GUANGZHOU, China, May 20, 2019 /PRNewswire/ -- Foreign business and
Guangdong provincial
officials are strongly suggesting
that China and the US return to
the negotiation table.
Deputy Director General Department of Commerce of Guangdong
Province Chen Yuehua is hoping for a quick and beneficial solution
in the best interest of both nations. Chen said at the 2019
American Chamber of Commerce in South
China's Asia Pacific Business Summit in Guangzhou that a joint effort between the two
governments and other institutions
can write a new chapter for mutual developement.
Charles Freeman, US Chamber of
Comerce Senior Vice President for Asia, echoed Chen's recomendation. "Tarrrifs
are not helping anyone. Perhaps it was useful of the administration
to send a wakeup call, but we are pretty sure the Chinese goverment
has woken up. It's time to get back to the table and finish this so
we all can get back to business," Freemen said.
Earlier this year, 2019 State of Business in
South China study
demonstrates that, at the present, 78 percent of AmCham South
China membership with investments in South China are primarily engaged in the
production of goods and services in China for the Chinese market. Many of the components and
materials used in such production
are imported from the US. Therefore, the more than 2,300 members of
the American Chamber of Commerce in South
China, who account for 40 percent of all US-China business,
trade and investments, represent a substantial piece of the larger
part of the US-China relations.
Freeman, a former assistant US Trade Representative for China
Affairs and principal US trade negotiator with China, said the US-China trading partnership
is the largest in the world and continues to expect a yearly 3.4
percent yearly growth in spite of the continued trade conflicts
between the two countries.
Director Chen said that pushing forward the liberation of minds
is important to China's future.
"Joint efforts between the two governments and institutions can
write a new chapter for mutual development," Chen said.
Dr. Michael Enright, who taught
at the Harvard Business School before
moving on to the University of Hong
Kong, said that although the relationship is ongoing, it was
originally based on a misunderstanding. "We thought that [a
relationship between China and the
US] would help China enter the
international community, but it was assumed China's system would change to be more similar
to ours. In reality, each side is working in their own
systems."
Every once in a while, according to Enright, the two countries
have to renegotiate their differences. These issues have been
developing since China's entrance
of the World Trade Organization in 2001. "Now, we come together
with a better understanding of each other's sides. We are less
likely to have false expectations going forward," he added.
Enright noted that several major provisions in the new
Foreign Investment Law have changed the nature of opportunities for
foreign businesses operating in China. The new law totally changed the
environment of those already not on negative list and streamlines
the process to open the doors for those entering the market.
Enright said that perhaps the most important provision of the
new law was the creation of a new framework for foreign
companies to raise complaints when they believe they have been
discriminated against. This provision, first publicly suggested by
the American Chamber of Commerce in South
China's in the 2019 White Paper and Special
Report, allows for a more nonpartial decision making
process.
AmCham South China President Dr. Harley
Seyedin said, "I must say that we are extremely happy that
our recommendation for the establishment of a new judicial
mechanism for foreign company complaints was included in the new
Foreign Investment law."
Seyedin said that conflict between the two greatest economies in
the hisotory of the world is
inevitable, but he is confident that the US and China can bring the trade talks to a
conclusion if officials from both countries remain committed to the
cause. The future will remain truly bright for foreign
business and investment in China,
Seyedin added.
About The American Chamber of Commerce in South China
The American Chamber of Commerce in South China (AmCham South China) is a
non-partisan, non-profit organization dedicated to facilitating
bilateral trade between the United
States and the People's Republic
of China. Certified in 1995 by the US Chamber of Commerce in
Washington DC, AmCham South China
represents more than 2,300 corporate and individual members, is
governed by a fully-independent Board of Governors elected from its
membership, and provides dynamic, on-the-ground support for
American and International companies doing business in South China. In 2018, AmCham South China
hosted more than 10,000 business executives and government leaders
from around the world at its briefings, seminars, committee
meetings and social gatherings. The American Chamber of Commerce in
South China is a fully-independent
organization accredited by the US Chamber of Commerce in
Washington, D.C. All AmChams in
China are independently governed
and represent member companies in their respective regions.
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SOURCE American Chamber of Commerce in South China