Host

Yu Lan, Editorial Director of China News Service, Director of Department of Economy of China News Service
 

Dialogue guest

Zhou Yanli, IFF Vice-Chairman, Former Deputy Secretary of the Party Committee and Vice Chairman, China Insurance Regulatory Commission

Michael George, Partner of Versant Group

Eric Zheng，, President & CEO, AIG Insurance Company China Limited

Wang Hanfeng, Managing Director and Chief Strategist, China International Capital Corporation Limited (CICC)

Dan Cashdan, President of Investment, HFF Securities L.P.

Liang Guanjun, Chairman of American Chinese Merchants

 

 

Yu Lan：Good morning, ladies and gentlemen! Today's session discusses the prospects and future of China-US cooperation in trade, investment and finance. As the world's two largest economies, China-US relations have always been one of the most important major relations in the world. This year, China has convened the 19^th National Congress of the Communist Party of China, and the United States has also finished the election. The future direction of China-US relations is a topic of global concern. In particular, economic, trade and financial cooperation, we have been positioned as the stepping stone of China-US cooperation. Under the new global governance situation and different international situations, how will the future financial and economic cooperation between China and the United States move, I think in the discussion will reveal a clearer outline.

 

First of all, let's welcom Mr. Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission, to give a speech.
 

 

Zhou Yanli: Today's topic is the prospects of trade investment and financial cooperation and future predictions. I believe that China-US relations are China's most important relationship, because these two countries are in a very important position in the world.

 

First, the United States is the largest economy in the world, and its influence in the world is enormous. Therefore, General Secretary Xi Jinping has many comments on China-US relations. Among them, he has said many times that there is no reason to break China-US relation.

 

Since the 18^th CPC National Congress, General Secretary Xi Jinping has met with President Obama at the Annaberg Manor, and after the 19th National Congress, he met with President Trump at Haihe Manor, and during this period the General Secretary Xi visited the United States in person. The talks between the heads of state of the two countries laid the basic framework for the diplomacy of the two heads of state and laid a good foundation for the healthy development of China-US relations. Of course, the good diplomatic and political relations also pave the way for further economic and trade relations and financial cooperation.

 

China and the US are the largest or the second largest economic and trade partner of each other. The trade volume is the largest. Not long ago, President Trump visited China from November 8^th to 10^th. The two sides signed trade orders of more than 253 billion , laying a solid foundation for the next round of trade and investment and financial cooperation. Above the relationship, we are positively optimistic about the future economic and trade relations between China and the United States. .

 

Next, in the financial sector, China and the United States should further strengthen cooperation to increase its depth and breadth. China should be open to the US in the financial sector. In the insurance field, AIG established its branch in Shanghai on September 28, 1992. The People's Insurance Company of China established a China-US insurance company with AIG, and each has its own branches in Hong Kong and New York. After the branch office, AIG has made tremendous contributions in marketing systems, and new insurance products. It has laid a solid foundation for promoting the development of economic and trade between China and the United States, especially in the insurance field.

 

Looking into the future, the cooperation in insurance between China and the United States will continue to deepen, and the opening up to the United States will continue to expand. I hope that more financial institutions, whether they are securities, investment banks or insurance companies, will come to China, to manage their own business and expand the depth and breadth of China-US cooperation. This will provide broader protection in the economic field and trade investment.

 

Therefore, under the momentum of sound and healthy development, China-US relations will deepen economic development and financial cooperation. But now everyone talks about the question of how China catches up with, even surpasses the United States. I also have my own analysis and judgment. Because of the total economic output of China and the United States, the US GDP is 18 trillion, and China is then 12 trillion, but the gap of per capita is relatively large. It is more than 50,000 US dollars in the US but only more than 8,000 US dollars in China. To achieve the growth of per capita GDP, the journey is quite long, so here we have a lot of room for in-depth research and cooperation.

 

In the next step of the development, we have a lot of space for cooperation in the field of environmental protection and energy. Therefore, in this respect, China and the United States have a good political, economic and financial relationship, and continue to promote our cooperation on energy and environmental protection, people-to-people exchanges, which will jointly promote the in-depth and healthy development of bilateral relations.

 

 

Thank you!

  

Yu Lan: Thank you, Chairman Zhou! In the past 45 years, China-US relations have undergone a historic leap. By this year we have seen the words often mentioned in this meeting called "the new era". For China-US relations, we can also describe it going into a new era. Ok, let's welcome Mr. Michael George, partner of Versant Group.

 

 

Michael George：Good morning! I work at an investment bank. My idea is to give you some American experience, or the US views on China-US relations, Sino-US investment, including our financial relations, trade relations, and so on.

 

10% of China's trade volume comes from the United States. Now direct investment in China actually represents only a little bit of the overall investment strength of the United States. Our total overseas direct investment reached 5.3 trillion US dollars. We are in China. Investment is actually a small share of the overall segment. Therefore, I hope that in the future, the United States will further increase its FDI to China. We may have a large increase in investment. Therefore, we feel that the future growth of US direct investment in China is still very large, and we hope that in the future, the two governments will Making greater progress in promoting bilateral investment is also a major concern of the two parties. Recently, we have seen many progress in this area.

 

The focus of my speech today is to say what kind of changes China will make to the United States after the 19th National Congress. I think China's investment in the United States has drawn more attention than the US investment in China. China used to invest about US$10 billion in the United States. In 2016, about 670 investment projects were invested in China from the United States. A summary of the transaction, many of which are symbolic such investments. We also hope that more and more investment projects will be promoted in the future.

 

But on the other hand, from the 19th National Congress, it also brought some tension. Most of the real estate industry, especially in these large foreign cities, there are many risks and fluctuations in the real estate market due to investor instability, which may bring some concerns.

 

For Chinese investors, there are still many targets that can be invested. About three trillion US dollars of funds can be directly invested in the United States. About 60-70 billion yuan of investment in this year is only a small part of this share. a small part.

 

Why do you want to make such an investment? This situation can not be sustained. The United States has a deficit in deposits because we consume a lot of money, and China’s deposits are surplus and there is a surplus in deposits. There are a lot of cheap goods from the United States that are also flooding into China. Someone mentioned in his speech yesterday that under such a consumption-led model, there will be an upgrade in the Chinese economy, and this trade surplus will be reduced in the future. For the United States, what is to be solved is a problem of a deposit deficit. China's trade surplus will adjust itself in the future, especially with the reform of China's industrial upgrading, China's consumption capacity will be further enhanced. In other words, Chinese companies invest in the United States. We know that the key to its economic growth is to bring benefits to the people, that is, economic development must benefit the people, achieve a better life, and have better happiness. sense.

 

For Chinese companies, investing in the United States is the same appeal. They hope to have better protection for the elderly, better conditions for the elderly, and invest in a better sense of well-being.

 

Last year I sold a real estate company to a high-tech travel technology company, which means that the real estate company wants to start its tourism industry in China through mergers and acquisitions, and will bring the marine theme park to China. We see that Chinese investment is a lot of focus on wealth concentration areas, such as the financial industry. The US financial services industry is very developed. We have a mature financial system, VCs, and private placements. These can promote, or compare, Under China, China should develop a more comprehensive and flexible Chinese service industry, and it must have better asset management capabilities in saving.

 

Recently, China Energy Group bought a 20% stake in a medium-sized New York-based asset management company and acquired their asset management and investment banking business in Shanghai.

 

Finally, I want to say that I think the US investment in China will not decrease. I think the opposite will increase. The United States now has a lot of concerns, that is, China’s funds may stop investing in the United States, or those previously invested in the real estate industry. May be further reduced. So I think this kind of real estate investment may be reduced, but more investment will flow into the industry with real intellectual property content to help China's economic transformation, from labor intensive to high value-added. Thank you!

  

Yu Lan: Thank you Michael for introducing the two-way investment between China and the United States, and some of his own investment in China. In fact, the United States may set some obstacles to Chinese companies. In this process, China and the United States should say that cooperation is mutually beneficial and win-win. Next, we have Mr. Eric Zheng, President & CEO, AIG Insurance Company China Limited.

 

 

Eric Zheng: Thank you. First of all, I am honored to be able to attend the IFF Forum in Guangzhou, and participate in the dialogue on China-US cooperation today. I am a businessman and I want to talk about some of the experiences of China-US cooperation in a micro perspective. I think th two keywords today are globalization and the financial sector serving real economy. In fact, our experience also illustrates these issues.

 

AIG was established in Shanghai in 1919 and then went out of Shanghai as an international financial insurance company. How did we return to China that year? It was because of China’s reform and opening up that year that a large amount of foreign capital, especially the US capital, came to China to invest. As a member of the financial sector, and we must follow our customers. This process is part of economic globalization. We are serving the real economy.

 

After we settled down in China, we continued to develop, expanding from a foreign-funded company to a domestic one, from state-owned to private in the past years. Looking back now, China has gradually moved from a pure capital importing country to a capital exporting country. Two years ago, China’s output of capital exceeded the number of foreign capital entering China and became a capital exporter. At this time, there are many Chinese companies, state-owned and private ones, are gradually going out.

 

As an insurance company, we must follow our customers. In the future, I think that a big business growth point may be Chinese companies going out. Chinese tourists go out a lot now, and there were 120 million people last year. This is an opportunity for travel insurance. Therefore, I am very optimistic about the future development of China and participation in the process of globalization.

 

We are very keen to go out with our Chinese customers. Now there is some "noise" about the globalization. Personally, I have always felt that globalization is a big trend that not a country or an individual can control. This is the natural law of the economy. So I am very happy to see that China is now able to lead the trend , and we also hope to actively participate in and support Chinese companies to go out.

 

Chairman Zhou just mentioned that we had cooperation with PICC in the early 1980s in the process of going out. We are very happy to carry out cooperation with our insurance companies in China, because we now want domestic companies to go out. In the process of going global, we have a lot of space for cooperation. This is a national strategy, and we are ready to participate in.

 

When it comes to the national strategy, BRI is also a national strategy. In recent days, we have also talked a lot about the opportunities brought by it. In the process of going global, there are still many unpredictable risks in the BRI countries, so I hope that the insurance industry can help to circumvent these risks. Therefore, from this point of view, I feel that there is a lot of room for development in China-US economic, trade and financial cooperation. Everyone knows that after the recent US President’s visit to China, our country has also announced further opening up in the financial industry. China has also made a commitment that within three years, foreign insurance companies can increase their foreign investment to 51% and abolish all restrictions on equity after 5 years. I think this is also a big and friendly gesture for Chin, also a big step in reform and opening up. Although we are not a life insurance company, we are also very happy to see this development.

 

In fact, there are now 80 property insurance companies in China, and 22 of them are foreign-funded. Foreign capital is still very active in China, and we hope to participate in the development of China's economy. I am very optimistic about the economic and trade exchanges between China and the United States. I also hope that our financial and insurance sectors can continue to facilitate economic and trade development between China and the United States. Thank you!
 

Yu Lan：Thank you Mr. Zheng. AIG is a microcosm of China-US relation. The insurance industry is also a microcosm of the financial cooperation between China and the United States. In 2014, four industry institutions from the two countries carried out a good cooperation and promoted further cooperation and exchanges between the two countries. In the future, the space for cooperation is very large, and we can share the dividends of China's development and the dividend of economic globalization. Thanks again to Mr. Eric Zheng!

Next, let's welcome Mr. Wang Hanfeng, Chief Strategy Analyst and Managing Director of CICC.
 

 

Wang Hanfeng: Thank you! If you simply review the experience of the past few decades, you will find that the exchanges between China and the United States have always been an important force driving China's process of reform and opening up. Looking at the future, I think it will continue. As we mentioned earlier, China has made great achievements in the economic field, but it still has a big gap with the United States, and other advanced countries in the world. I believe that China's own development should also be beneficial. Therefore, the exchanges between China and the United States will also be an important force in promoting China's reform and opening up, including development.

 

I want to combine our own experiences and briefly review the main characteristics of the two-way investment in China's industrial and financial fields for internal and external investment, especially in light of the new features emerging in China's economic field in recent years, including changes in the old and new structures, the downside of the overall growth rate, and the new features that may emerge.

 

First of all, in the field of industry, the first thing everyone should notice is that China’s foreign investment in recent years has exceeded the investment of foreign capital in China. This is a very important feature. Similar phenomena have been seen in the development of other countries and regions, including South Korea and Japan. When the economy develops to a certain stage, foreign investment will exceed the external investment attracted by the country. China's foreign investment has reached 170 billion US dollars, a growth rate of 44%. Although China's mergers and acquisitions of overseas companies have twists and turns, they show some very positive characteristics. First, from the industry, China's previous mergers and acquisitions are concentrated in some of the primary enterprises such as energy and raw materials, but since 2010, the direction has slowly turned to consumer manufacturing, including technology companies.

 

Geographically, it is also very interesting. Before, China may be more involved in these mergers and acquisitions in developing countries in the world, or in developing regions, but in recent years you can see that the signs of Chinese companies' mergers and acquisitions are slowly spreading to more developed countries, including Europe and even the United States.

 

There is also a feature that is also very interesting. The main body of M&A, in which many years of mergers and acquisitions may be dominated by state-owned enterprises, but in recent years, more and more Chinese private enterprises are leading cross-border mergers and acquisitions.

 

At present, with the structural upgrading of the Chinese economy, with the expansion of the Chinese enterprise market, as the demand for Chinese companies to move up the value chain is gradually increasing, China is increasingly investing abroad. The field is also growing very fast, and the future may be a continuation trend.

 

Speaking of the financial sector, I think the overall view is that we have achieved great success, but it still lags far behind the level of China's current economic volume. This means that the two-way open space in the financial sector is still very large.

 

The total market value of the current overseas investors in China's stock market A shares is about 1.1 trillion yuan. Moreover, in the last two years, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect have achieved remarkable development. We introduced the QFII system in 2002, and its development has accelerated only recently.

 

How much is 1.1 trillion yuan? At present, overseas investors account for no more than 2% of the total shareholding in China's A-share market. This volume should have a lot of room for China's current volume in the world's second largest economy.

 

We estimate that in the next 5-10 years, it is possible that the two-way investment will be more than a trillion dollar scale. Therefore, we estimate that in the future, with China's opening up, the annual investment volume may be RMB 200-400 billion, close to about US$40-50 billion, even US$100 billion.

 

Ten years later, I estimate that overseas investors may hold close to 10% of A shares, which should be said to be a considerable amount of space. Even so, I think it is just the level that China should have. This is the level that basically corresponds to China's development level.

 

In terms of the financial sector, due to China's policy developments over the past few years, the overall financial sector's open layout lags behind the development of the real economy, so that the two-way investment in the financial sector are significantly behind the level of economic development.

 

Finally, I would like to emphasize that strengthening exchanges is of great help to promote investment and cooperation between the two sides. In the past few years, I have found that the views of overseas investors on China may be influenced by the media, and they have always been pessimistic about the development of China's real economy. Objectively speaking, China has indeed faced some problems in the past years in terms of economic development since 2010. However, we also saw that China is making adjustments. Therefore, compared with five or six years ago, the current situation cannot be said to have turned upside down, at least it is a very big revolutionary change.

 

Therefore, the moderator mentioned that in many areas of China, in fact, China is not simply following or studying from foreign countries, and some areas even lead. So I feel that strengthening communication will make up for the difference in understanding. Thank you.

 

 

Yu Lan: Thank you Mr. Wang Hanfeng for your wonderful speech! The next speaker is Mr. Dan Cashdan, President of Investment and Director, HFF Corporation of the United States.
 

 

Dan Cashdan: Thank you, ladies and gentlemen, everyone. I am very honored to be able to participate in the International Finance Forum today. I am very grateful to our Chairman and moderator. I am very grateful to our customers and our good friends for their special invitation to this forum. China has actually experienced great changes, whether it is globalization, or the concept of the environment and the growth. In fact, it will be able to be manifested in the Belt and Road initiative, and will also be transmitted to the other side of the Pacific Ocean, the United States.

 

Today, I want to talk to you about the real estate industry. We have mentioned that the US and China’s real estate industry have paid a lot of attention in the past few years. This door opened five years ago. China can go to the United States to invest. At that time, there were 100 billion yuan of funds entering these commercial real estates and investing in commercial real estate in the United States. Chinese investors have three main areas, three categories of people in other parts of the United States.

 

First, the first is the national investors, which are from sovereign funds. These investors are very professional in the global market. They are very active in the US and in Europe, and they also have some investors in other countries. The same is to choose the best target, and they can very professionally pick out these targets. So we think these people will continue to make very good differentiation investments

 

The second type of people are more complex entities, which may be insurance companies, such as China Life Insurance, Ping An, etc., as well as different insurance companies, banks and other banks, and some private companies. Or the developer. For example, Wanda and so on, these companies also go to the world to make a lot of different investments, some of which are very cautious and very conservative investments, while others are very active in making investments, whether they are doing development or acquisitions. Different real estate aspects.

 

In addition to this kind of investment, we also see a lot of investment management companies, such as Cinda, they cooperate with Senda, and China's investment management companies began to manage overseas investment. So these are originally from companies established in China, they may go to invest in the United States, but hope to be able to invest in housing or warehousing in the United States.

 

In addition, there are high-net-worth individuals who go to foreign countries to invest, and our profession is not particularly large. Therefore, as mentioned in these investments, the most important thing for Chinese investors is that large-scale investment may be well-known, such as New York, Chicago, Los Angeles, San Francisco, etc. Of course, there are relatively small investments, I think They are very successful. They have been very successful. So when they arrived in the United States, they basically had two roads. One road might think that they could invest in the United States themselves. The other way is that they are looking for them in the United States. A partner. So generally we think that this is a better way. If we come to China, we may find a partner better because it can help me to do business here. Or where is the dinner, if there is a local person to help and give advice, it is better, more reliable. But different investors and different paths actually create different results, so we see some people doing more conservative investments, maybe investing in apartments, or buying some industrial buildings, etc., or buying hotels, etc. These combinations, etc., also have such investments.

 

So a year ago, we may have announced in November of last year that Beijing began to slow down such overseas investment pace. We are not sure what this means, but the signal is very clear. That is to say, this speed is slowing down, for example, cautiously. The State Council made it clearer in August this year that he said that he could not invest in gambling or sex-related industries, which are all restricted. Or the environment that is harmful to the environment, the entertainment industry, the hotel, and the real estate sports must have restrictions.

 

Of course, what everyone is worried about is that R&D agriculture and “One Belt, One Road” investment are encouraged. So what is the reflection of this market? How do we work together, how do we find investment opportunities in the US, and are investment opportunities that are in line with the policy? We believe that some of the industries we have to look for are able to help the people, to help the society, and to help China's growth and the “Belt and Road” initiative. So I can give you a few suggestions:

 

For example, in the establishment of industrial warehouses in the United States, why should we build warehouses? Because we all heard the growth of the 9+2 area of ​​Guangzhou, such growth will not only help the countries along the “Belt and Road”, but such growth will also help in the United States, whether it is San Francisco or Los Angeles, or the United States. Cities, if they are likely to have the needs of industrial warehouses in this area, and where they can do these related “Belt and Road” businesses, there are also important cities for technology, such as Silicon Valley, Boston, Los Angeles and other cities. In fact, investment in these places will continue, and this is a key object of bilateral cooperation.

 

Another one is the medical industry. In fact, the medical industry is a close cooperation between China and the United States. Because we all have very large needs, we all enter an aging society. And how can we cultivate these medical technologies in these industries. So this is a very important area of ​​cooperation, learning from each other, and students' quarters.

 

I think that millions of students come to the United States every year in China. They need dormitories. They need to solve the housing problem. This is a very important consideration for Chinese parents. Now the university is constantly developing and becoming the world's leading university. There will be more Chinese students to study, and it is also important to provide them with accommodation.

 

Finally, the elderly housing is also very important. The United States is now aging very quickly. The Chinese population is facing the same problem. We must work together to consider how to provide better care for the elderly, including medical care, and how to provide them with such convenient support. For example, going to see a doctor, going shopping, etc. These are some of the problems that our two countries have to face and consider. So we will start a pilot project to build a cooperative old-age real estate project. We don't want to see that in the future, the Wall Street Journal said that the Sino-US acquisition is to buy a five-star hotel, to buy big squares, office buildings and so on. I think the demand for real estate in the United States is real. The demand for investment in this area is actually consistent with the guiding ideology. If you look at the media in China and the United States in the past few years, you will find that some companies' investment in the United States may be in progress, and we have found all these Chinese investors in the United States, these investments The combination actually covers a lot of funds, how to manage and apply these assets, whether it is a private Chinese company, or a company that is strongly influenced by the Chinese government and has a state-owned background, I have some suggestions.

 

First of all, we have to believe these consultants in the United States, just as if I came to China with my colleagues this time. We want to tell you that you have to find a truly qualified American consulting company to help you solve these problems.

 

Second, don't worry, you need to understand the value of your investment, which means that you are not satisfied with the results of the final return on investment, don't be too hasty.

 

Third, consistent. You have to look at whether the projects you vote for are subject to a lot of government control, or the government has a big impact, all of which must be carefully considered. So I feel that I have to spend more time to consider or examine the position of these portfolios in the market, and finally make a comprehensive assessment, think about whether these investments can be done.

 

Finally, we need to find high-quality partners. We used to be the guiding spirit jointly proposed by August and the 19th. We should use this as a benchmark to find a good partner and achieve a resonating ending, including medical, technology, Pension and so on. I feel that many companies have room for cooperation in this respect. There are many discussions now that China wants to learn from the United States, but in fact I spend a lot of time on WeChat every day. I don't need these chat tools in the US. More is to use WeChat, I found that more and more technical aspects, China is actually playing a leading role, whether it is social media technology, high-end construction technology, etc., these are all we can learn from China. local.

 

At the just-concluded APEC summit, we must promote innovation, open the economy, the third is to develop shared development, and the fourth is to create an emerging partnership. As the United States, we also believe or support these four goals. 。

 

Finally, what I want to say is that Sino-US cooperation is very important, thank you.

 

Yu Lan: Thank you, Mr. Dan Cashdan. There are some entrepreneurs here. The investment fields mentioned by Mr. Dan Cashdan, the industrial warehouse, the the medical industry, the student dormitory and the old-age housing. These may be China's capital will be very popular in the United States, and there is a big market. Thank you again for your investment advice. Thank you!

The last guest is the Chairman of American Chinese Merchants, Mr. Liang Guanjun. The American Chinese Merchants has played a very important role in the China-US exchanges. We would like to hear your comments on this topic.
 

 

Liang Guanjun: Thank you, moderator! What I want to talk about today is that China-US relations have officially entered a new era.

 

After the conclusion of the 19^th National Congress of the Communist Party of China, many people in the US are paying more attention on this important event of China and the future development of China-US economic relations and expectations. What the US is most concerned about so far is what kind of reform signals have been released by the 19^th National Congress, especially in the various directions of promoting economic adjustment and market reform, and looking forward to finding its own development and business opportunity. If they can carry out a thorough study about the report of the 19^th National Congress, we can see that China will become more and more open, and the US business community will be more likely to make good use of these opportunities. This will also enable China-US economic and trade relations to be more strong and close.

 

China-US relations officially opened a new cycle in 2017. President Trump made a state visit to China from November 8^th to 10^th, shortly after the closing of the 19^th National Congress. It is of practical significance for China to explain the development strategy of the new era to the outside world. It is also the result of the active interaction between the two global powers.

 

Cooperation is the only right choice between China and the United States, and a win-win situation can lead to a better future. During President Trump’s visit to China, the two countries signed a commercial contract and a two-way investment agreement involving more than 250 billion yuan, covering a wide range of areas, including trade, investment, goods, commodities, and technology in fields such as energy, environmental protection, culture, medicine, and infrastructure construction. This shows that the mutual interests of the two sides are far greater than the differences, marking a broad foundation and prospects for China-US economic and trade cooperation.

 

China is the largest source of merchandise trade deficit in the United States. The United States has always been in a trade surplus with China. However, its scale is far less than that of merchandise trade. Improving the imbalance between China and the United States, and promoting the supply-side reform in Chinamay bring many benefits to the world economy as a whole.

 

We can see that the first round of the China-US comprehensive economic dialogue has achieved positive results. China has promoted the progress made by the China-US 100-day negotiations on the opening of various international cooperation in the trade of goods, trade and services. However, the huge commodity trade deficits still remains. Service trade and investment cooperation are important contents of bilateral economic and trade relations. China-US service trade is mutually beneficial. China is willing to achieve mutual benefit and win-win situation in service trade. The prospects for Sino-US trade, investment and cooperation are very broad.

 

As for how China develops after the 19^th National Congress, overseas Chinese and overseas Chinese are very much looking forward to it. We are eager to become important witnesses and participants in China's development. We hope that after the 19^th National Congress, the BRI will be implemented and produce more win-win outcomes. Our organization is also taking advantage of its geographical advantages and management models to actively participate in the construction of the BRI. There are more and more people coming back to invest now, and overseas talents are returning to China. Everyone is very optimistic about China and expects to participate more in China's development. Thank you all!

 

Yu Lan: Thanks to Mr. Liang Guanjun’s speech. No matter from the historical dimension or the realistic dimension, in fact, China and the United States have always had very good cooperation. In the future, this kind of cooperation will be further deepened. Thank you!

 

Today our discussion is about China-US relations that are very important in global governance. In the course of the discussion, we have involved in macro, and micro perspectives. It is inevitable that two people will have disputes when getting along with each other, let alone two big countries. As long as there is no deficit of trust, as long as China and the United States have a mutually beneficial and win-win attitude and open cooperation, the future will definitely be bright. I am very grateful to all the guests for their speeches and the interaction of the audience. Thank you!