25th annual US-China Joint Commission on Commerce and Trade kicks off

Global Business

This week, Chinese Vice Premier Wang Yang lead a delegation of commerce and trade officials to the United States for the annual U.S.-China Joint Commission on Commerce and Trade, or JCCT. For the second time in 25 years, the meetings are not being held in a national capital, but in the American business hub city of Chicago.

“Forty mainland China-owned companies [reside] in greater Chicago and 150 Chicago area companies have locations in mainland China,” Penny Pritzker, U.S. Secretary of Commerce, said.

Chicago-area Chinese companies include cell phone company Huawei, Wanxiang Auto Parts, and Goldwind, the U.S. subsidiary of Xinjiang wind power.

Chinese Vice Premier Wang Yang speaks at an  investment luncheon on the first day the JCCT. Photo: Jessica Stone / CCTV America

Chinese Vice Premier Wang Yang speaks at an investment luncheon on the first day the JCCT. Photo: Jessica Stone / CCTV America

Private Sector Engagement

The JCCT is changing its focus to bring U.S. and Chinese corporations together to make it easier for both to do business. Negotiations will also take place on the sidelines to move forward on a bilateral investment treaty between the U.S. and China.

On Tuesday, six top Chinese soy buying companies signed nine contracts to buy more than 1 million metric tons of soybeans from U.S. farmers. China was the top buyer of U.S. soybeans last year, importing more than 1 billion bushels. Mexico and Indonesia round out the top three.

Watch the video of Wang Yang’s remarks about 7 minutes into the video below.

Chinese Vice Premier on commerce, trade with the US

Chinese Vice Premier Wang Yang lead a delegation of commerce and trade officials to the United States for the annual U.S.-China Joint Commission on Commerce and Trade, or JCCT. For the second time in 25 years, the meetings are not being held in a national capital, but in the American business hub city of Chicago.

Chinese business leaders said that after a tough year of high soy prices and market losses, Chinese soy companies have recovered and were looking forward to incredible growth over the next six years.

“Every year, China will import 94 million tons from all over the world. By the end of this year, this figure is 74 million tons,” Rong Weidong, vice president of the China Chamber of Commerce of Import and Export of Foodstuffs, Native Produce & Animal By-Products, said. “That means we have 20 million tons of soybeans expanding market for soybean exporters, especially for American soybean exporters.”

Agenda

Shen Danyang, spokesperson for the Ministry of Commerce of China, said that Chinese negotiators hoped to nudge the U.S. to ease its high-tech export restrictions, treat Chinese investment in the U.S. fairly, recognize China’s market economy status, raise the issue of inspection, expand cargo plane routes, and the quarantine of agricultural products.

Pritzker said American negotiators will focus on gaining greater market access for U.S. goods and services, protection of intellectual property, assuring a level playing field for U.S. goods, and securing best practices in regulator enforcement.


Chinese delegation attends JCCT meetings

In Chicago, Chinese and American business leaders wrapped up the first day of the annual joint commission on commerce and trade.  For the first time in 25 years, hundreds of representatives from both countries were invited. CCTV’s Jessica stone reported from Chicago.

Chinese delegation attends JCCT meetings

In Chicago, Chinese and American business leaders wrapped up the first day of the annual joint commission on commerce and trade. For the first time in 25 years, hundreds of representatives from both countries were invited. CCTV's Jessica stone reported from Chicago.