CEOs Underscore the Importance of the US-China Bilateral Relationship

Chinese and American senior business leaders meet to foster and expand collaboration while seeking to reduce trade tensions

BEIJING, October 21, 2020 -- The US-China Business Council (USCBC) and the China Council for the Promotion of International Trade (CCPIT), along with the China Chamber of International Commerce (CCOIC), this week co-hosted a CEO Dialogue between senior Chinese and American leaders. It was the first virtual CEO dialogue in the 48-year history of USCBC.

“The United States and China have benefited enormously from trade and investment, and it’s important that we continue to make improvements that drive job creation and growth in both countries,” said Tom Linebarger, USCBC Board Chair and Chairman and CEO of Cummins Inc. “Unfortunately, political tensions and existing substantive issues such as market access barriers, IP protections, and the need for SOE reform have hindered further success and caused challenges for businesses. As business leaders, we encourage both governments to work together to create an agreement that is mutually beneficial and creates a more level playing field. When businesses in China and the United States are able to operate and trade freely and fairly, the citizens of both countries benefit.”

Bank of China Vice Chairman Wang Jiang pointed out in his remarks that people’s health and livelihoods are facing serious challenges globally as the world is suffering from an economic downturn and a significant contraction in international trade and investment. He felt that as the global pandemic is yet to be fully under control, the United States and China should collaborate in the global fight against the pandemic and in economic recovery. Wang introduced China’s “dual circulation,” model, which he said seeks to open up new space for economic growth and create more opportunities for US companies to invest and develop in China.

Discussion topics included:

  • The current economic and policy environment in both countries;
  • CEO views of the bilateral investment, trade relationship, and challenges faced by both countries;
  • Global economic trends and their implication for industrial development; 
  • The role of business leaders in maintaining mutually beneficial relations; and
  • What the business community can do to help both sides overcome challenges to keep business growing during an uncertain bilateral relationship.

During the discussion, Chinese and American attendees reaffirmed that both sides must continue to work together in promoting commercial cooperation and opposing protectionist trade and investment policies.

This marks the fourth US-China CEO Dialogue co-hosted by CCPIT and USCBC.

Chinese Participants: Wang Jiang, Vice Chairman, Bank of China Limited; Zhang Shaogang, Vice Chairman, China Council for the Promotion of International Trade; Zhang Xiaolun, Chairman, China National Machinery Industry Corporation; Guo Guangchang; Chairman, Fosun International Limited; Luan Richeng, Vice Chairman, COFCO Group; Huang Zhaohui, Chief Executive Officer, China International Capital Corporation; Hu Xianxian, General Manager, Shanxi Lu'an Coal-Based Clean Energy Co., Ltd.

US Participants: Tom Linebarger, USCBC Chair and Delegation Leader, Chairman and Chief Executive Officer, Cummins Inc.; Mary Barra, Chairman and Chief Executive Officer, General Motors Company; Evan Greenberg, Chairman and Chief Executive Officer, Chubb; Seifi Ghasemi, Chairman, President, and Chief Executive Officer, Air Products and Chemicals, Inc.; B. Marc Allen, Chief Strategy Officer, the Boeing Company; Rajesh Subramaniam, President, Chief Operating Officer, and Director, FedEx Corporation; Craig Allen, President, The US-China Business Council