he US ranked first among all countries taking part in the ongoing China International Import Expo (CIIE) in terms of exhibition area. The enthusiasm of US companies underscored an intertwined, irreversible economic relationship between the two countries, wrote Qiao Jihong in a commentary for the Xinhua News Agency.
Altogether 192 US enterprises are taking part in the second CIIE in Shanghai through November 10, with an exhibition area of 47,500 square meters, reported Xinhua, citing data from China’s Ministry of Commerce.
That US enterprises cover the largest exhibition shows the diversity and the huge scale of Sino-US cooperation and their strong willingness to cooperate, Qiao wrote. Specifically, US companies come from a wide range of industries including equipment manufacturing, tech, automotive, chemical products and foods.
Since the establishment of diplomatic relations 40 years ago, Sino-US bilateral trade in goods increased 252 times. In 2017, US-funded enterprises saw annual sales revenues of US$700 billion in China and more than US$50 billion in profits. The industrial chain, supply chain and value chain of the two countries are deeply connected, she noted.
The strong presence of US companies shows their strong confidence in the China market despite the uncertainty of US-China trade ties, she commented. Just as there are more American businesses participating in the CIIE than last year, many returning companies have expanded their exhibition areas. Honeywell, for instance, tripled its exhibition area.
China’s appeal to foreign businesses is growing, Qiao wrote. Besides demand from its industrial and consumption upgrading, China is also becoming one of the world’s major markets for technological innovation, digital transformation and industrial internet development, providing huge opportunities for companies around the world.
Equally, the phenomenon underscores the deep economic integration between China and the US. American multinationals are deeply invested in China’s development. General Electric, for example, has aided China’s clean energy strategy, technology-driven medical care, and Internet+ through a series of industrial equipment and digital solutions.
The China and US economies complement each other; strengthening cooperation is an inevitable choice based on market behaviors and meets the expectations of people in both countries, she concluded.