Feature: U.S. businesses eye more opportunities in China's biz hub Shanghai

Guests attend a promotion event in New York, the United States, on May 23, 2024. China's business hub Shanghai held a promotion event here Thursday, which drew great attention and interest from investors in the United States.

The event has gathered around 150 attendees, including high-ranking officials, bankers, entrepreneurs from Shanghai, and scores of business leaders of international companies from the United States. (Xinhua/Liu Yanan)

NEW YORK, May 23 (Xinhua) -- China's business hub Shanghai held a promotion event here Thursday, which drew great attention and interest from investors in the United States.

The event has gathered around 150 attendees, including high-ranking officials, bankers, entrepreneurs from Shanghai, and scores of business leaders of international companies from the United States.

Shanghai has been one of the first choices for world businesses to invest in China and build global industry chains, said Shanghai Mayor Gong Zheng in a keynote speech.

Nearly one third of the top 500 enterprises in the world have regional headquarters in Shanghai as the city has trade ties with 205 countries or regions, said Gong.

In 2023, over 6,000 new foreign-invested enterprises were established in the city with the amount of foreign direct investment received throughout the year totaling 24.08 billion U.S. dollars. At the end of 2023, the city has attracted over 950 regional headquarters of multinational companies and 550 foreign-funded research and development centers, according to an official bulletin.

Shanghai is speeding up the process of building itself into an international center of economy, finance, trade, shipping, and technological innovation, fostering new productivity boosters, and forging ahead with high-level reform and opening-up, said Gong.

The face-to-face meeting was warmly welcomed and drew positive responses from officials, businessmen, and local people.

In addressing the audience, Craig Allen, president of the U.S.-China Business Council (USCBC), said this face-to-face interaction is very welcome.

"Relationships suffered deeply during the COVID era. Therefore, the intimacy of this face-to-face communication is simply irreplaceable," Allen said.

The USCBC has been committed to forging a mutually beneficial U.S.-China relationship through its offices in Washington, Beijing, and Shanghai, as Shanghai is the window through which its member companies take the pulse of China, said Allen.

"We welcome Shanghai's commitment to opening up through leveraging pilots within and beyond free trade zones, and to facilitating policy breakthroughs and providing a level playing field for U.S. companies, including our members," Allen said.

American companies are well positioned to increase their exports and to share the world's best technologies and expertise in a wide range of areas from clean energy to consumer goods, he said.

As the two countries celebrate the 45th anniversary of the establishment of diplomatic relations, engagement at the sub-national or city-to-city level is essential to strengthening the world's most important bilateral relationship, restoring business confidence, and charting a course that is beneficial to the peoples of both countries, Allen added.

"We're committed to building bridges between the peoples of our two countries. American investment builds bridges, like no other activity," said Stephen Orlins, president of the National Committee of U.S.-China Relations.

"I'm fond of saying that trade is like dating, but investment is marriage. You've got to work to make it work," Orlins said.

Reviewing Shanghai's developments in the last few centuries, Orlins said Shanghai is a model of ingenuity and adaptability.

"We are optimistic about the Chinese market sectors, including health, education, senior living, and urban regeneration," said Joseph Brancato, who chairs the executive committee of Gensler, a global design and architecture firm, which has over 30 offices and more than 300 employees in China.

"Our aspirations in Shanghai are to create designs that reflect Chinese culture and values, as well as being an integral part of that community. We look forward to participating in Shanghai's bright future, building on innovation, strengthening our relationships and developing new relationships to bring people together through the power of design," Brancato told the audience.

"It was well articulated here and clear that Shanghai is positioned for growth, and this is the way we see the Chinese market," said Tom Mooney, director of public affairs with Harman International, a leader in automotive technology, lifestyle innovations, design and analytics.

From a perspective of research and development and engineering, Shanghai is really the heartbeat of Harman in China, Mooney told Xinhua on the sidelines of the event.

"Shanghai is home to SAIC Motor. From an automotive standpoint, we're always looking to increase our cooperation and business opportunities with them," said Mooney.

Mooney said he has not been to Shanghai, but hopes to go there very soon, especially after the introduction of Shanghai Summer International Consumption Season.

Several invitees jointly held a launching ceremony at the meeting for Shanghai Summer International Consumption Season 2024, which will run from the first weekend in July to the second weekend in October.

Joseph Brancato, who chairs the executive committee of Gensler, a global design and architecture firm, delivers a speech at a promotion event in New York, the United States, on May 23, 2024. China's business hub Shanghai held a promotional event here Thursday, which drew great attention and interest from investors in the United States.

The event has gathered around 150 attendees, including high-ranking officials, bankers, entrepreneurs from Shanghai, and scores of business leaders of international companies from the United States. (Xinhua/Liu Yanan)

Stephen Orlins, president of the National Committee of U.S.-China Relations, delivers a speech at a promotion event in New York, the United States, on May 23, 2024. China's business hub Shanghai held a promotional event here Thursday, which drew great attention and interest from investors in the United States.

The event has gathered around 150 attendees, including high-ranking officials, bankers, entrepreneurs from Shanghai, and scores of business leaders of international companies from the United States. (Xinhua/Liu Yanan)

Craig Allen, president of the U.S.-China Business Council, delivers a speech at a promotion event in New York, the United States, on May 23, 2024. China's business hub Shanghai held a promotional event here Thursday, which drew great attention and interest from investors in the United States.

The event has gathered around 150 attendees, including high-ranking officials, bankers, entrepreneurs from Shanghai, and scores of business leaders of international companies from the United States. (Xinhua/Liu Yanan)

Shanghai Mayor Gong Zheng delivers a keynote speech at a promotion event in New York, the United States, on May 23, 2024. China's business hub Shanghai held a promotional event here Thursday, which drew great attention and interest from investors in the United States.

The event has gathered around 150 attendees, including high-ranking officials, bankers, entrepreneurs from Shanghai, and scores of business leaders of international companies from the United States. (Xinhua/Liu Yanan)