Chicago mayor signs MOU with eight cities

Chicago Mayor Rahm Emanuel and representatives of eight Chinese cities signed a memorandum of understanding that focuses on several key sectors, including finance and insurance, tourism, transportation and logistics and infrastructure.

Emanuel, former chief of staff for President Barack Obama, met with the Minister of Commerce Gao Hucheng and leadership representatives of Beijing, Shanghai, Tianjin, Qingdao, Shenyang, Hangzhou, Wuhan, and Chengdu on a two-day trip to China to sign the Gateway Cities Agreement that "[fortifies] Chicago's place as a gateway for Chinese investment in partnership with these eight cities," according to a statement.

The collaboration between the two parties includes exchanging information about trade and investment, organizing trade and investment promotion missions, and organizing entrepreneurs to attend economic and trade fairs held in China and Chicago, the statement said.

"Over the years, we have forged robust cultural and economic relationships with our Chinese friends and after today's successful signing I believe Chicago and the People's Republic of China are on their way to a collaboration that is stronger than ever before," Emanuel said in a statement.

The Gateway Cities Agreement is the culmination of a January trade meeting between economic development agency World Business Chicago and business leaders in Hong Kong, Beijing and Shanghai to promote investment in Chicago.

Prior to the memorandum signing, Emanuel spoke to students and academics at Tsinghua University on the importance of collaboration between universities and global cities.

"The growth of student, cultural, and intellectual exchanges, of cooperation and collaboration between Chicago and China has helped both our universities give students not only a world-class education, but most critically our cities and nations a world-class workforce," he said.

In Beijing, Emanuel also met with Chinese Vice-Premier Liu Yandong, who visited Chicago last month as her first stop on a trip to the US.

"Regional cooperation is an important driving force for bolstering Sino-US ties, and constitutes a great part of bilateral people-to-people exchanges," Liu said, according to Xinhua.

Emanuel hosted Vice-Minister of Commerce Wang Chao and a business delegation to talk about business opportunities in Chicago last year. Since then, the mayor has also met with Mayor Tang Liangzhi of Wuhan to sign an MOU to promote collaboration between the two cities.

China is Chicago's largest global trade partner, with the country importing $51.2 billion of goods to the Chicago Customs District in 2012 and Chicago exporting $4.3 billion to China, according to figures from World Business Chicago. In addition, Chicago is the home of more than 40 Chinese companies, including the North American headquarters for turbine manufacturer Goldwind and automotive parts manufacturer Wanxiang.

Bank of China opened its first branch outside the East and West coasts in the US in Chicago late last year, making the Windy City the third city with Bank of China presence. In 2011, Cathay Pacific airline began offering direct flights between Chicago and Hong Kong, with the airline's service alone making up almost $200 million in economic activity in the Chicago region, according to the City of Chicago.

amyhe@chinadailyusa.com