Feature: Experts call for closer partnership between Shenzhen, New York City to drive innovation, growth

NEW YORK, Nov. 18 (Xinhua) -- Business leaders, trade experts and diplomats from the United States and China convened Monday morning to advocate stronger ties between Shenzhen and New York City, emphasizing shared opportunities in innovation, green energy, and financial technology.

The 2024 China (Shenzhen) - U.S. (New York) Economic and Trade Exchange Conference, held at the Harvard Club, showcased the potential for collaboration between the two global metropolises.

Michael Nussbaum, president of the Queens Daily Eagle Newspaper Group, highlighted Shenzhen's rapid development as a testament to its dynamic economy and innovative spirit as the moderator of the conference.

"Shenzhen is the most amazing thing that you see in terms of creativity, but the dynamics of that is the people. And most important, what the government has allowed to be instituted in law and activities in Shenzhen, China, it is the free trade zone ... what they now say the Silicon Valley of China," said Nussbaum.

"In 1980, Shenzhen was a fishing village with 30,000 people. Today, it's a metropolis with a GDP exceeding 3.46 trillion yuan (490 billion U.S. dollars)," he said.

"Over the past 45 years, the China-U.S. relations have gone through ups and downs, but have generally moved forward," said Wenliang Yao, Commercial Counselor of the Chinese Consulate General in New York, stressing the significance of China-U.S. partnerships by citing robust trade statistics.

Bilateral trade has grown from less than 2.5 billion dollars in 1979 to nearly 670 billion dollars, an increase of more than 200 times. Two-way investment has grown from almost zero to more than 260 billion dollars. More than 70,000 U.S. companies have invested and prospered in China, according to Yao.

In Shenzhen alone, trade with the United States exceeded 59 billion dollars in 2023, with more than 2,400 U.S. companies investing in Shenzhen and more than 700 companies from Shenzhen investing in the United States, Yao said.

"History has proved that cooperation between China and the U.S. achieved mutual benefits and win-win situation. Standing at a new historical starting point, we are confident that we will continue to develop and maintain China-U.S. relations," said Yao.

Yungman Lee, president of Global Bank, offered a personal perspective on Shenzhen's growth.

"The Shenzhen experience is nothing short of a miracle. From a small village with no electricity or running water to a global financial and innovation hub, the city's transformation is a source of pride and inspiration," said Lee, reflecting on his childhood in Shenzhen. "We lacked basic infrastructure; yet today Shenzhen is a beacon of ambition and innovation."

Henry Tan, co-chief technology officer at UBTECH, emphasized Shenzhen's role as a global leader in robotics and artificial intelligence (AI). "Our mission is to ensure robots and AI help people from automating tasks in factories to enhancing healthcare and education," he said, showcasing their work with smart wheelchairs and assistive robots for the elderly.

Assemblyman David Weprin of New York State drew parallels between the two cities: "Shenzhen's rise from a small village to a global financial center mirrors New York's own trajectory." He encouraged attendees to explore investment opportunities in New York while promoting fair competition and shared prosperity.

Innovation and green energy featured prominently in discussions. Kevin Paul Gallagher, executive project manager of Evergreen Project Development, pointed to Shenzhen's leadership in renewable technologies: "Shenzhen's EVs and solar innovations power projects worldwide."

Decarbonization presents an "economic opportunity requiring trillions in investment," with both Shenzhen and New York City at the forefront, said Gallagher.

John Yu, chief representative of Shenzhen's North American office, extended an open invitation for U.S. businesses to explore opportunities in Shenzhen's thriving ecosystem, noting that "Shenzhen has ranked first in PCT patent applications among Chinese cities for 20 consecutive years."

"This is more than a meeting; it's a launchpad for cooperation in advanced manufacturing, healthcare, and finance. The best is yet to come," concluded Diana Reyna, former New York City councilmember.