“Business is probably the only bond that still keeps us talking together, and that's very vital”， says Wang Huiyao, president of Beijing-headquartered think-tank Center for China and Globalization(CCG). -- WANG HUIYAO

Vast business ties between the U.S. and China and the overall success of American businesses in the mainland make decoupling of the two economies “impossible,” the head of a top Chinese think-tank said at the U.S.-China Business Forum organized by Forbes China on Wednesday.

“In the end, we are not in the Cold War era or the Soviet Union days,” said Wang Huiyao, president and founder of the Center for China and Globalization(CCG).  “I don't think the U.S. and China can be totally decoupled, which is impossible, unthinkable,” he said. “It has got to be intertwined.”

Acknowledging strains between the two nations of late, he also said: “Business is probably the only bond that still keeps us talking together, and that's very vital.”

Held against a volatile backdrop of the COVID-19 pandemic, stock boom, global politics and trade disputes, the forum highlighted how U.S. and Chinese businesses are trying to navigate the changing currents between two of the world’s largest economies and trading partners.

Underscoring how discordant U.S. voices on China have become in an election year, the country drew fire on Thursday in President Trump’s speech at the Republican National Convention. Yet a day earlier, the American Chamber of Commerce in Shanghai published a survey that found a proposed Trump ban on Chinese app WeChat would hurt American companies. Last week, President Trump suggested to Fox News that decoupling wasn’t off the table. “It’s something that if they don’t treat us right I would certainly, I would certainly do that.”

Multinationals, including U.S.-headquartered companies, have played an important role in China’s advance, and “China recognizes that,” said Wang, who also serves as an advisor to the China State Council, China’s Cabinet.  Tens of thousands of U.S. companies have been set up in the country over the years, and businesses such as Apple and GM have a large percentage of their global sales in the country; chains such as Walmart do large amount of sourcing there.

“I can't see how that can really be abandoned,” Wang said. “China is going to be the largest market in the world as time goes on.”

“If you look at the history of China's opening up for the last 41 years, it is basically a history of walking up to the West, opening up to the West,” and maintaining good ties, Wang said. However, he added, “China has changed profoundly. If people travel to China frequently, you can see China has changed beyond recognition. And that is a fact that is there.”

Improved communications are needed to help stabilize relations between the two countries, Wang said. “The narrative is a huge problem right now,” he said. On the U.S. side, he suggested that “the benefit of doing business with China should be more emphasized.” China is also lacking “a very good communication package, or even a narrative, too,“ he said. If China can’t improve its own communications, “that's really going to cause a lot of problems,” Wang said.

Possibilities where the two sides could work together, he suggested, are the Phase One talks launched under President Trump, and an agreement on a Trans-Pacific Partnership that was started under President Obama but abandoned by President Trump on the grounds it favored special interests. Trump now favors an Economic Prosperity Network that would exclude China.

The TPP pact was signed in in 2018, between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. China, facing trade pressure from the U.S., has recently expressed a willingness to enter into talks to enter the agreement, and the participation of the two could “set a huge platform for talks, settle differences and bring high standards.”

“(It’s) really important that we actually talk to each other,” Wang said. “I'm still cautiously optimistic,” Wang said. “We are living in a prosperous 21st century. How can we go back to 19th century (or) the 20th century primitive days？”

Other forum participants included Craig Allen, president of the U.S.-China Business Council; Cho Tak Wong, chairman of Fuyao Glass Industry; IMAX CEO Richard Gelfond; Hao Hong, research head, BOCOM International, a subsidiary of the Bank of Communications; Ken Jarrett, a senior advisor at Albright Stonebridge Group; Duane Kuang, member of the 2020 Forbes Midas List and founding managing partner of Qiming Venture Partners; Dr. Bob Li, Physician Ambassador to China and Asia-Pacific, Memorial Sloan Kettering Cancer Center, George Wang, vice chairman of the Zhonglu Group; and Roger Wang, chairman of the Golden Eagle International Group and chairman of the Committee of 100.

From Forbes, Aug 30, 2020

CCG Books

● Published by Springer 

● Edited by Wang Huiyao, President and Miao Lu, Vice President, Center for China and Globalization(CCG), Beijing, China 

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The internationalization of Chinese enterprises is one of the most notable aspects of economic globalization in the 21st century. Despite the 2008 financial crisis and weak global outbound investment, under the “go global“ initiative, Chinese outbound investment has gone from strength to strength, while also diversifying in terms of investment modalities, destinations, and industries. However, growing anti-globalization sentiment in some countries has also created new challenges for Chinese firms expanding internationally.

Drawing on nearly 3000 data samples, using both quantitative and qualitative research methods, this book presents unique insights into the features and patterns of Chinese enterprises’ globalization. The analysis provides a useful reference for enterprises that have already gone global and those that plan to. In particular, this book investigates challenges confronted by Chinese companies when doing business in foreign countries. It summarizes research covering three angles, namely: the current situation, causation analysis and corresponding solutions, and recommendations for firms, government agencies and other institutions.

This book provides a comprehensive overview to help readers to grasp the broad picture of the international expansion of Chinese enterprises. It has important reference value for enterprises to help devise foreign investment strategy, seize opportunities, and navigate challenges in the course of globalization.

● Links：

https://www.springer.com/cn/book/9789811546457

● Published by Edward Elgar 

● Edited by Wang Huiyao, President and Miao Lu, Vice President, Center for China and Globalization(CCG), Beijing, China 

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An excellent guide for understanding the trends, challenges and opportunities facing China through globalization, this Handbook answers the pertinent questions regarding the globalization process and China’s influence on the world.

With contributions from leading experts and international researchers, each chapter covers key topics regarding China’s participation in globalization, including: China’s new role in global economic governance; outward direct investment; China’s soft power and the implications for foreign relations; global migration, diaspora and talent. An enriching range of case studies and extensive empirical research are used to explore the successes and failures of globalization in China, and to discuss the dilemmas facing decision makers in today’s globalized world. A major contribution to the field, this Handbook offers valuable insights to China’s often misunderstood globalization process.

An essential reference for academics and researchers looking for a go-to empirical resource, this Handbook provides scholars of economics, politics and East Asian studies with an exemplary selection of contemporary research on China and globalization.

● Links：

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● Published by Springer

● Authors: Wang Huiyao, President and Miao Lu, Vice President, Center for China and Globalization(CCG), Beijing, China 

The first effort to address the gap regarding higher-end talent within the scholarly work on internal labor migration in China

Provides an essential overview of the major milestones in China’s talents attraction policies, as well as several recommendations to help further improve those policies

Investigates corresponding policies in Germany, Japan, and Singapore to serve as a basis for comparison

Provides a snapshot of first-hand reference material for relevant stakeholders involved in cooperation with China

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This book offers the most comprehensive, up-to-date assessment of China’s domestic and international migration. Restructuring economic development requires large numbers of educated and skilled talents, but this effort comes at a time when the size of China’s domestic workforce is shrinking. In response, both national and regional governments in China have been keen to encourage overseas Chinese talents and professionals to return to the country. Meanwhile, the Chinese government has initiated a number of policies to attract international highly-skilled talents and enhance the country’s competitiveness, and some Chinese policies have started attracting foreign talents, who are coming to the country to work, and even to stay. Since Chinese policies, mechanisms, and administration efforts to attract and retain skilled domestic or overseas talents are helping to reshape China’s economy and are significantly affecting the cooperation on migration and talent mobility, these aspects, in addition to being of scholarly and research interest, hold considerable commercial potential.

● Links：

https://www.springer.com/gp/book/9789811362552#aboutBook