China-US economic cooperation goes local

Terry Branstad (right), governor of the US state of Iowa, at the Second China-US Governors Forum in Tianjin on Tuesday. Governors of some US states, including California and Virginia, have recently led business delegations to China. Wang Jing / China Daily

Governors and mayors from both sides reach out to expand opportunities

China's economic growth and its commitment to urbanization and globalization are stimulating Chinese investment in the United States, said officials from both countries on Tuesday.

"Enhanced cooperation between Chinese provinces and US states is an important part of China-US economic relations," said Li Xiaolin, president of the Chinese People's Association for Friendship with Foreign Countries, during the Second China-US Governors Forum in Tianjin.

Li's remarks came as governors of some US states, including California and Virginia, recently led business delegations to China to promote bilateral trade and investment exchanges.

Last Wednesday, California and six Chinese provinces and municipalities including Shanghai, Chongqing, Jiangsu and Shandong signed an agreement to establish the China Provinces and US California Joint Working Group on Trade and Investment Cooperation.

Hanscom Smith, minister counselor for economic affairs at the US embassy in China, said the US is welcoming a new wave of Chinese investment.

"In the past years, we have seen expansionary growth of Chinese investment in the US, and we believe in the potential for even greater growth in the future," said Smith.

Chinese investment in the US generates "win-win opportunities for both", he added.

Vice-Minister of Commerce Wang Chao said during the signing ceremony for the agreement last week that China's investment in the US, especially in sectors such as infrastructure and energy, is expected to see a big rise.