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Joint Working Group of Trade and Investment between Chinese Provinces and Texas Sets up

The “Invest in Texas Forum”, sponsored by the China International Contractors Association and the state government of Texas, the United States, was held in Beijing on September 9. Representatives of the governments, Chambers of Commerce, Associations and enterprises of both sides attended the forum. Assistant Minister of Commerce Zhang Xiangchen and Governor of Texas Rick Perry delivered speeches at the forum and signed the Memorandum of Cooperation between Chinese Provinces and Texas, announcing the establishment of the Joint Working Group of Trade and Investment between Chinese Provinces and Texas. Representatives from the Chinese People’s Association for Friendship with Foreign Countries, Tianjin, Fujian, Jiangsu, Shandong and Sichuan also attended and witnessed the signing ceremony.

Zhang said in his speech that economic and trade relations are the ballast and driving force of China-U.S. relations. In 2013, bilateral trade reached US$ 521 billion, setting a new record, bilateral investment was over US$ 100 billion, and trade in service over US$ 40 billion. Common interest between China and the U.S. is continuously expanding, and mutual dependency is deepening.

Zhang said that economic and trade cooperation between provinces and states is the fundamental and important content of China-U.S. economic and trade relations. In recent years, by establishing joint working groups of trade and investment between provinces and states, as well as among cities of the two countries, the Ministry of Commerce has actively promoted the communication and cooperation at the local level between the two countries. Working Groups between related Chinese provinces and California, Iowa and Chicago have been established. Economic and trade cooperation between China and Texas enjoys a rapid growth. China has become the fourth largest export market and the second largest import source of Texas, and China’s direct investment in Texas has been about US$ 10 billion. China is willing to expand cooperation with Texas in business, trade, investment, tourism, education, research and development. Zhang believed that the establishment of the Working Group will bolster the economic and trade cooperation between China and Texas to a new stage.

Perry said that Texas enjoys close economic and trade relations with China. In 2013, Texas’s export to China reached US$ 10.8 billion, and import from China was US$ 42.8 billion. Many Chinese enterprises like Tianjin Steel Manufacturer have set up factories in Texas. He expected that, taking the opportunity of the establishment of the Work Group, more Chinese enterprises will be attracted to Texas to invest and start business. He also hoped to join hands with China to create prosperity to benefit the peoples of the two countries and the whole world.

During the forum, representatives of Texas introduced their investment environment and preferential policies. Both sides had discussions on strengthening reciprocal economic and trade cooperation.

(All information published on this website is authentic in Chinese. English is provided for reference only.)