China US Photo: VCG

Chinese Minister of Industry and Information Technology Li Lecheng met with a delegation led by Rajesh Subramaniam, board chair of the US-China Business Council (USCBC), in Beijing on Tuesday, encouraging more US companies to deepen their roots in China.

According to a statement posted on the Ministry of Industry and Information Technology (MIIT)'s official WeChat account, Li emphasized that the ministry will continue providing support for foreign-funded enterprises as always. He reiterated China's commitment to maintaining a fair, just, and open market competition environment, while safeguarding the legitimate rights and interests of all market participants.

Li expressed the hope that the USCBC would help create favorable conditions for the healthy development of industrial cooperation and economic exchanges between China and the US.

He encouraged more US companies to invest in China, establish roots, actively participate in China's new industrialization process, and provide more competitive products and services, contributing to mutual benefits and win-win outcomes.

Representatives of several US companies, including Thermo Fisher Scientific, Otis Worldwide and Apple, attended the meeting. And the two sides exchanged views on equipment machinery, intelligent manufacturing and other fields. Subramaniam expressed appreciation for the pragmatic measures implemented by the MIIT to support foreign-funded enterprises in China. He stated that the USCBC remains committed to promoting the healthy development of US-China economic and trade relations, according to the MIIT statement.

Also on Tuesday, Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), met with the delegation, and the two sides exchanged views on issues such as promoting exchanges between the business communities of China and the US and serving enterprises of the two countries, according to the CCPIT.

US companies continue to expand their presence in the Chinese market. At the recently concluded third China International Supply Chain Expo, the number of participating countries and regions expanded from 55 in the first session to 75, with the number of US exhibitors increasing by 15 percent compared with that of last year, remaining the highest among overseas exhibitors. 

In another example, the 1,000th Tesla Megapack energy storage system produced at its Shanghai Megafactory rolled off the assembly line on Tuesday and will be exported to Europe, the company told the Global Times. It took less than six months for Tesla's Shanghai Megafactory to produce 1,000 Megapacks.

Coca-Cola, the US beverage giant, highlighted its resilient performance in China, as it reported stronger performances in the Chinese market in its second-quarter results.

The US business delegation's visit serves as another signal that US businesses hope to expand their presence and seek further cooperation in China - a gesture of goodwill, Huo Jianguo, a vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Tuesday.

"China's large market and policy responsiveness also boost investor confidence. Global investors remain optimistic about China's outlook, and the country's open stance toward foreign investment remains unchanged," Huo added.

"Enterprises vote with their feet. The Chinese market is critically important to them and represents significant interests that they cannot afford to give up," He Weiwen, a senior fellow at the Center for China and Globalization, told the Global Times on Tuesday.

China and the US share common interests, and these interests are mutually beneficial and also align with the development trend of the global supply chain, He said, noting that the division of labor between China and the US in the global supply chain is highly organic and complementary, with both sides closely intertwined.

Investing in China for a win-win future has become a common consensus among global investors, Guo Jiakun, a spokesperson of the Chinese Foreign Ministry, said on July 23. "We welcome companies from all countries, including the US, to participate in the Chinese modernization drive and achieve greater success by integrating into the process of high-quality development," Guo said.

A report released by the USCBC on July 16 showed that 82 percent of US companies in China reported a profit. Many said that uncertainties in China-US relations and tariffs are their top concerns but the Chinese market remains vital, according to the report.

Notably, the US delegation's visit comes as Chinese and US officials engage in a new round of economic and trade talks in Stockholm, Sweden.