Trade group expands network in US capital

Chinese Ambassador to the United States Xie Feng (second from left) attends the opening ceremony of the China Council for the Promotion of International Trade's new office in Washington, DC, on July 30, 2024. (MINLU ZHANG/CHINA DAILY)

A Chinese organization dedicated to promoting international trade and investment between China and foreign businesses expanded what it called its "circle of friends" in Washington on Tuesday, a move that a United States trade group sees as a positive sign for bilateral trade.

The China Council for the Promotion of International Trade, founded in 1952, works to strengthen the bonds between Chinese and foreign businesses and advances international economic and trade exchanges.

The organization, which opened an office in Maryland in 1988, moved to a new location in the US capital on Tuesday, sharing the same building with the US Chamber of Commerce. Around 130 business representatives from about 60 US companies and 40 Chinese companies attended a reception held to mark the opening of the office.

Chinese Ambassador to the US Xie Feng noted that the CCPIT hosted delegations from the US Chamber of Commerce in February, and from the US-China Business Council in July.

"The representative office of CCPIT has served as an important bridge and bond (for) Chinese and American business activities. It has played an important role in strengthening bilateral economic and trade relations," Xie said.

Tuesday's event followed the conclusion on July 18 of the third plenary session of the 20th Central Committee of the Communist Party of China, which highlighted expanding market access in various sectors and promoting an open economic system to benefit global cooperation.

"The session has made the arrangements for opening-up, including steadily expanding institutional opening-up, broadening market access, and effectively protecting the legitimate rights of foreign investment companies," Xie said.

He emphasized that the plenum represented "a clear signal of China's commitment to expanding a high-level opening-up".

China "will continue to forge a world-class business environment that is market-oriented, law-based and international, offering even greater opportunities for businesses from all countries," he said.

Xie told the business representatives that "We welcome you to continue the investment and business ties with China, to share in the dividends of this high-quality development".

"This will bring benefits to both our two peoples and help the two countries to embark on the right way to get along in the new era under the principle of mutual respect, peaceful coexistence, and win-win cooperation," he said.

A delegation from the board of directors of the US-China Business Council visited China last week.

Ren Hongbin, chairman of the CCPIT, along with a delegation of about 50 Chinese business representatives, made a reciprocal visit this week.

In the first half of 2024, bilateral trade between China and the US grew 2.9 percent year-on-year, and the number of US companies investing in China increased by more than 20 percent in that same period, with the amount of actual investment doubling, according to Ren.

He said that the two countries' industrial and supply chains are deeply integrated. In November, companies from the US sent the most exhibitors of any foreign country to the China International Supply Chain Expo, the world's first national exhibition focusing on supply chains.

Cliff Seagroves, principal deputy director of the Office of Foreign Missions of the US State Department, said he was pleased to see the CCPIT's new location finally opening in the heart of Washington.

"We're confident that this space will help bridge the gap between US and China and strengthen our economic cooperation for both US businesses and Chinese businesses," he said.

Craig Allen, president of the US-China Business Council, said the opening of the new office is a positive sign for returning to a growth track, increasing trade and investment and benefiting the people of both countries.

Charles Freeman, senior vice-president for Asia of the US Chamber of Commerce, said: "We're living in the age of small yards and high fences.… It's up to the business communities to move past all the frictions and the challenges and really implement what is at the heart and soul of the US-China relationship, which is the people-to-people relationship.

"There is no question in my mind, whenever someone asks, are the United States and China, are we actually going to enter into some real conflict? I say no. Because the relationship between people is so strong and so permanent that I think it can overcome," he said.

The Chinese delegation visited New York on Monday, continued to Washington, DC, and Maryland on Tuesday, and will go to Seattle, Washington, next.