Mr. Colin Renk, Executive Director of ACSI,

Mr. Craig Allen, President of US-China Business Council,

Ladies and gentlemen, dear friends,

It is my great pleasure to once again visit Indiana, the state known as “The Crossroads of America”, and meet with our friends from the business communities. I want to thank ACSI for the thoughtful arrangement. I also want to take this opportunity to thank ACSI and the US-China Business Council for their long-term support and contributions to China-US economic and trade cooperation as well as people-to-people exchanges.

The economic and trade ties between China and Indiana are very close and the cooperation has yielded fruitful results. China has long been Indiana’s third largest export destination and third largest source of imports, and Indiana’s exports to China accounts for 7.88% of its total exports. Eli Lilly, Cummins, Corteva, etc. are all well known brands in Chinese market. More and more Chinese enterprises such as China International Marine Containers (CIMC) and Nanshan Aluminum are also developing well in Indiana and making important contributions to the local economic growth and employment.

However, some negative factors in China-US bilateral relations have been affecting the pragmatic economic and trade cooperation. The Section 301 tariffs are still there, moreover, a growing number of Chinese companies have been added to the sanction list as they were claimed to be a threat to American national security. These developments go against the wishes of the business communities of the two countries, harm the interests of the two peoples, and have had serious negative impact on the stability of the global industry chain and supply chain. In fact, it is American companies and consumers who bear 90% of the tariffs. The “Trade War” has cost US companies to lose market value of more than one trillion USD, and cost every American  household over 1000 USD each year. 

 We have yet to walk away from the shadow of a once-in-a-century pandemic, but new traditional security risks are already emerging. The global economic recovery is still weak and faltering, and non-traditional security threats such as climate change, food security, refugee issues, and terrorism are emerging one after another. In the face of unprecedented challenges, only by staying together in solidarity and cooperation can all countries defeat the pandemic. Only with  mutual respect, peaceful coexistence and win-win cooperation can we preserve the common security, and safeguard the well-being of all mankind. 

As the two largest economies in the world and permanent members of the UN Security Council, when China and the U.S. work together, they can make great things happen for the good of the two countries and the world at large; when they have serious problems or run into confrontation, it will definitely spell disaster for both sides and beyond.

Not long ago I had a conversation with the CEO of a U.S. Fortune 500 list company. The top-ranked company has further increased its investment in the Chinese market and continued to expand over the past few years. He said, “Our company has a history of more than 100 years. Therefore, when we look at development, from both challenges and opportunities perspective, it will not be for only the next few years, sometimes even not a dozen years, but a vision of coming decades, or even longer.” His words call for deep thoughts. 

The business communities of our two countries are direct participants, witnesses, beneficiaries, and also stakeholders of China-U.S. Cooperation. The choice and efforts of our two sides will certainly affect and determine the future of China-U.S. cooperation and relations.

I wish to share two points with you on China’s development and China-US relations.

 Firstly, China’s development means opportunities for all countries. The goal of China’s modernization is to provide better life for the 1.4 billion Chinese people. China has deeply integrated itself into the world economy and has become a vital engine for the global economic growth. Every year, China needs to import large numbers of key components, equipment and raw materials for its modernization and a variety of agricultural products and other consumption goods to meet people’s rising living needs. And there is great potential for China’s advanced service sector. No matter how the international landscape may evolve, China will stay committed to deepening reform and greater opening-up. We will continue to foster a market-oriented and law-based business environment up to international standards, expand market access, ensure foreign companies’ lawful and equal access to sectors that have been duly opened, and strictly protect intellectual property rights. We will continue to work hard to build China into a major market of the world and a popular destination of foreign investment. China’s economy is resilient, with sound fundamentals and great market potential. It will continue to provide countries around the world with an ever-growing market and more cooperation opportunities.

Secondly, to deepen the mutually beneficial cooperation between China and the US is in the common interests of our two peoples. It is the common expectation of our two peoples and should therefore be our common choice. Our two economies have been so mutually complementary and deeply interconnected that it is impossible for us to “decouple”. Currently more than 70,000 American companies are operating in China with their sales volume in Chinese market amounting to over 700 billion USD and profits over 50 billion USD. In 2021, the trade value of goods between China and the US grew by 28.7%, reaching more than 750 billion US dollars. Those figures show us that the big potential of China-US trade and economic cooperation, willingness of our two peoples and the clear choice made by market itself. China will always welcome U.S. business investment in China, and it falls on both sides to provide a fair, open and non-discriminatory environment for each other’s companies. Both Chinese and American companies can grow respectively and collectively in fair competition, achieve common development and prosperity in mutually beneficial cooperation. It can be and should be a relationship of mutual learning, mutual inspiration and mutual promotion. 

Today, China-U.S. relations are at a new historical juncture. During the virtual meetings between Chinese President Xi Jinping and U.S. President Biden, the two leaders reached important consensus that the two countries need to respect each other, coexist in peace, avoid confrontation and achieve win-win cooperation, which set the right direction for the development of China-US relations. Through our engagement and communication with Mid-west local governments, business communities and people from all walks of life, we have felt the solid public support for China-US relations. We should together choose cooperation and opportunities, to jointly create a better future for China, for the United States, and for the whole world.

Finally, I would like to take this opportunity to express our sincere gratitude once again to ACSI, and also to Mr. Colin Renk, the Executive Director. I hope that ACSI will continue to grow and serve as an important bridge to promote exchanges between Indiana, the United States and China. 

Thank you!