Member companies of the American Chamber of Commerce in China (AmCham China) will promote collaboration between Chinese and US firms and help US companies further integrate into local supply chains to expand their presence in the Asian giant, according to chamber chairman Greg Gilligan, who said member companies will be encouraged to build more partnerships with China’s small and medium enterprises.
“We should not allow a trend toward partial decoupling to become broad decoupling. We believe business and government need to work closely to keep the lanes for commerce and trade as broad as possible,” Gilligan said.
Chinese and US firms should utilise the ample room available for collaboration in future, particularly in the fields of supply chain development and green industries, say US business leaders.
Members of the American Chamber of Commerce in China will promote collaboration between Chinese and US firms and help US companies further integrate into local supply chains to expand their presence in China, according to chamber chairman Greg Gilligan, who said members will be encouraged to build more partnerships with China’s small and medium enterprises.
US companies operating in China will receive guidance on how to further involve in the dual-circulation development paradigm and promote sustainable development as outlined in China’s 14th Five-Year Plan (2021-25).
Under the dual-circulation model, the domestic market is the mainstay while the domestic and foreign markets reinforce each other, according to a report in an official Chinese media outlet.
Foreign trade between China and the United States increased by 23.4 per cent year on year to 3.95 trillion yuan ($618.2 billion) from January to October this year, accounting for 12.5 per cent of China’s total volume of exports and imports, data from the General Administration of Customs showed.
Furthermore, companies both in China and the US can increase growth opportunities by forging deals at the regional level, Gilligan said.
AmCham China is a non-profit, non-governmental organization whose membership comprises 4,000 individuals from 900 companies.
Fibre2Fashion News Desk (DS)