Remarks by Chargé d’Affaires Xu Xueyuan at the CGCC 2023 SelectUSA Reception
Remarks by Chargé d’Affaires Xu Xueyuan at the CGCC 2023 SelectUSA Reception

Remarks by Chargé d’Affaires Xu Xueyuan at the CGCC 2023 SelectUSA Reception on May 1, 2023, in Washington D.C. 

Chairman Hu Wei,

Minister Counselor Laurie Farris,

Distinguished Guests,

Ladies and Gentlemen,

Good afternoon.

Today is International Workers' Day. I wish you a happy holiday!

Let me begin by extending, on behalf of the Chinese Embassy, appreciation to the China General Chamber of Commerce USA for hosting this reception in conjunction with the SelectUSAInvestmentSummit. The reception provides a platform for Chinese companies and their partners in the US to discuss issues of mutual interest.

I also would like to extend a warm welcome to over50 Chinese businesses that have traveled all the way to the US. Thank you for overcoming the various odds to attend the Summit, and for making the efforts to promote China-US trade and economic cooperation!

Ladies and Gentlemen,

As we meet, the world economy faces multiple challenges, from high inflation and weak demand, to geopolitical conflicts and financial turbulence. Global recovery is fragile, and growth remains sluggish. People call for a stronger momentum for world peace and new opportunities for global development.

China and the United States are the world's two largest economies and each other's important trading partner. We share common interests and shoulder common responsibilities in promoting global development. Our two countries must work together to build an open global economy. We need to share opportunities through opening-up, meet challenges through cooperation and promote a steady recovery of the world economy. Erecting walls, decoupling, severing supply chains, putting unilateral sanctions and maximum pressure will only hamper global growth and make supply chains less secure. These moves undercut the fundamental interests of China, the US and the world at large.

In 2022, two-way trade between China and the US reached 759.4 billion US dollars. This reveals the sober mind of the business community and the strong forces of the market. It also tells us one thing: win-win cooperation has the support from the people.

As an important force for Chinese modernization, Chinese businesses are of great significance to closer China-US trade ties and global economic recovery. China has become a major trading partner of more than 140 countries and regions. Every day, 320 million US dollars of Chinese direct investment goes to the rest of the world. In 2022, China's whole-industry, direct outbound investment proceeded to reach 146.5 billion US dollars. 145 Chinese enterprises now stand on the 2022 Fortune Global 500 list. The number has grown by two year-on-year, and has topped the list for four years. More and more Chinese enterprises in the US are developing businesses with long-term commitment. They are creating more jobs, taking more social responsibilities, and integrated into the local communities.

The economies of China and the US have high structural complementarity. Cooperation on economy and trade is essentially beneficial for both sides. The Chinese government's long-standing position of growing China-US economic and trade relationship remains unchanged. Senior US officials have also said on many public occasions that relationship with China is not a zero-sum game and that the US has no intention to seek a decoupling.

Unfortunately, the US actions have not fully reflected their words. Over 1,200 Chinese companies have been added to various lists of export controls and sanctions. In 2021, China's direct investment flow in the US fell by 7.2% due to political uncertainties. This year, many Chinese companies registered for the Summitwere unable to attend because their visas were denied. The US is also planning to introduce new policies to review outbound investment.

We hope that the US means what it says. We anticipate a fair, just and non-discriminatory environment for Chinese companies investing in the US. We hope that the investment behaviors of Chinese companies will be viewed in an objective and fair light, without political factors brought to interfere with economic cooperation. We call for an open, fair and transparent investment security review and for more opportunities for Chinese companies, so that they will gain greater confidence in investing in the US.

SelectUSAInvestmentSummitis an important platform for the US government to attract investors from all around the world. From this May 1st to 4th , the Summit will host about 100 events. Chinese enterprises present today could use this platform to gather investment information, find resources and learn about local markets, tax policies and legal systems. The US remains the world's largest consumer market, the most advanced financial system and a global highland for the creative minds.

To the Chinese business people: we hope you will demonstrate entrepreneurship, forge ahead, and work with local companies to jointly explore the market. Fully prepared to abide by laws and regulations, respect local culture, better serve local economic and social development, and make greater contributions to China-US cooperation and world economic recovery.

Ladies and Gentlemen,

The Chinese Embassy in the United States and Consulates General in New York, San Francisco, Los Angeles and Chicago welcome more Chinese companies to invest in the US. We will do our best to support and assist, help resolve the problems you encounter, firmly safeguard your legitimate rights and interests, and work for a more favorable political environment.

To conclude, I wish the Chinese business delegates a smooth and rewarding trip to the United States. I wish the CGCC every success!

Thank you.

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