United States-based companies are attending the sixth China International
Import Expo, showcasing their eagerness to deepen cooperation with China amid
gradually warming bilateral relations, according to corporate executives and
experts.
With closer ties most widely expected in healthcare, agriculture and
technology, the executives said China's increasing appeal for US companies will
continue due to its robust domestic market and unwavering dedication to opening
up its economy, despite globally subdued investment sentiment.
The scale of this year's expo, which runs through Friday in Shanghai, is the
largest in the CIIE's history.
The strong presence of US businesses at the expo came after high-level
exchanges between China and the US, and more efforts are likely to be made to
promote interaction and cooperation between the world's two largest economies,
experts added.
Stephane Bancel, CEO of the mRNA vaccine developer Moderna, said it was a
"very important and historic day" for the US company, after Moderna announced
that its research and production headquarters project broke ground in Shanghai's
Minhang district on Monday.
The 3.6 billion yuan ($495 million) project, the first investment of the
company on the Chinese mainland, is the largest foreign-invested biomedical
project in China to date.
According to Bancel, the company is set to tap into the Chinese market by
offering every patient personalized medicine, and it will conduct further
clinical trials of its new medicines in the country. It took only a couple of
months to materialize the strategic cooperation contract that Moderna signed
with Shanghai authorities in July.
The US Department of Agriculture is also leading a delegation of 17
exhibitors at the CIIE.
Liu Chang, vice-president of Cargill Investments (China), the Chinese branch
of the US agriculture and food company Cargill, said that "nearly one-fifth of
Cargill's consumers are in China, and the country is an extremely important
market for us".
"Whether it is raw materials or processed goods, China's vast consumer base
provides a huge market for agricultural products, giving China a core position
in the global agricultural supply chain," Liu said.
During the unveiling ceremony for a US agricultural product pavilion at the
CIIE on Monday, US Ambassador to China Nicholas Burns said that economic and
trade cooperation between China and the US is very important, and Washington
does not seek to decouple from Beijing.
Bai Ming, a researcher at the Chinese Academy of International Trade and
Economic Cooperation, said US companies' enthusiasm for the CIIE has
demonstrated that there is more room for bilateral economic cooperation between
the two countries, and further efforts can be undertaken to boost such
cooperation.
Mutual respect and win-win cooperation are what companies from both sides
want, Bai said.
Frank Meng, chairman of Qualcomm China, which is participating in the CIIE
for the sixth year, said the US chip heavyweight sees huge opportunities in
partnering with Chinese companies in 5G, artificial intelligence, internet of
things and intelligent connected vehicles, as the company highlights its
commitment to China.
"Qualcomm has consistently considered China as a pivotal business partner and
valued customer, viewing it as more than just a market or a link in the supply
chain," Meng said.
He added that in past years, smartphones that use Qualcomm's flagship mobile
chips and were launched by Chinese companies accounted for nearly half of the
initial launches worldwide. "This underscores the significance of the Chinese
market and our partnership with Chinese companies," Meng said.
Puay Koon Chia, Asia-Pacific president of the US-based global materials
science company Dow, said that the CIIE "is an important platform for us to
showcase our latest innovative technologies for China and the region", and "it
highlights the valuable partnerships we have in China".
The company signed a $300 million memorandum of understanding with ZKH Group,
a Chinese digital service company, at the CIIE on Sunday. Under the cooperation,
the two will tap into burgeoning silicone markets downstream, such as
electrification, transportation, packaging and construction.
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