(Source: CCTV-2 "CCTV Financial Review" 2024-07-24)
In recent days, the U.S.-China Business Council delegation composed of heads of heavyweight American companies such as Boeing, Goldman Sachs, Starbucks, and United Family is visiting China. Foreign Minister Wang Yi and Vice Premier He Lifeng met with them respectively. In addition, the delegation met with representatives from various ministries, business and academia. This visit to China coincided with the conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, and has attracted much attention from all parties.
Why did the U.S.-China Business Council come to visit at such an important moment? They frequently expressed their commitment to long-term development in China and hoped to deepen cooperation. What kind of expectations are contained in their attitude? What kind of impetus will be injected into the healthy economic and w88 relations between China and the United States with the decision of the Third Plenary Session of the Central Committee of the Communist Party of China to build a new higher-level open economic system? CCTV Financial Review invitedTu Xinquan, Dean of the China WTO Research Institute at the w88 casinoInterpretation with financial commentator Xu Junming.
Mutual beneficial economic and w88 between China and the United States is the cornerstone of friendly exchanges between the two sides
CCTV Financial Commentary: The visit of the US-China Business Council Board of Directors delegation to China has attracted much attention. How important is this delegation? Dean Tu will introduce it to us.
Tu Xinquan:I am familiar with the U.S.-China Business Council. It was actually established in 1973, when China and the United States had just resumed exchanges. The establishment of such a foreign w88-themed group at that time reflected the high importance and expectations of the American business community for Sino-U.S. economic and w88 cooperation and exchanges. It also shows that economic and w88 exchanges are the most basic form of exchanges between the two countries. I attended its 50th anniversary conference held in Beijing last year. All relevant leaders and ministries of our country participated in the conference, and all the top board members of the committee came to China. The w88 Council represents the goodwill wishes of American society for friendly exchanges between China and the United States, and is a group that has very high expectations for China's long-term development prospects. Coming to China this time at the end of the Third Plenary Session of the 20th Central Committee of the Communist Party of China reflects our future development prospects and optimistic expectations for our decisions related to the Third Plenary Session of the Central Committee. Of course, our Chinese government also provides high-standard treatment and reception. This positive and benign interaction has a very positive significance for stabilizing U.S.-China w88 relations.
The American business community still cherishes China’s opportunities
CCTV Financial Commentary: A large number of foreign-funded enterprises have taken root in China and achieved considerable profits and sustained growth. What do the American business community think and what are their expectations for the Chinese market? Especially in the current complex and changeable circumstances, how should we view the mutually beneficial situation of Sino-US economic and w88, Dean Tu?
Tu Xinquan:I think there is a very mutually beneficial and win-win relationship between our foreign-funded enterprises, including American-funded enterprises, and China's economic development. Foreign-funded enterprises have made a lot of contributions to our economic development, including our technological progress, the training of our management talents, the development of the market, etc. Foreign-funded enterprises have made a lot of contributions. On the other hand, the Chinese market provides them with very good opportunities. The w88 Commission conducts a commercial and w88 survey every year, and you can see their profit performance. Basically, the vast majority of companies are profitable, with the highest reaching 97%. Although it has been somewhat reduced in recent years due to the impact of the epidemic, in general they have achieved very good returns in the Chinese market. I think the Chinese market is, on the one hand, a very important supply chain partner for them. China's production capacity and complete industrial system are very important to many American-funded companies. They can purchase a lot of intermediate products in China, or complete assembly in China to maintain the entire production system. But now, what is more important is China as a market. Deeply cultivating China or providing services to the Chinese market are their primary goals. Generally speaking, the economic and industrial structures of China and the United States are very complementary, and American companies have very good room for development in China.
High-level institutional opening will create a fairer and more transparent market environment
CCTV Financial Commentary: Building a new higher-level open economic system is an important decision of the Third Plenary Session of the Central Committee of the Communist Party of China. So how will it empower our current opening up in the future, and what new impetus will it inject into healthy economic and w88 relations between China and the United States? Let’s listen to Dean Tu’s observation.
Tu Xinquan:The decision of the Third Plenary Session of the Central Committee of the Communist Party of China once again reiterated its insistence on expanding opening up, which is very valuable, because the world is actually in a period of regression of globalization, but China still unequivocally supports expanding opening up, which is very valuable. I am particularly concerned that this decision has further differentiated and extended the concept of institutional opening. We have proposed this concept for several years, but its specific connotation still needs further supplementation. This decision provides a better explanation and elaboration of its connotation. It puts forward several very key points, such as property rights protection, industrial subsidies, environmental protection, labor protection, government procurement, e-commerce, etc., emphasizing that we must expand our institutional opening in these areas. The concept of institutional openness that I understand is a combination of opening up and reform. Because China has developed and opened up to this day, the Chinese market and the world market have been integrated to a large extent. Our domestic reforms themselves have international influence and have the significance of opening up. The convening of the Third Plenary Session of the Central Committee of the Communist Party of China has very detailed explanations for many of our reforms. Of course, in the areas mentioned in institutional opening, we have responded positively to the international concerns that we are very concerned about. We must adapt to the most advanced international standards and rules in these areas, and then carry out corresponding reforms. So I think one of the very important aspects of China to the world is the market. For foreign-funded enterprises and US-funded enterprises to take root and develop in the Chinese market, China's market environment and market institutional environment are very critical. Therefore, I think if we can carry out more practical actions and advances in these areas and links of institutional opening, it will be a very beneficial move for foreign-funded enterprises and US-funded enterprises.
Attachment: video news link
https://tv.cctv.com/2024/07/24/VIDEc6NCUz671gof7VI3spQY240724.shtml?spm=C22284.Pzpe9Ja39w40.EAt2dPzf1fSi.4
