This week, a U.S. Business group organized by the US-China Business Council and joined by US executives, including Jeff Williams of Apple and Sanjay Mehrotra from Micron, visited China and held meetings with China’s Vice Prime Minister He Lifeng, State Councillor and Foreign MinisterWang Yi, Commerce Minister Wang Wentao, and Li Chunlin, Vice Chairman of the National Development and Reform Commission (NDRC). The delegation also visited Guangdong province and met with the Guangdong governor and mayor of Guangzhou.
This is the first US business delegation to visit China after the Third Plenum.
UCBC also held a conversation on Monday, and business leaders from the U.S. and China participated. This conversation is an annual session that started in 2015. The U.S. Participants include bosses of Nike, Boeing, Starbucks, Miron, Qualcomm, Honeywell and United Family Healthcare.
For the Chinese side, unlike in past years, China's press release this time did not disclose any attending companies. But I believe most of them are state-owned companies. Besides traditional topics like the business environment in both countries, digital transformation, etc., this year added a very interesting topic: The role of business leaders in maintaining mutually beneficial relations and how business partners from both sides could help each other to tackle uncertain US-China relations and ensure continuing growth.
All the participating American companies have significant business interests in China. This is a mutually beneficial situation for both sides. Some American companies, like Micron, may hope to ease China's sanctions, while most American companies want to understand the policy direction after the Third Plenum and what it means for them.
The Chinese government and media extensively covered this visit. Interestingly, however, the U.S. media was quite silent, with almost no coverage. USCBC published a press release but highlighted that the purpose of the visit is to seek “a more stable, fair and predictable business environment in China, address longstanding and new barriers to China’s market, and improve the bilateral relationship, which supports both economies and global stability.”
Below are press releases for the above meetings.
CCTV: He Lifeng Meets with U.S.-China Business Council Board Delegation
Xinhua News Agency (Chinese): Wang Yi and He Lifeng Meet with U.S.-China Business Council Board Delegation
On July 22, Wang Yi, Member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, and He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, each held a collective meeting in Beijing with a delegation led by Christopher B. Smith, Chairman of the U.S.-China Business Council Board.
During the meeting, Wang Yi noted that the Third Plenary Session of the 20th CPC Central Committee had just successfully concluded. He expressed his hope that the U.S.-China Business Council and its member companies would leverage their experiences in China to convey a realistic, multidimensional, and comprehensive view of China to the U.S. government, Congress, and various sectors, thereby promoting a correct understanding of China in the United States.
In his meeting, He Lifeng provided an overview of the Third Plenary Session of the 20th CPC Central Committee, the current state of the Chinese economy, and the country's opening-up policies. He expressed his hope that the U.S.-China Business Council would use its influence to help U.S. companies seize opportunities, actively participate in China’s deepening reform and modernization process, and enhance mutually beneficial cooperation for win-win development.
Christopher B. Smith and other delegation members welcomed the significant signals of further deepening reform released by the Third Plenary Session of the 20th CPC Central Committee. They expressed confidence in the continued deep engagement of the U.S. business community in China and looked forward to deepening cooperation across various fields. The U.S.-China Business Council pledged to continue playing an active role in advancing U.S.-China economic and trade relations, contributing even more significantly to their development.
Xinhua News Agency (English): Chinese vice premier meets U.S. business delegation
BEIJING, July 22 (Xinhua) -- Chinese Vice Premier He Lifeng met with a delegation led by Raj Subramaniam, board chair of the U.S.-China Business Council (USCBC), here on Monday.
He, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, briefed the delegation on the third plenary session of the 20th CPC Central Committee, China's economic situation and its opening up.
It is hoped that the USCBC will give full play to its influence, and encourage U.S. companies to seize opportunities by actively participating in China's further deepening of reform comprehensively and Chinese modernization to deepen mutually beneficial cooperation and achieve win-win development, He said.
The guests said the USCBC is willing to continue to play a positive role and make new and greater contributions to the development of U.S.-China economic and trade relations.
Chinese Foreign Ministry: Wang Yi Meets with the U.S.-China Business Council Board Delegation
On July 22, 2024, Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, held a collective meeting in Beijing with a delegation from the U.S.-China Business Council Board, led by Chairman Christopher B. Smith.
Wang Yi welcomed the American business delegation's visit to China. He noted that last year marked the 50th anniversary of the U.S.-China Business Council, to which President Xi Jinping sent a congratulatory letter, fully recognizing the Council's work and encouraging it to build more bridges of friendly exchanges and practical cooperation between the two countries, contributing to a new chapter of win-win cooperation for the next 50 years.
Wang Yi stated that the Third Plenary Session of the 20th CPC Central Committee had just successfully concluded, an event of historic significance. He highlighted that the U.S.-China Business Council Board delegation was the first American business delegation to visit China following this important meeting, giving them the opportunity to witness firsthand the new atmosphere of China's deepening reforms. He stressed that China's progress has always relied on reform and opening-up, a principle that continues to drive the country's modernization efforts.
The plenary session passed a significant resolution, spanning over 20,000 characters and covering all aspects of advancing Chinese modernization, with over 300 important reform tasks set to be achieved by the 80th anniversary of the founding of the People's Republic of China in 2029. This will provide solid support for Chinese modernization.
Wang Yi further introduced the important measures of the resolution concerning deepening reform and high-level opening-up. He emphasized that China's reform and opening-up are principled and directed, aimed at perfecting and developing the socialist system with Chinese characteristics and modernizing the country's governance system and capacity. He reiterated that any attempt to alter China's social system and development path is futile, as China follows a righteous path chosen by its people, neither copying foreign models nor exporting its own.
Wang Yi remarked that China-U.S. relations are among the most important bilateral relations in the world, affecting the welfare of both peoples and the future of humanity. China's policy towards the U.S. remains consistent, stable, and continuous, adhering to mutual respect, peaceful coexistence, and win-win cooperation. China is committed to strengthening dialogue, managing differences, and expanding cooperation with the U.S., striving for stable and forward-moving China-U.S. relations. He expressed hope that the American business community would continue to work hand in hand with China, achieving greater development and contributing to the development of China-U.S. relations and the friendship between the two peoples.
Wang Yi listened attentively to the statements from the American representatives and addressed their concerns one by one. He reiterated President Xi Jinping's assertion that China and the U.S., as two major powers, must engage with each other and that attempts to change each other are unrealistic. He stressed that conflict and confrontation are unsustainable for both countries. From a "national priority" perspective, the world appears narrow and competitive. From a "shared destiny" perspective, the world is vast and full of cooperative opportunities. He expressed hope that the U.S.-China Business Council and its member companies would utilize their networks and influence to present a true, multidimensional, and comprehensive view of China to the U.S. government, Congress, and various sectors, promoting an accurate understanding of China in the U.S., ending economic, trade, and technological suppression, resolving barriers to cultural exchanges, and fostering stable and healthy China-U.S. relations.
Chairman Christopher B. Smith and other delegation members, including United Family Healthcare founder Roberta Lipson, Boeing International Group President Michael Nelson, ETS CEO Amit Sevak, and USCBC President Craig Allen, welcomed the significant signals of further deepening reform released by the Third Plenary Session of the 20th CPC Central Committee. They emphasized the importance of policy consistency, coherence, and stability in China for sustained long-term investments by foreign companies, including those from the U.S. They expressed confidence in deepening cooperation across various fields such as economic and trade, investment, green development, healthcare, education, and cultural exchanges, advocating for a strong and balanced U.S.-China relationship that aligns with the interests of both countries and their peoples. The U.S.-China Business Council pledged to continue leveraging its influence to steadfastly support the development of U.S.-China relations.
National Development and Reform Commission: Vice Chairman of the National Development and Reform Commission Li Chunlin Meets with the US-China Business Council Board Delegation
On July 23, 2024, Li Chunlin, Vice Chairman of the National Development and Reform Commission (NDRC), met in Beijing with a delegation from the US-China Business Council Board, led by Chairman Christopher B. Smith. They held in-depth discussions on topics of mutual concern, including green and low-carbon development, healthcare, and cooperation in the aviation sector. Representatives from United Family Healthcare, Boeing International Group, Goldman Sachs, Apple, and other companies participated in the meeting and communicated with relevant departments regarding their operations in China.
At the request of the delegation, Li Chunlin introduced the current state of China's economy and the policies related to promoting high-level opening-up. He expressed hope that the US-China Business Council and American companies will continue to play an active role in advancing trade and investment cooperation between China and the United States, as well as in fostering the healthy development of China-US relations.
Government of Guangdong Province: Wang Weizhong Meets with US-China Business Council Delegation
On the morning of July 19, Governor Wang Weizhong met with the delegation from the US-China Business Council in Guangzhou, engaging in discussions with Council President Craig Allen and representatives of member companies.
Wang Weizhong welcomed Craig Allen and his delegation to Guangdong and expressed gratitude for the US-China Business Council’s active efforts in deepening trade and investment cooperation between Guangdong and the United States. He mentioned that the recently concluded Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) focused on further deepening reform and advancing Chinese modernization. The session emphasized that openness is a distinct feature of Chinese modernization, advocating for adherence to the fundamental national policy of opening up and using openness to drive reform. By leveraging China’s large-scale market advantages, the aim is to enhance the ability to open up and build a higher-level open economic system.
As a major economic, populous, foreign trade, and innovative province in China, Guangdong has always placed high importance on developing economic and trade relations with the United States. Currently, Guangdong is thoroughly studying and implementing the spirit of the 20th CPC National Congress and the Second and Third Plenary Sessions of the 20th Central Committee. The province is earnestly implementing the important instructions from General Secretary Xi Jinping’s visit to Guangdong, following the specific deployment of the Provincial Party Committee’s “1310” plan. Guangdong is committed to continuous reform and opening up, promoting a spirit of daring to explore and innovate. The province aims to advance the new stage of Guangdong-Hong Kong-Macao Greater Bay Area construction, deepen comprehensive reform and high-level opening up, steadily expand institutional openness, reform foreign trade systems, and improve foreign investment and outward investment management systems. Guangdong is determined to attract and utilize foreign capital more vigorously and promote high-quality development and modernization through high-level openness. He expressed hope that the US-China Business Council would fully leverage its role as a bridge and actively promote Guangdong and the Greater Bay Area to its member companies, encouraging more enterprises to invest and thrive in the region, achieving win-win development.
Craig Allen congratulated China and Guangdong on their achievements in economic and social development. He stated that the US-China Business Council and its member companies remain optimistic about the development prospects of China and Guangdong. The Council is committed to further expanding US-Guangdong economic and trade cooperation and will encourage more US companies to explore the Guangdong and Greater Bay Area markets, sharing development opportunities and creating a bright future together.
During the meeting, representatives from companies such as General Electric Energy, Qualcomm, TE Connectivity, Johnson & Johnson, Milliken, Dun & Bradstreet, FedEx, Honeywell, ExxonMobil, and Medtronic shared their insights. Wang Weizhong and relevant Guangdong provincial department heads responded to the companies' concerns and cooperation visions.
Provincial leader Zhang Xin also attended the meeting.
Guangzhou Municipal Government: Mayor Sun Zhiyang Meets with US-China Business Council President Craig Allen
On the morning of July 19, Guangzhou Mayor Sun Zhiyang met with Craig Allen, President of the US-China Business Council, and representatives of member companies.
Mayor Sun Zhiyang highlighted Guangzhou's long history of over 2,200 years and its enduring vitality through the ages. He noted that Guangzhou is an international trade center, a national advanced manufacturing base, a comprehensive gateway, and a significant hub for international technological innovation. The city boasts a full range of industries, rich application scenarios, an excellent business environment, strong urban vitality, and a positive development trend. Currently, Guangzhou is committed to the goal of "Working Hard for Twelve Years to Rebuild New Guangzhou." The city is steadfastly deepening reform and expanding openness, seizing major opportunities such as the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the development and opening up of Nansha. By prioritizing industry and establishing itself through manufacturing, Guangzhou is accelerating digital and low-carbon transformation and solidly promoting the Chinese-style modernization practice in Guangzhou. Mayor Sun expressed his hope that the US-China Business Council would play its role as a bridge, encouraging more US companies to invest and develop in Guangzhou, and deepen pragmatic cooperation in green energy, advanced manufacturing, biomedicine, digital economy, logistics, and other fields. This would achieve mutual benefits and win-win outcomes. Guangzhou is focused on creating a business environment that is perceptible and appreciable to enterprises, providing better conditions and a superior environment for various enterprises to invest and develop in the city, and helping businesses grow better and entrepreneurs succeed faster.
Craig Allen stated that Guangzhou has always been one of the preferred investment destinations for US companies in China. The excellent business environment in Guangzhou instills strong confidence in US companies for investment and operations. The US-China Business Council is committed to promoting mutually beneficial trade relations between the US and China and will further deepen economic and trade cooperation between the US and Guangzhou, encouraging more US companies to invest and establish roots in the city.
During the meeting, representatives from companies such as Dun & Bradstreet, General Electric, Milliken, FedEx, Kraft Heinz, BD Medical, and Cargill shared their insights. Mayor Sun Zhiyang responded to the companies' concerns and cooperation visions.
City leader Tan Ping attended the meeting.
Zheng Zhi Jian(政知见), official WeChat blog of China Youth Daily: First Delegation from U.S. Business Community Visits China Post-Third Plenary Session of the 20th CPC Central Committee: Key Insights
On July 22, Chinese State Councilor and Foreign Minister Wang Yi, and Chinese State Councilor and Vice Premier He Lifeng, met separately in Beijing with a delegation led by Craig Allen, Chairman of the US-China Business Council (USCBC).
On the same day, the China-US Business Leaders Dialogue was held in Beijing. This dialogue was jointly organized by the China Council for the Promotion of International Trade (CCPIT), the China Chamber of International Commerce, and the USCBC. CCPIT Chairman Ren Hongbin specifically met with the delegation led by Craig Allen.
There are several important points worth noting.
First, the first US business delegation to visit after the plenary session.
From July 15 to 18, the Third Plenary Session of the 20th Central Committee of the Communist Party of China was held in Beijing.
The USCBC delegation is the first US business delegation to visit after the Third Plenary Session of the 20th Central Committee.
During the meeting, Wang Yi said, "You are the first US business delegation to visit after the plenary session, and you can be the first to sense the new atmosphere of China's further comprehensive deepening of reform. Your visit is very timely."
Wang Yi stated that the Third Plenary Session of the 20th Central Committee of the Communist Party of China has just been successfully held. He hopes that the USCBC and its member companies will use their development experience in China to tell the US government, Congress, and various sectors about the real, three-dimensional, and comprehensive China. He also encouraged them to issue objective, positive, and rational voices to help the US establish a correct understanding of China.
He Lifeng introduced the Third Plenary Session of the 20th Central Committee of the Communist Party of China, the economic situation of China, and China's opening-up policies. He expressed hope that the USCBC would fully leverage its influence to help American companies seize opportunities, actively participate in China's further comprehensive deepening of reform and the process of Chinese-style modernization, and deepen mutually beneficial cooperation for win-win development.
Ren Hongbin, in his meeting, introduced the relevant details of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, and focused on explaining important measures related to high-level opening-up.
Second, the newly appointed Chairman Craig Allen led the delegation.
The USCBC, established in 1973 and headquartered in Washington D.C., was a private organization set up by the US side specifically for trade with China before the establishment of diplomatic relations between the two countries. It has long been committed to promoting the development of US-China relations and economic and trade cooperation between the two countries.
The council has more than 270 American member companies doing business in China, including 3M, Adobe, Apple, Amazon, Bank of America, Coca-Cola, Disney, GAP, and Walmart.
On December 15, 2023, President Xi Jinping sent a congratulatory letter to the USCBC on its 50th anniversary.
Xi Jinping emphasized that Chinese-style modernization would bring more opportunities to companies from all countries, including American companies. He highlighted the enormous potential, vast space, and promising prospects for enhancing US-China economic and trade cooperation.
Xi Jinping stated, "I hope that the USCBC and its member companies will continue to build more bridges of friendly exchanges and weave more ties of pragmatic cooperation between China and the US, contributing to a new chapter of cooperation and win-win development for the next fifty years."
Craig Allen recently took office. On June 13, 2024, the USCBC announced the new board members and the election of Craig Allen, President and CEO of FedEx Corporation, as the chairman of the board.
Upon taking office, Allen stated, "China is a crucial global market for FedEx, our customers, and all USCBC member companies."
The previous chairman of the USCBC was Marc Casper, Chairman of Thermo Fisher Scientific. Last August, Casper led a USCBC board delegation to China.
Third, confidence in continuing to deepen engagement in China.
Reports indicate that the delegation members include Li Bijing, founder of United Family Healthcare, Stan Deal, President of Boeing International, Amit Sevak, CEO of Educational Testing Service, and Craig Allen, President of the USCBC.
They expressed their welcome for the important signals of further comprehensive deepening of reform released by the Third Plenary Session of the 20th Central Committee of the Communist Party of China.
"The consistency, coherence, and stability of the Chinese government's policies are crucial for foreign companies, including American ones, to continue their long-term investment and operations in China. We look forward to the plenary session driving a new round of economic reform and expanded opening-up, attracting more sustainable foreign investment."
"The American business community remains confident in continuing to deepen engagement in China and looks forward to further deepening cooperation in economic, trade, investment, green development, health, education, and cultural fields."
On July 22, the China-US Business Leaders Dialogue was successfully held in Beijing, with Vice Chairman of CCPIT, Yu Jianlong, attending and delivering a speech.
It was introduced that representatives from Chinese and American companies conducted in-depth discussions on "the current economic and business policy environment in China and the US, digital transformation and response to climate change, and the role of business leaders in maintaining mutually beneficial relationships."
This dialogue has been held six times, with the first dialogue held in Beijing in May 2015. The fifth China-US Business Leaders Dialogue was held in Beijing on August 21 last year.
Fourth, a firm commitment to being a stabilizing force in the development of US-China relations.
US-China trade cooperation takes place against the backdrop of US-China relations. In these talks, both sides expressed their desire for stable development of US-China relations.
Wang Yi stated that US-China relations are one of the most important bilateral relationships in the world. Whether the two countries choose cooperation or confrontation affects the well-being of their people and the future of humanity. "We strive to stabilize, improve, and advance US-China relations."
Wang Yi expressed hope that the American business community would continue to move forward hand in hand with China, not only achieving greater development but also making new contributions to the development of US-China relations and the friendship between the two peoples.
Several delegation members stated that US-China relations are the most important bilateral relationship in the world, with economic and trade relations being a stabilizing factor.
"The American business community is committed to building a strong and balanced US-China relationship, which is entirely in the common interests of the two countries and their peoples. The USCBC is willing to actively leverage its influence and role, firmly serving as a stabilizing force in the development of US-China relations."
China Council for the Promotion of International Trade (CCPIT): China-U.S. Business Leaders Dialogue Successfully Held in Beijing
On July 22, the China-U.S. Business Leaders Dialogue, co-hosted by the China Council for the Promotion of International Trade (CCPIT), the China Chamber of International Commerce, and the U.S.-China Business Council, was successfully held in Beijing. Vice Chairman of CCPIT Yu Jianlong attended and delivered a speech at the dialogue.
Yu Jianlong emphasized the deep interweaving of economic interests between China and the United States, highlighting the significant importance of enhancing trade and economic cooperation for the development of both nations and global growth. He encouraged the business communities of both countries to engage in candid exchanges, build consensus, and expand cooperation with a spirit of mutual respect, peaceful coexistence, and win-win collaboration. The CCPIT and the China Chamber of International Commerce will continue to serve as bridges and links for the business communities, contributing to the promotion of a coordinated, cooperative, and stable China-U.S. relationship.
This dialogue has been held six times to date. Representatives from Chinese and American enterprises engaged in in-depth discussions on topics such as the current economic and business policy environment of China and the U.S., digital transformation, responses to climate change, and the role of business leaders in maintaining mutually beneficial relationships.
Press Release of USCBC: USCBC Board Travels to China to Address Market Barriers and Discuss Commercial Relations
Top American executives advocate for a stable, fair and predictable operating environment in meetings with Chinese leaders
BEIJING—July 23, 2024—The US-China Business Council (USCBC), a private, nonpartisan, nonprofit organization of more than 270 American companies that do business in China, today concluded a three-day trip to Beijing to promote commercial exchanges, advance economic and policy priorities to further open and reform China’s market, and support ongoing US-China dialogues in meetings with Chinese government and business leaders. The trip included executives on USCBC’s board and was led by the council’s board chair, FedEx Corporation President and Chief Executive Officer Raj Subramaniam.
“We appreciate the opportunity to engage with Chinese leaders to promote commercial relations and advocate our priorities for the benefit of our companies and employees,” Subramaniam said. “We support the two governments’ efforts to regularly discuss and seek to manage bilateral and global challenges. USCBC remains committed to working with the United States and China on innovative solutions to make the world safer, healthier, and more prosperous.”
The USCBC delegation met with Vice Premier He Lifeng, leaders from several Chinese ministries, members of the business and academic communities, and US Ambassador to China Nicholas Burns. The trip comes after the conclusion of the third plenum, one of China’s most important economic policy meetings.
“The most well-known third plenum took place in 1978, when Deng Xiaoping announced the reform and opening policies that led to marketization and rapid growth of China’s economy,” USCBC President Craig Allen said. “It is that framework that has allowed foreign companies to invest and operate in China. Today, we hope to build upon those past opportunities to realize a more stable, fair and predictable business environment in China, address longstanding and new barriers to China’s market, and improve the bilateral relationship, which supports both economies and global stability.”
Additional board members who participated in the visit include:
Roberta Lipson, United Family Healthcare Founder and New Frontier Health Vice Chair
Sanjay Mehrotra, President and Chief Executive Officer, Micron Technology
Dr. Brendan Nelson AO, President, Boeing Global
Amit Sevak, Chief Executive Officer, ETS
John Waldron, President and Chief Operating Officer, Goldman Sachs
Jeff Williams, Chief Operating Officer, Apple Inc.
Established in 1973, USCBC represents many of the world’s largest brands doing business in China and for more than 50 years has advocated on behalf of its members, while promoting the many benefits of commercial exchange between the United States and China.