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Busines summit urges an end to China-US trade conflict

2019-May-18       Source: Chinadaily.com.cn

Officials, scholars and business executives from both China and the United States urged for an end to the trade conflict between the world's two largest economies as soon as possible, as the ongoing tension has hurt both economies.

Harley Seyedin, president of AmCham South China, said the Sino-US trade conflict should end soon, at the 2019 AmCham South China Asia Pacific Business Summit. [Photo provided to chinadaily.com.cn]

Officials, scholars and business executives from both China and the United States urged for an end to the trade conflict between the world's two largest economies as soon as possible, as the ongoing tension has hurt both economies.

"We are all concerned about what has been termed a trade war, and we all hope that it ends soon, and it must end soon as we need to lead the world together through cooperation and friendship," said Harley Seyedin, president of the American Chamber of Commerce in South China (AmCham South China).

He made the remarks during The 2019 AmCham South China Asia Pacific Business Summit held in the Guangdong provincial capital Friday.

"We strongly suggest that the leaders of both countries end the tariff-counter tariff approach and sit down to work out a mutually beneficial solution that is in the best interest of both nations," Seyedin said.

"Our membership believes trade is but just one small part of the US-China relationship. And our 2019 State of Business in South China study demonstrates that, at present, 78 percent of our American companies with investment in South China are primarily engaged in the production of goods and service in China for the Chinese market. Much of the components and materials used in such production are imported from the US," he said.

"And therefore, we, the more than 2,300 members of AmCham South China, who account for 40 percent of all US-China business, trade and investment, represent a substantial piece of the larger part of the US-China relationship. Our investment and hard work have greatly benefited the people of China and US alike," he added.

Chen Yuehua, Guangdong Provincial Department of Commerce deputy director general, said the US is the most important economic and trade partner of the province and both sides have a very good foundation for promoting economic and trade cooperation.

"The US is the biggest trade partner of Guangdong, with a trade volume reaching $132.29 billion in 2018," Chen said.

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Jim Levy, US consul general in Guangzhou, delivered a speech at the 2019 AmCham South China Asia Pacific Business Summit. [Photo by Zheng Caixiong/chinadaily.com.cn]

Last year the US constructed a total of 262 investment projects, with a contract investment of more than 4.67 billion yuan ($686.76 million) in Guangdong, while the province established 132 companies and subsidiaries in the US, with a contract investment valued at more than $500 million.

"Guangdong attaches great importance to improving economic ties with the US. and I believe both countries will finally reach a win-win deal," he said.

According to Chen, Guangdong will hold the third China (Guangdong)-US Investment and Cooperation Fair in San Francisco on June 7 to further expand economic ties between Guangdong and the US.

Jim Levy, US consul general in Guangzhou, said the Sino-US relationship is an important bilateral partnership in the world.

More than 400 government officials, scholars and business executives the Asia Pacific rim attended the event.

Editor: Monica Liu

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