Hu Jintao and Obama Jointly Meet with Chinese and US Entrepreneurs
2011-01-20 16:41

On January 19, 2011, Chinese President Hu Jintao and US President Barack Obama jointly met with Chinese and US entrepreneurs at the White House.

Hu spoke highly of the participating entrepreneurs' contributions to the development of their own countries' economy and the progress of China-US relations. He encouraged them to seize the opportunities of the in-depth development of economic globalization, explore each other's market actively and push forward the mutually beneficial bilateral cooperation.

He pointed out that China-US trade, economic and investment cooperation has grown rapidly since the two countries established diplomatic ties 32 years ago. The bilateral trade volume increased from less than US$2.5 billion in 1979 to US$380 billion today, growing by over 150 folds. Mutual investment between the two countries started from scratch and has exceeded US$70 billion accumulatively. The bilateral trade, economic and investment cooperation brings about tangible benefits to their people and creates great business opportunities for enterprises of both sides. China is accelerating the change of economic growth mode and readjusting the economic structure and tries to expand domestic demand, especially consumption demand. The US is also rejuvenating its economy and implementing the program of doubling exports. Hu discussed with President Obama how to promote the comprehensive China-US economic cooperation. The two leaders agreed to strengthen pragmatic cooperation in the fields of finance, trade, economy, energy, environment, science and technology, agriculture and infrastructure. China-US trade, economic and investment cooperation enjoys promising prospects. He hopes that enterprises of both countries seize the opportunities and take active actions.

He noted that the Chinese side welcomes the development of US companies in China. China will adhere to reform and opening-up and provide, as always, a transparent, fair and efficient investment environment for all the foreign enterprises, including those of the US. All the enterprises registered in China enjoy national treatment. The Chinese government treats them equally in terms of certifying products with independent innovation, government procurement and IPR protection. The Chinese government supports Chinese enterprises in investing in the US and believes President Obama and the US government will build a fair playfield for the Chinese enterprises investing in the US.

Obama said that cooperation between the business communities of both countries is an important component of US-China relations. The US companies present at the meeting all have long-term cooperative relations with China and export products and services to China, which best mirrors the benefits the US gets from a sound US-China relationship. The investment of Chinese enterprises in the US helps boost the growth of the US economy. The annual export of the US to China has reached US$100 billion. The exports of manufacturing industry and agricultural products to China create 500,000 job opportunities in the US. The growth of US exports to China doubles that to other countries. There still remains great potential of US-China trade. The entrepreneurs are expected to provide advices on how to further push forward US-China economic relations. Obama stressed that there are unlimited opportunities for the Chinese enterprises in the US and hopes the business communities of both sides continue to strengthen cooperation.

Senior executives of Chinese and American companies, including Microsoft, Goldman Sachs, Motorola, Westinghouse Electric Company, Sybase, General Electric Company, Coca-Cola, DuPont, Dow Chemical, Boeing, Intel Corporation and the China Investment Corporation, Lenovo Group, Haier Group and WanXiang Group attended the roundtable. Some of them expressed views on the issues of trade and investment, the cooperation model between enterprises and government, the role of local governments in promoting investment, improving the business environment in the two countries as well as ways and channels of mutually beneficial cooperation between enterprises.

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Wang Qishan, Ling Jihua, Wang Huning and Dai Bingguo were present at the meeting.

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