China and US business leaders applaud new dialogue

Business leaders from China and the United States pledged to reduce trade barriers and to build a new communication mechanism under the "New Normal", on the first China-US Business Leaders Dialogue on May 4.

The dialogue was initiated by China Council for the Promotion of International Trade and US China Business Council.

Thirteen Chinese companies including COFCO, SINOPEC and State Grid and seven US companies including Cargill, Dell and Dupont participated the dialogue.

Jiang Zengwei, chairman of CCPIT, said on the meeting that the China-US relation has gone beyond the bilateral scope, and become more and more important for the world order.

"The world economy is still going through the adjustment after the financial crisis; China and US are the top two economies in the world, and our cooperation will not only do good to the two countries, but also help build a prosperous world economy."

Government figures show that last year the bilateral trade volume between the two countries has reached $555 billion, and the bilateral investment has reached $120 billion.

Earlier this year, China amended the guidelines for foreign investors and loosened the restrictions for foreign investors. Jiang said this means foreign investors can expect a more transparent investment environment in China.

John Frisbie, chairman of USCBC, said the China-US trade bond has been bringing unprecedented benefit for the US. USCBC figures show that China has created a market volume of $350 billion for the US companies and China's increasing investment in the US has created economic growth and job opportunities.

"Opening such dialogues will help promote the business cooperation between the two sides, and it will be an important milestone for the two sides," he said.

Company representatives agreed that they should seize the opportunities brought by the Internet and innovation and to strengthen their cooperation in the new energy and financial areas.