New technology brings new opportunities: US-China Business Forum

Technological advances are bringing new ways for US and Chinese businesses to work together at a time of geopolitical tensions, Zonglu Group Vice Chairman George Wang said Tuesday at the US-China Business Forum in New York.

For example, in the field of electric vehicles, change is fast and interconnection is fast. Tesla has become one of the largest electric vehicle manufacturers in China in the past few years. Meanwhile, BYD – backed by Warren Buffett and little known outside of China – has achieved a market capitalization greater than GM and Ford combined and has become a Tesla supplier.

“Who would have thought that a few years ago?” Wang said about the Tesla-BYD matchup. “We see new forms of US-China cooperation taking shape.” In the US, China-based SEMCORP announced earlier this year plans to invest more than $900 million in Ohio, which will produce labels for lithium-ion batteries.

Wang’s father, Wang Chaobin, founded Zhonglu in Zhengzhou 30 years ago. He has an estimated net worth of $1.9 billion on the Forbes Real-Time Billionaires list. “We are proud of what the private sector has contributed to China,” Wang said.

To be sure, Wang said, “over the past several years we have seen ups and downs in the Chinese and American economies” as well as strained political relations.

However, “the US-China business community still has hope to significantly improve the relationship between the two countries,” Wang said. He said eliminating tariffs imposed under President Trump would benefit the economy and trade on both sides.

4^Th The US-China Business Forum, held on the fifth of Forbes in New York, was organized by Forbes China, the Chinese-language edition of Forbes. The meeting was held in person for the first time since 2019. Conducted online during the 2020 and 2021 covid 19 pandemic.

Other speakers include Qin Gang, Chinese Ambassador to the US; Wei Hu, Chairman, China General Chamber of Commerce – USA; James Shih, Vice President, SEMCORP; Abby Li, Director of Corporate Communication and Research, China General Chamber of Commerce; Audrey Lee, Executive Director, BYD America; Lu Cao, Managing Director, Global Corporate Banking, Corporate and Investment Banking, JP Morgan

Stephen A. Orleans, president of the National Committee on United States-China Relations, spoke. US Chamber of Commerce Chairman Shane Stein; Ken Jarrett, Senior Consultant, Albright Stonebridge Group; John Quelch Dean Emeritus and Honorary Chair of the International Advisory Board at CEIBS; Dr. Bob Lee, Physician Ambassador for China and Asia-Pacific, Memorial Sloan Kettering Cancer Center; and Yue-Sai Kan, co-chairman of the China Institute.

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