Shared spirit of innovation and economic prowess fuel mutual interest, forum hears
Although Shenzhen and Los Angeles are on the opposite sides of the Pacific Ocean, the dynamic economic hubs share many similarities.
"Both are vibrant global cities, have large ports — which are among the busiest in the world — and possess a strong atmosphere for innovation and entrepreneurship," Peng Jing, Chinese commercial counselor in Los Angeles, told business leaders and officials at the 2024 Shenzhen-Los Angeles Economic and Trade Exchange Forum in the City of Industry in San Gabriel Valley, California, on Friday.
Despite a lackluster global economic recovery and geopolitical tensions, the international community continues to share a common desire for peace, cooperation and development, Peng said.
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"The impact of the pandemic on the global economy, supply chains and businesses has not yet been fully overcome. However, globalization persists, and stakeholders in the supply chain, including enterprises from Shenzhen, Los Angeles and other regions, have made significant contributions to China-US trade cooperation."
China and Los Angeles have maintained a robust economic and trade relationship for many years, she said.
Last year, China was California's top trading partner with two-way trade exceeding $137 billion. More than half of the containers entering and leaving the Port of Los Angeles are for trade with China, and 70 percent of the cargo volume at the Port of Long Beach is China-related, Chinese Consul General in Los Angeles Guo Shaochun said in May.
Last year, 246 Chinese companies invested in Los Angeles, creating more than 3,000 jobs and contributing an estimated $370 million in payroll.
Companies based in Los Angeles have also seen significant success in China. Amgen, a global biotechnology pioneer, now operates in more than 100 Chinese cities and has had seven innovative therapies approved in the country.
Liu Junlin, standing vice-president of the Shenzhen General Chamber of Commerce, highlighted Shenzhen's status as one of China's most innovative and economically significant cities.
In the first half of this year, Shenzhen's GDP reached 1.73 trillion yuan ($242.23 billion), marking a 5.9 percent year-on-year increase and placing the city at the top of China's first-tier cities.
Shenzhen now has 6.4 million households, and the number of domestic and foreign-listed companies there exceeds 560, ranking it among the leading large and medium-sized cities in the country, she said.
Back in 2010, Shenzhen and Los Angeles signed a memorandum of cooperation, establishing a friendly exchange-city relationship. Over the years, the two cities have had frequent official visits and close people-to-people exchanges, serving as vibrant examples of friendly interactions between China and the United States.
"We both have unique charm and value, contributing to the diversity and richness of the world," Liu said.
"I hope that our two cities will further strengthen communication, enhance cooperation in areas such as economy, trade, investment, culture, sports and tourism, and build even closer ties through these exchanges."
Future collaboration
The Los Angeles business community has shown strong interest in Shenzhen and anticipates future collaboration.
Joanne McClaskey, executive director of the Industry Business Council, welcomed guests to the City of Industry, emphasizing its business-friendly environment and resources.
"Our city is home to over 3,000 businesses, employing more than 70,000 people. We hope to see more Chinese companies come here and thrive," she said.
Luis Portillo, president and CEO of the San Gabriel Valley Economic Partnership, highlighted the number of Chinese businesses in the region and the significance of the area's diversity in relation to its economic potential.
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"The San Gabriel Valley, which is located in eastern Los Angeles County, is home to 31 cities," Portillo said.
"We actually have eight out of the top 10 cities, with the largest percentage of Chinese Americans … located in the San Gabriel Valley. That's something that we really value."
Paul Thomas, deputy president and CEO of the San Gabriel Valley Economic Partnership, had lived in Guangzhou for more than five years and he expressed his desire to foster greater business exchanges between San Gabriel Valley and Shenzhen.
"We collaborate closely with many small businesses, and much of our trade activity involves Shenzhen and Guangzhou," Thomas told China Daily. "I hope to bring more businesses from San Gabriel Valley to Shenzhen, and vice versa."
Xinhua contributed to this story.
