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Cooperation Over Confrontation
China and the U.S. are called to jointly meet global challenges
By Yu Shujun | Web Exclusive

Michael R. Bloomberg delivers a speech at the 2018 International Finance and Infrastructure Cooperation Forum in New York on April 18 

China and the U.S. benefit from each other’s success and the world benefits when they work together, said Michael R. Bloomberg, Founder of Bloomberg L.P., at the 2018 International Finance and Infrastructure Cooperation Forum held at Bloomberg's headquarters in New York on April 18. 

"This forum comes at a critical juncture in the U.S. as leaders in Washington are considering new trade policies that would hamper economic growth and strain ties with nations around the world, including China," said Bloomberg.

"The U.S. and China are closely interconnected and each country has a strong stake in the economic prosperity of the other. Cooperation between the U.S. and China is critical to meeting all of the challenges facing our world, from economic growth and trade, to security and climate change," he said.

Bloomberg also said that China and the U.S. are each other’s top trading partners, adding that no country in history has undergone such extensive economic reforms as quickly and with as much success as China had, and its success is not only good for China, but also good for China's trading partners including the U.S.

Amid the backdrop of escalating trade tensions between the U.S. and China, the forum, co-hosted by Bloomberg L.P. and the China General Chamber of Commerce-USA (CGCC), provides a high-level platform for companies in the U.S. and China to exchange perspectives.

Xu Chen, Chairman of the China General Chamber of Commerce-USA and President and CEO of Bank of China USA, speaks at the forum 

“Both history and contemporary reality show that economic and trade cooperation have brought enormous benefits to our two countries and their peoples, and it has now become the bedrock of bilateral relations,” said Xu Chen, Chairman of CGCC and President and CEO of Bank of China USA.

According to a recent CGCC Business Survey Report on Chinese Enterprises in the U.S., Chinese companies directly create more than 140,000 U.S. jobs in "Rust Belt" states alone, such as Ohio and Michigan. CGCC member companies have cumulatively invested over $120 billion in the U.S. economy and currently directly and indirectly support over 1 million jobs in the U.S.

“Globalization and international trade have had a positive impact on the lives of billions of people around the world. This requires each and every one of us to take a ‘global and multilateral’ approach to build bridges and resolve our differences by seeking practical solutions,” said Xu.

Song Xiangyan, Chief Representative of the People's Bank of China for the Americas, speaks at the forum 

Song Xiangyan, Chief Representative of the People's Bank of China for the Americas, introduced the new measures of China's financial sector reforms during a speech at the forum. "The recent reform and opening-up measures in the Chinese financial sector will open new windows for foreign investors to expand their business in China."

Anthony Foxx, former U.S. Secretary of Transportation and Managing Partner and Founder of Related Infrastructure, is interviewed at the forum 

Anthony Foxx, former U.S. Secretary of Transportation and Managing Partner and Founder of Related Infrastructure, said that there will be opportunities for Chinese investment in U.S. infrastructure and that there will continue to be strong collaboration and cooperation between U.S. local and state governments and their Chinese counterparts in the sector.

During panel sessions, panelists also discussed the investment opportunities and challenges in China's bond and equity markets, as well as the outlook of modern infrastructure in a global economy.

(Reporting from New York)

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