Officials emphasize bringing Sino-US ties on the right track

Around 400 business leaders and government officials from China and the United States met in New York on Thursday, calling for a more stable business environment between the two nations and acknowledging the 45th anniversary of China-US diplomatic ties this year.

"We look forward to working closely with the US side to follow up on the significant outcomes achieved at the San Francisco summit and restore China-US relations to the track of sound and stable development," said Xu Xueyuan, minister of the Chinese embassy in the US, at the China General Chamber of Commerce's 2024 Lunar New Year of the Dragon Gala on Thursday.

"So that enterprises of both countries can do business at ease and prosper together, and our people can increase exchanges and understand each other better."

Xu emphasized that China always welcomes the robust and stable growth of the US economy.

"We are glad to see American companies prosper and American people have better jobs and lives," Xu said.

"Likewise, the Chinese economy has also demonstrated resilience and rebounded amid global economic turbulence. Sustaining China's long-term growth has not and will not change."

China is advancing Chinese modernization with high-quality development and welcomes the US and other countries to share in the huge opportunities that this advancement will bring, she said.

"We also hope the US side will follow market growth and create a fair, just and transparent business environment in China, correct wrongdoings targeted at China, including lifting extra tariffs, tightening scrutiny on investment, restricting purchases of farmland, and throwing out various sanction lists," Xu said.

"What we need for our businesses is not chilling effects, but warm welcomes. What we must do for our people is not fabricating demonizing stories, but nurturing mutual understanding and friendship."

In video remarks to the gala, Chinese Commerce Minister Wang Wentao said China and the US enjoy mutually beneficial economic integration as the largest developing country and the largest developed country in the world, respectively.

Wang emphasized the substantial growth in trade between the two countries over 45 years, highlighting China's role as a crucial export market for almost every US state and that "the essence of China-US economic and trade relations is mutual benefit and win-win".

Wang made a commitment to expanding high-level opening up to the world, lifting foreign investment restrictions in manufacturing, easing market access in various service industries, and facilitating cross-border service trade and investment.

He said China will keep improving the business environment, optimize the foreign investment climate and attract foreign investment through specific measures, including regular engagement with foreign-funded enterprises.

Many companies said the biggest uncertain factor affecting confidence in cooperation is China-US relations, he said.

"Some people in the US have misunderstandings and misjudgments about China, and regard China as a competitor and a target of suppression and containment," Wang said.

"The US' actions such as imposing additional tariffs on China, tightening export controls, and restricting two-way investment not only harm the interests of both parties, but also undermine the stability of the global industrial and supply chains.

"In China-US relations, both countries benefit from cooperation and lose from confrontation. Cooperation is the only correct choice," he emphasized.

US Ambassador to China Nicholas Burns also sent his regards to the gala via video and acknowledged the 45th anniversary of US-China relations. He noted improved communication between the two nations since President Xi Jinping and US President Joe Biden's summit in San Francisco in November.

"We look forward to working with you individually working with your group to make sure that the US-China economic relationship continues in a positive direction," Burns told the CGCC members.