Members of the business community in the U.S. and China are hailing the new visa extension deal announced this week. Fewer travel restrictions and shorter visa wait times could lead to more business deals between the nations. CCTV America’s Jessica Stone reported this story from Washington, D.C.
For decades, George Dang, CEO of US-Asia Links, has orchestrated business deals between investors in China and the United States. All that travel means getting multiple passport visas to visit clients overseas.
“Face-to-face negotiation is very, very important, it means that travel back and forth for the business executive is so important,” said Dang.
However, for years, business visas between China and the U.S. had to be renewed annually, making face-to-face contact more challenging. Just last year, Dang had to cut short his business talks in China because of an expired visa.
All of that changed on Wednesday, the first day that extended visas were available between the U.S. and China. Students can get visas up to five years, while tourists and business travelers can get visas up to 10 years. The U.S. estimates additional travelers could boost spending by Chinese visitors to more than $80 billion.
Many hope the new extensions will prevent visa snags that have previously cost investors deals. This fall, visa issues delayed a deal Dang and his team put together for a Chinese buyer for a 305-acre dairy farm in Nebraska worth as much as $15 million.
Dang said the new visa changes will allow investors on both sides of the Pacific more preparation time for better projects, because they won’t feel rushed to reach a deal within one year.