USCBC president: US companies recognize China's economic, innovation strengths

US companies recognize the strengths of China's economy and innovation system and are seeking to partner with Chinese companies to boost their competitiveness, Sean Stein, president of the US-China Business Council (USCBC), said on Friday.

Stein made the remarks ahead of a discussion and exchange event between a delegation of Chinese entrepreneurs led by the China Council for the Promotion of International Trade (CCPIT) and the USCBC and its member companies in Washington, D.C.

He said many American companies are eager to engage with Chinese partners through the event and are committed to deepening cooperation with Chinese companies.

On potential areas of cooperation, Stein said that beyond frequently mentioned industries such as agriculture and aviation, US businesses are eager to advance partnerships with Chinese companies in fields including financial services, life sciences, research and manufacturing.

He said that in recent conversations with American CEOs, "what they're talking about is they recognize some of the strengths of the Chinese economy and the Chinese innovation system, and what they're looking at is what can they learn from the Chinese system and how can they partner with Chinese companies and others to not just be more competitive in China, but to be more competitive in other countries and other regions around the globe."

Founded in 1973, the USCBC is a private, nonpartisan nonprofit association of around 270 American companies that do business in China.