US business community welcomes China-US summit with active responses amid warming bilateral ties
Published: Nov 12, 2023 10:49 PM
Photo: VCG

Photo: VCG

US commercial and trade representatives have expressed their excitement and anticipation ahead of the China-US summit to be held in San Francisco where the top leaders of the two countries are scheduled to meet, amid warming bilateral ties and resuming high-level interactions.

China's Foreign Ministry spokesperson Hua Chunying announced on Friday that President Xi Jinping will be in San Francisco from November 14 to 17 for a China-US summit meeting and the 30th APEC Economic Leaders' Meeting at the invitation of US President Joe Biden.  

Connie Cheung, a market development consultant representing the Almond Board of California in China, said she's really looking forward to the upcoming meeting between the two heads of state, as well as an improving bilateral ties.

"I hope the US government can scrap the punitive tariffs on Chinese products, and then China will cancel equally," Cheung told the Global Times, noting that the current almond trade has slumped due to the tariffs.

According to Cheung, almond products are subject to 55 percent tariffs - compared with none previously.

Nevertheless, despite that challenges remain, Cheung said the Almond Board of California still bet big on China market - which is their third largest market after India and Germany. "We are continuing our investment in China, create more innovative products, and hopefully the export amount will bounce back to the peak time years ago."

"China is the most creative and innovative economy in the world, and it will continue to develop," Don Anderson, CEO and founder of Evolution Time International - a wine enterprise based in California, told the Global Times in a recent interview.

Anderson noted that there is a huge potential between the two countries for trade, with the potential continuing aggressively in terms of technology and agriculture without question. 

Anderson also has high expectations for direct trade between California and China, saying that California is a powerhouse US state with a very good and strong relationship of China, which will continue to grow. 

California Governor Gavin Newsom wrapped up in October his weeklong trip to China with fruitful results. The US state signed multiple understanding of memorandums with Chinese provinces and a manucipality targeting cooperation in environment protection and climate change amid Newsom's visit, including South China's Guangdong, East China's Jiangsu and Shanghai.

The recent frequent China-US exchanges, from high-level officials to local governments, showcased a warming bilaterial relationship, while the business communities in both sides actively expressed responses and expectations for the upcoming summit to elevate the win-win cooperation to the next level, Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Sunday.

China's economic resillience and huge market potential will help improve business conditions for US companies while offering competivie and affordable products, especially as the global economy is struggling to regain momentum, Li said, highlighting the first official US participation in the just-concluded 6th China International Import Expo (CIIE) as a milestone event. 

The US Department of Agriculture led a delegation of US agricultural companies to attend the CIIE, which was the first time that the US federal agency participated in the expo. Meanwhile, more than 200 US exhibitors in the fields of semiconductors, medical devices, new-energy vehicles, cosmetics, and other sectors attended this year's CIIE, marking the largest US presence at the expo so far.

Amid the warming China-US ties, experts also urged the US to take pragmatic actions targeting China's concerns regarding key issues.

Chinese Vice Premier He Lifeng met with US Treasury Secretary Janet Yellen several times during his visit to the US from November 8 to 12, with cumulative duration of the talks reaching 10 hours.The pair struck consensus on strengthening communication and against "decoupling," according to a statement released by the Ministry of Finance on Saturday.

Amid the "frank, pragmatic, in-depth and constructive" talks, the Chinese side clearly expressed its concerns about the US restrictions on two-way investment in China, sanctions to suppress Chinese enterprises, export controls and the imposition of tariffs targeting China, Vice Finance Minister Liao Min, who was also a member of the Chinese delegation led by He to the US, said on Friday at a press conference.

These measures have interfered with normal economic and trade exchanges between the two countries, affected business expectations, and are not conducive to the long-term interests of US enterprises, Liao said. He noted that China urged the US to take practical actions to respond to China's concerns and China will unswervingly defend its legitimate rights and interests in development.