China, US business leaders seek deeper ties

Chinese and US business leaders met in Washington DC to explore opportunities for deeper cooperation as the two countries continued high-level engagement and economic and trade exchanges while managing differences.

The meeting, held on Friday, came a day after Chinese Vice-Premier He Lifeng, who is also China's lead person for China-US economic and trade affairs, held a video call with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer. The two sides had "candid, in-depth and constructive exchanges", while China expressed serious concerns over recent US trade and economic restrictions, according to Xinhua.

"There's this myth out there that American companies don't want to do business with China, that American companies are leaving China, or that they aren't investing in China or welcoming Chinese companies in the United States," Sean Stein, president of the US-China Business Council, or USCBC, said.

"All of those are myths. All of those are false," he said. "American companies are committed to being in China. They're committed to partnering with Chinese companies."

Stein made the remarks on the sidelines of a meeting between a Chinese business delegation and representatives of USCBC member companies. The event was organized by the China Council for the Promotion of International Trade, or CCPIT, and the USCBC.

The USCBC is a nonprofit association representing around 270 US companies doing business in China, with members including major US companies such as Apple, Nvidia, Boeing, Ford, Amazon, Coca-Cola, JPMorganChase and Exxon-Mobil. The CCPIT is the largest trade and investment promotion agency in China, representing China's business community.

Ren Hongbin, chairman of the CCPIT, said the Chinese delegation's visit was aimed at implementing the consensus reached by the two countries' leaders and creating more room for cooperation between the Chinese and US business communities.

'Improvement in relations'

"We have seen improvement in bilateral relations, especially after the meeting between the two heads of state," Ren said.

According to the USCBC member survey released in June, 92 percent of surveyed US companies in China were profitable last year and 95 percent said the Chinese market helps them "stay globally competitive".

"Those are huge numbers," Ren said, adding the survey results reflected "the commitment and strong interest of US companies in China".

Ren also said US companies are expected to make up the largest national group of business participants at the Asia-Pacific Economic Cooperation CEO Summit when China hosts the 2026 APEC Economic Leaders' Meeting later this year.

"APEC is an incredible magnet. It brings together some of the world's most advanced and dynamic economies," Stein told China Daily.

"It's an unparalleled opportunity not just to talk with one company or one country, but to engage with officials and businesses from across the region and build consensus on issues that matter to companies and economies alike," he said.

"This is really about plurilateral and multilateral diplomacy and creating an environment across multiple economies where companies can thrive and economies can grow."

The Washington DC meeting followed stops by the CCPIT-led Chinese business delegation in Utah and Illinois, where Ren said the group sought to strengthen ties and create more opportunities for cooperation between Chinese and US businesses.