US companies remain confident in Shanghai's business environment
Eric Zheng, president of AmCham Shanghai, hosts a discussion at the "River Dialogue between Shanghai and New York" forum on Friday.
Despite economic and geopolitical challenges, US companies remain committed to their investments in Shanghai, said Eric Zheng, president of the American Chamber of Commerce (AmCham) in Shanghai.
"The Shanghai government has been very proactive in supporting foreign investors, including American companies," Zheng told Shanghai Daily on the sideline of the "River Dialogue between Shanghai and New York" forum on Friday.
It was jointly organized by the Shanghai Public Relations Association, AmCham Shanghai and Shanghai Institute of American Studies.
He acknowledged the difficulties posed by geopolitical tensions and economic slowdowns, but emphasized that US companies view China as a strategic market and are focused on long-term success.
Zheng highlighted the positive measures announced at the third plenary session of the 20th Communist Party of China (CPC) Central Committee held last week.
"The session introduced significant measures to encourage foreign investment. We are very encouraged by this resolution," he said.
These measures aim to provide a level playing field for foreign companies in China, ensuring a market-oriented and rule-based environment that protects the legal rights and interests of foreign investors.
Eric Zheng, president of AmCham Shanghai, makes a keynote speech at the forum.
Zheng also emphasized the economic significance of the Yangtze River Delta region. He noted that while many US companies have their headquarters in Shanghai, they aim to expand their influence throughout the region and across China.
"Future development will be more sustainable if we consider the economic growth around cities rather than focusing on a single city," he said.
He praised the Chinese government's proactive stance at all levels, including central, provincial and local governments, in supporting foreign companies.
Zheng pointed out specific steps China is taking to improve market access.
"The third plenary session discussed shortening the negative list and opening up sectors such as telecoms, Internet, education, cultural events and medical services. These steps are very positive for us," he said.
Looking at the broader economic relationship, Zheng cited the mutual benefits of US-China trade. In 2023, trade between the two countries reached US$575 billion, a significant increase since diplomatic relations were established in 1979.
American companies see China as a crucial market and hope for stable bilateral relations, he said.
