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China’s President Hu Jintao’s visit to Chicago

Friday 28 January, 2011

I, along with 1200 of my best friends, attended the U.S.-CHINA TRADE AND ECONOMIC COOPERATION FORUM in Chicago, which was organized by the Chicago Council on Global Affairs & China Chamber of Commerce for Import & Export of Machinery & Electronic Products (CCCME), sponsored by Caterpillar, ITW, Underwriters Laboratories, supported by Grainger, & Harley-Davidson, & co-organized by the Chicagoland Chamber of Commerce, State of Illinois Department of Commerce & Economic Opportunity, World Business Chicago, Chicago Sister Cities International China Committee, Chicago-China Economic Development Center, Midwest US-China Association.  Is everyone jumping on the China bandwagon?-it looks like it.  I wonder how much each paid for their promotion?  I was told the Chinese brought a delegation of 400, but I was misinformed:  they only brought 393;  see here. They sure do throw lots of people @ everything they do.

Rather than try to summarize all that was presented this day, I’ll simply make a comment about each speaker’s presentation where appropriate, & include links to their organizations, which should make a much better use of space here.

Opening remarks

  • David Speer, CEO ITW, welcome
  • Wang Chao, Vice Minister of Commerce, People’s Republic of China (PRC), more @ lunch
  • IL governor Pat Quinn, “hi”
  • Gary Locke, US Secretary of Commerce, China has invested $12B in the U.S., which has created 10K jobs:  China is America’s #3 export market, which were up 34% in 2010 over 2009 & support 245K jobs,  after Canada & Mexico.
  • Leocadia Zak, US Trade & Development Agency supported $3B in IL as a driver of export-led growth
  • Chen Deming, Minister of Commerce (PRC) signed contracts worth $25B, excluding Boeing plane orders & invested $3.2B in the US.  China is #3 in trade with $380B which will increase to $500B by 2015.  $100B of exports from the US to China will increase to $200B by then.  China’s trade balance with the US is $181B, but $183B with the rest of the world, so that needs to be rebalanced.
  • US-China contracts signing ceremony

Panel discussions

Panel 1-next 10 years of China-US business relationship

  • Tang Dengjie, Shanghai Vice-Mayor has population of 20M with GDP/ per capita of $13K & 500 MNC headquarters, 1/3 of which are from the US.  Services are a focal point with a goal of $100B in 2010.
  • Robert Holden, Chair-Midwest US-China Association: “howdy”
  • Michael Moskow, Senior Fellow, Chicago Council on Global Affairs China needs to develop a consumer credit culture that lends to more than just state-owned enterprises

panel 2-bilateral investment & economic development

  • Cheng Lixin, VP, ZTE is a partner of 59 of the top 100 telecom carriers, has been invested $300M in the US in 12 years with 8 offices, 5 R&D centers, 400 employees, 82% of which are American, & 5M subscribers, & signed commitments worth $10M
  • Richard Lavin, Group President-Caterpillar has 11 plants & R&D centers in China
  • William Spence, Chicago Sister Cities China Committee Chair “Hey…”

panel 3-clean energy & green economy

  • Liu Xiaoming, Deputy Chief Economist, China National Offshore Oil Corp.was the 1st in China with liquefied natural gas
  • Frederick Palmer, Senior VP-Government Relations, Peabody Energy signed an agreement for carbon capture plants with “green coal” near Tianjen
  • Chris Gangemi, Senior VP, General Counsel & Corporate Secretary-Underwriters Laboratories

panel 4-SME cooperation

  • Yu Ping, VP China Council for the promotion of International Trade (CCPIT) processes 140K inquiries & signed an Memorandum of Understanding with the US Foreign Commercial Service to help Chinese companies invest in the US
  • Suresh Kumar, Assistant Secretary for Trade Promotion & Director General of US & Foreign Commercial Service (FCS) -US Dept of Commerce-International Trade Administration.  The FCS has 100 employees in China working on 5 missions to 14 cities.  They’ve helped 5600 companies, 85% of which have been SME’s.  He is also on the global councils of the  Thunderbird School of Global Management. In 2004 Mr. Kumar was named Distinguished Executive-in-Residence by Thunderbird School of Global Management for his contributions to global trade.
  • Jerry Roper, President-Chicagoland Chamber of Commerce

Luncheon speakers

  • Yao Wenping, VP CCCME, “say what?…”
  • Wang Chao, Vice Minister of Commerce PRC-China & the US are 2nd largest trading partners with each other.  China has moved up from the #9 importer to #3 importer in the last 6 years.  The US has invested $65B in China while the Chinese have invested $4.7B in the US.

Materials distributed @ the event

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