A recent report titled The US-China Economic Relationship jointly released by the US-China Business Council (USCBC) and the Oxford Economics Institute points out that a healthy US-China economic and trade relationship can benefit the US, and that cutting tariffs on China will boost the US economy and create jobs.

"China will contribute about 30 percent or more to global economic growth over the next decade. We want to have a part in China's global growth," said Craig Allen, president of the USCBC.

90% of US firms want to stay in Chinese market

According to the latest data released by the General Administration of Customs, trade volume between China and the US in 2020 reached 4.06 trillion yuan ($627.70 billion), a year-on-year increase of 8.8 percent and 12.6 percent of China's total import and export value for that year.

At a point when global trade is shrinking sharply, stable and resilient US-China trade has become a positive stimulus for the US economic rebound. In light of this, US companies have full confidence in the Chinese market.

According to a report released by the USCBC, more than 90 percent of US companies believe that both market demand and profitability in China are stable and they have no intention of withdrawing from the Chinese market. They hope that bilateral economic and trade relations can develop in a healthy way.

US companies actively seek business opportunities at CIIE

In a bid to quickly enter or expand in the Chinese market, many US companies participated in the 3rd China International Import Expo (CIIE) in November 2020 with remarkable results.

US-based consumer staples giant Cargill, which has participated for three consecutive years, announced the official opening of its animal nutrition plant in Yichun, Jiangxi province, in mid-November, shortly after the closing of the 3rd CIIE. The new factory covers an area of nearly 48,000 square meters and has total investment of about 350 million yuan.

Liu Jun, president of Cargill China, said that the buyers and consumers at the expo were very interested in the company's products. The company has witnessed China's continuous efforts to improve its business environment and has great confidence in further exploring the Chinese market.

In the 3rd CIIE, Qualcomm presented a wide range of cutting-edge 5G technologies that use innovative applications to unleash the full potential of 5G. It also showcased its fruits of innovative cooperation under the trend of 5G+AI convergence.

"Qualcomm's participation in the CIIE for the third year demonstrates not only the company's gain from continuous and deep cooperation with Chinese industries and mutual growth with Chinese partners, but also its active response to the Chinese government's constant advocacy of an open and inclusive business environment," said Frank Meng, chairman of Qualcomm China.

Another old friend of CIIE, Dow Chemical Company, doubled its CIIE booth area compared with the 2nd edition, and exhibited 102 material science solutions in four major areas: new infrastructure, healthcare, transportation and environmental protection consumer products. The booth received over 5,000 visitors per day on average and garnered more than 100 purchase intentions.

Jim Fitterling, CEO of Dow, said that Dow is optimistic about China's economic prospects. The company will continue to expand its investment in China and boost its production, services and research capacity. He believes that China's new development pattern will bring more opportunities for Dow and its partners.

One of the largest companies participating in the 3rd CIIE, the biopharmaceutical company Merck Sharp & Dohme (MSD) introduced its products and R&D highlights in a number of areas, including vaccines, diabetes treatment, anti-infection and oncology.

Joseph Romanelli, president of MSD China, claimed his company highly recognizes the important value of this platform, and will continue to take part in it for the next three years. The company's goal is to provide wider access to health services so that its innovative medicines and vaccines can benefit more patients and the general public.

Fortune Global 500 enterprise Ford Motor signed import purchase agreements with its partners in previous expos, which supported the long-term sustainable development of the Chinese auto market and industry with real actions. In face of great changes or even inflexion points of the industry, Ford will adopt new initiatives to meet new market and consumers' needs. The Chinese market remains one of the most important strategic markets for Ford.

Tyson Foods, a Fortune 500 company, decided to locate its China headquarters in Shanghai after taking part for the first time in the 3rd CIIE, thus fully demonstrating the company's confidence in its investment in China.

Matthew Margulies, vice-president of China operations of the US-China Business Council, said "The US business community attaches great importance to the CIIE, as it has become an important platform to connect the world's goods and services.”

The 4th CIIE will be held in Shanghai from Nov 5 to 10, 2021. Hundreds of companies have already signed up for the event. China sincerely invites enterprises from around the world to participate in and support the CIIE, and to bring in more business partners to share the fruits of development.