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2005 US-China Entrepreneurs Summit Held at the Great Hall of the People

2005 US-China Entrepreneurs Summit, co-organized by USCEA, US Department of Commerce, Pan-New England International Entrepreneurs Alliance, and International Business Daily, was held at the Great Hall of the People on January 10, 2005. The Summit initiated by USCEA won strong support from both US and Chinese governments. Over 500 enterprises from US and Chinese business community attended the Summit.

The distinguished guests from the US side include Mr. Craig Allen, Minister-Counselor of Commerce of US Embassy in China, Mr. Anthony Intintoli, Jr., Mayor of Vallejo, California, Mr. Matt Neely, Mayor of Mountain View, Ms. Jane Kennedy, Mayor of Campbell, Mr. Michael Meagher, Chairman of the Alliance for the Commonwealth, Mr. Timothy Gill, Director of NEMA Business Information Services, and executives from some top Fortune companies such as Citibank, Merrill Lynch and Microsoft. The guests from the Chinese side include Mr. Xu Jin, Deputy Director General of America and Oceania Affairs Department of Chinese Ministry of Commerce, Mr. Yongjun Liu, Director General of International Business Daily, Mr. Weiwen He, Former Commercial Counselor of Chinese Consulate General in New York, as well as some Chinese leading entrepreneurs such as Mr. Jiren Liu, President of Neusoft, Mr. Shaojun Wei, President of Datang Telecom, Mr. Xiangchun Xu, Vice General Manager of MCC, Mr. Jun Xu, General Manager of Beijing Jinxiang Fuxing Pharmaceutical Co., Mr. Hailin Li, President of Dongdu Real Estate Group, Mr. Junhua Zhang, President of Zhejiang Sanhong Group, Mr. Xiaoming Ruan, President of Gem Sewing Machines Group, and Mr. Haiquan Zang, President of Beijing Rongpeng Real Estate Development Co.

On the Summit keynote speeches were given by Mr. Xu Jin, Mr. Yongjun Liu, Mr. Weiwen He, Mr. Craig Allen, Mr. Anthony Intintoli, Jr., Mr. Michael Meagher, and Mr. Timothy Gill. Mr. Xu Jin suggested that US companies facilitate Chinese companies' import efforts so that the bilateral trade can reach its balance at a higher level. As for the issue of intellectual property right (IPR) protection, which is of most US companies' concern, Mr. Xu Jin emphasized Chinese government's active crackdown on IPR impingement. It is also widely believed that fewer trade disputes will be seen when more and more Chinese companies attach great importance to independent R&D.

The Chinese delegates expressed their strong wishes that US entrepreneurs come to Chine more frequently so as to create more exchange opportunities. When a stronger base of cooperation is constructed, a win-win outcome will be realized.

During the Summit, US-China Matchmaking Conferences were held successively in Beijing International Hotel, Shanghai Purple Mountain Hotel, and Hangzhou Dragon Hotel. The attending US companies cover a wide variety of industries including IT, investment, machinery & parts, pharmaceutical, metal & plastics, electric and food, with primary interests in importing and exporting, finding OEM, joint venture, R&D cooperation and distributorship.

Tremendous preparation work was done to ensure the success of the Summit. Through close cooperation of USCEA's China branches and strong support from government agencies, chambers of commerce and trade unions, USCEA pre-matched more than 400 Chinese companies for US attendees. As a result, the success rate of bilateral cooperation was greatly improved: 76 LOIs were signed on One-on-One meetings, amounting to 47 million US dollars. In particular, Cherington Capital found a satisfactory supplier at the conference, and after a site visit of this Shaanxi supplier they placed a 3-million-dollar purchasing order for wellheads.

An economic cooperation agreement between Changsha County and the City of Vallejo was also signed on the Summit. Under this framework, the two sides agreed to implement a few plans on substantial cooperation.

Mr. Craig Allen spoke highly of the work that USCEA had done and the significant contributions that USCEA had made to US-China bilateral trade. Mr. Xu Jin also attached great importance to what USCEA had done and expressed his wish that USCEA continue to play a key role in promoting US-China exchange.

Mr. Shengshan Jin, Vice Mayor of Hangzhou City, Mr. Jiaxi Wu, Director of Zhejiang SBA, and Mr. Jindong Jiang, Vice President of CCPIT attended the Hangzhou conference.