world, good for China, good for America. "We want you here investing, growing. There are challenges, I know they exist, stay together with us so that we can work through these challenges," Raimondo said.

Set to leave China Wednesday evening, Raimondo said her trip from Sunday to Wednesday had included a "very productive set of meetings."

She met with Chinese Premier Li Qiang in Beijing before heading to Shanghai where she will visit New York University's Shanghai campus as well as Shanghai Disneyland, a joint venture of Walt Disney and Chinese state-owned Shendi Group and she plans to hold a press conference at a Boeing Shanghai facility before departing, according to a Reuters report.

Li said that mutual respect, peaceful coexistence and win-win cooperation are the correct ways for China and the US to get along, the Xinhua News Agency reported. Li noted that the essence of China-US economic and trade relations is mutual benefit and win-win results. "It is hoped that the US will meet China halfway," the Chinese premier said.

The high-level meeting came after Raimondo's several "candid and constructive" talks with senior Chinese officials including Chinese Vice Premier He Lifeng and Chinese Commerce Minister Wang Wentao.

During her four-hour meeting with Wang, the Chinese side expressed hope that the US would implement its statement since it has repeatedly stated that it does not seek to decouple from China, while the calling for US firms to continue their investment in China is being viewed as a concrete action by the US, observers said.

Raimondo said the overall message she wanted to deliver is to have more contact and communication with China. She noted that "it's just the beginning. We have the saying that action follows the words."

Prior to the commerce chief's call for more investment, many US firms have been operating in China and benefiting from the country's huge consumer market. 

US coffeehouse chain Starbucks said in early August that it will double down on "investment and product innovation, store experience, digitalization, and people", to create more distinct advantages to capture opportunities in China.

In July, US biotech company Moderna inked new deals with its Chinese partners that will boost the company's business expansion plans for China. The first investment by the firm in China could be worth as much as $1 billion.

Global Times