Conference focuses on US-China business relations

The United States and China must strive to maintain their crucial trade relationship, as the partnership is "vital" for the success of both large and small businesses worldwide, according to several attendees of the Canton Fair Conference in New York.

Hu Wei, president and CEO of Bank of China US, told China Daily: "Unfortunately, we do see some of the changes of back and forth recently (between the US and China). We do believe that the two governments can solve them properly to provide a level field for both sides and to provide an acceptable atmosphere for business, so that we can have more opportunities for both sides."

The promotional conference, held at the Bank of China tower in Manhattan on Wednesday, saw representatives from the Canton Fair, the Chinese Consulate General in New York, and the China Foreign Trade Centre (CFTC), which organized the fair, along with Bank of China representatives and small and large global importers and exporters.

Hu said the conference was important as it enables both American and Chinese business leaders to "gather and promote trade and investment to China and from China". He said that it was "really a testimony of the intertwined business relationship, which is so important".

Bank of China is working with businesses at the fair to provide a range of investments.

The Canton Fair, also known as the China Import and Export Fair, takes place twice a year in Guangzhou, in the spring and fall.

It is widely seen as a barometer of China's economy, trade and diplomatic friendships and partners.

The fair focuses on technology, production and other industries exporting from China.

The 135th fair, which concluded in April, attracted more than 246,000 visitors from 215 countries. It was estimated that more than 10,000 American companies participated in the event — the largest foreign group.

Big Lots Stores, a US discount retail chain with headquarters in Columbus, Ohio, has worked with Chinese manufacturers for more than 30 years.

Kevin Kuehl, Big Lots senior vice-president and general merchandise manager of home, apparel and global sourcing, first visited the Canton Fair in the 1990s.

"We still have long-term partnerships with our factories in China and those partnerships go anywhere between 20 and 30 years," he told China Daily.

"The political situation regarding trade doesn't typically come into conversation because we work as a business group and we continue to stay very close in that aspect."

Kuehl cautions that the company, like many others, is monitoring whether any additional US tariffs on China will be enacted. If so, he said Big Lots will have to "make adjustments to be thoughtful on how we present bargains to our customer".

The chain buys furniture, home textiles, pet products, outdoor patio furniture and other goods from China. It recently opened buying offices in Ho Chi Minh City, Vietnam, and Shanghai.

Kuehl acknowledged that while the last couple of years had been challenging, having overseas partners was very important.

"There are certain categories that China just is very efficient and cost-effective at, that even if we wanted to transition product out of China and into other countries, we're not capable of capacity or quality in those categories," he said. "We will continue to partner with China in categories that we know are critically important, and cost is important to our customer."

Other conference attendees included Chu Shijia, chairman of the board and president of CFTC; Kate Sullivan, executive director of the Greater?Columbus Chinese?Chamber of Commerce; and Abraham Merchant, president and CEO of Merchants Hospitality, which operates restaurants in the US and Middle East, such as the famed eatery Philippe Chow.

Yao Wenliang, economic and commercial counselor for the Chinese Consulate General in New York, told China Daily that the conference was "a very good opportunity, because China and the US economies are closely intertwined. It's vital, as there's great opportunities for both business communities, so, this is a platform."

Chinese Consul General Huang Ping?in New York said the fair showed China's strong commitment to opening its market to the world. He said decoupling was not an option, as the two countries "need each other".

Huang was encouraged by the meeting last year between President Xi Jinping and US President Joe Biden, which helped, in part, to stabilize relations, he said.

The next Canton fair, the 136th, will run from Oct 15 to Nov 4. It includes an exhibition hall and convention and business center, covering an estimated 1.1 million square meters with the indoor exhibit at 338,000 square meters and an outdoor area of 43,600 square meters.

Mike Carpenter, originally from England, works for the Global Sourcing Group in the US to get global clients unique products. He visited the fair in China seven or eight times before the COVID-19 pandemic and described it as "fantastic" and "absolutely huge."

"If you go there trying to find, for example, a factory that makes pens, you'll have 5,000 choices," he told China Daily.