(CIIE) China Focus: U.S. businesses reaffirm commitment to Chinese market

14/11/2024

(CIIE) China Focus: U.S. businesses reaffirm commitment to Chinese market

Visitors taste wine during the seventh China International Import Expo (CIIE) in east China's Shanghai, Nov. 6, 2024. Food and agricultural products on display at the ongoing CIIE attracted visitors' attention. (Xinhua/Zhang Jiansong)

At the ongoing seventh China International Import Expo (CIIE), exhibitors at the American food and agriculture pavilion saw a robust start, securing deals worth about 600 million U.S. dollars within an hour after the launch of the pavilion.

"We've only been here for two hours and we've had a good amount of interest," said Manuel Garibay, manager of industrial sales at Royal Ridge Fruits, adding that the company looks to foster partnerships with Chinese importers to tap the increasingly dynamic market.

Despite a challenging global environment and lackluster economic recovery, the CIIE, held once a year since 2018, has been a testament to China's determination to open its door wider. Notably, U.S. firms have since the first edition been at the forefront in terms of exhibition area and exhibitor numbers.

This year, a large number of U.S. enterprises, including Fortune 500 companies such as General Motors, Johnson & Johnson, and Honeywell, have once again emerged as focal points of the expo. They have showcased a diverse array of products, such as food items, automobiles, advanced smart technology, high-end equipment, medical devices and healthcare products, reflecting a strong interest in exploring the Chinese market.

"Trade can help solve the biggest challenges facing the world," said Jason Hafemeister, acting deputy under secretary for trade and foreign agricultural affairs at the U.S. Department of Agriculture. "An event like this, which promotes trade, is a real opportunity."

IRRESISTIBLE MARKET

Covering over 240 square meters, the American Food & Agriculture Pavilion features 14 exhibitors, including state representatives, national trade associations, food manufacturers and export packaging companies. It showcases the diversity of the American agriculture and food industry, displaying a range of products such as beef, wine, potatoes and pet food.

Steve Reinhard, chairman of the United Soybean Board (USB), told Xinhua that China has been a major destination for American soybean exports, accounting for 54 percent of all exported U.S. soybeans, while adding that U.S. soybeans are among the top three sources of China's soybean imports.

Reinhard said the USB supports free trade and is ready to align more closely with China's opening-up drive.

Christopher Beros, California Wine Institute director of Greater China and Southeast Asia, said China has been an important and growing overseas market for California wineries. He noted that the increasing sophistication of Chinese consumers is creating more opportunities for Californian wine products.

American food giant General Mills, meanwhile, is using its presence at the 2024 CIIE to showcase a wide array of new products of its three major brands, namely Haagen-Dazs, Wanchai Ferry and Blue Buffalo.

"China is the irreplaceable growth engine and one of the most important overseas markets of General Mills," said Su Qiang, president and managing director of General Mills China, noting that the Chinese market is of great potential for consumer companies considering its "growing middle class, thriving digital economy, industrial upgrading and green initiatives."

Widely known to Chinese consumers for its baby formula products, American healthcare company Abbott is participating in the CIIE for the fifth time. It has exhibited some of its latest technologies and innovations in diagnostics, medical devices, nutritional products and pharmaceuticals.

"China is a vital market for us," said Fanny Chen, vice president of Abbott Core Diagnostics. "There is a substantial market opportunity here, and we also appreciate the established infrastructure tailored for the Chinese market."

China is currently the world's second-largest consumer market, boasting a middle-income group that exceeds the total population of the United States.

Over the past 45 years, bilateral trade between China and the United States has seen an over 200-fold expansion. More than 70,000 U.S. companies have invested and operated in China, according to China's Ministry of Commerce

EXPECTING A BETTER FUTURE

At the opening of the 7th CIIE, Premier Li Qiang said China is capable of promoting sound and steady economic growth, adding that the country will open up its enormous market even further.

Many participants from the United States at this year's CIIE have expressed appreciation for China's dedication to opening up, while conveying their aspirations for mutually beneficial cooperation in the context of globalization.

U.S. carmaker Ford is attending the expo for a seventh consecutive year. At its booth, a diverse range of car models, highlighting innovative designs and high-quality craftsmanship, has drawn the attention of many visitors.

Sam Wu, vice president of Ford Motor Company and president and CEO of Ford China, said the company's appearance at the expo is based on its belief that "collaboration in the global economy will make everybody stronger."

At its CIIE booth, GE Aerospace is showcasing its Revolutionary Innovation for Sustainable Engines (RISE) program model, a revolutionary demonstration initiative aimed at developing more sustainable engine technologies.

The company has benefited from the rapid development of China's aviation industry during the past decades, said Xiang Weiming, vice president of GE Aerospace and president of GE Aerospace Greater China, adding that the company will further expand its investment in China, capitalizing on the growing opportunities presented by the country's thriving aviation market.

At the expo, Johnson Controls' 300-square-meter booth is divided into a new product display area, a digital solution display area, and a smart city demonstration area.

"China is not only a key market and manufacturing base, but also a globally significant source of green innovation and sustainable development. We are full of confidence in China's economy," said Anu Rathninde, Johnson Controls Asia Pacific president.

The upgrading of China's manufacturing industry and its emphasis on green development align with the company's goals, he said. "Johnson Controls will continue to fulfill its long-term commitment to the Chinese market."

"Our companies are in China for China," said Eric Zheng, president of the American Chamber of Commerce in Shanghai. "China has a critical role to play in leading the globalization process in the new decades to come," Zheng added.

Zheng emphasized the importance of communication between the United States and China, saying, "It's important for the U.S. and Chinese governments to coordinate and work together, so that their policies will be beneficial, not only to these two countries, but also to the Asia-Pacific Economic Cooperation and the world."