China-US Graphic: GT

A business delegation led by the China Council for the Promotion of International Trade (CCPIT) was scheduled to arrive in the US on Sunday for a six-day visit to several US cities, according to an itinerary seen by the Global Times.

This is the first Chinese business delegation to visit the US after the third plenary session of the 20th Central Committee of the Communist Party of China, also known as the "third plenum." This is also a return visit after a group of US senior executives, led by the US-China Business Council (USCBC), ended a three-day visit to China on July 23, following the conclusion of the third plenum.

Analysts noted that the mutual visits are of great significance, as American businesses need to learn about China's next development directions after such an important meeting, as well as the main path to achieve them. Chinese companies want to see if there are any changes in the US market, while expressing their desire to establish or strengthen supply chain relationships with US companies.

They also noted that more frequent exchanges between the Chinese and US business communities will contribute to the development of economies of the two countries and global stability.

"The Chinese delegation will pass on a series of important new opening-up measures to the US business community. Chinese entrepreneurs also look forward to hearing the responses and aspirations of our American friends. We will work together to achieve more results in practical economic and trade cooperation and promote the sustained, steady and sound development of China-US relations," Wang Linjie, a spokesperson of the CCPIT, said on Friday during a regular press conference.

Wang noted that the business communities of China and the US are important defenders of and contributors to bilateral relations. Both Chinese and American companies are closely involved in the ups and downs of bilateral relations, and without exception, they hope to actively promote bilateral relations to stabilize the situation, improve and move forward.

According to the itinerary seen by the Global Times, the Chinese delegation will meet with representatives of US companies, including Corning Inc, Pfizer, Cargill and Starbucks. The delegates will also visit the UN Global Compact, the US Chamber of Commerce and the USCBC.

In recent days, there have been frequent exchanges between the diplomatic and business associations of China and the US, which weren't coincidental. Such exchanges show that the two countries attach great importance to economic ties. Both sides have reached a consensus that such two-way exchanges and consultations are mutually beneficial and lead to win-win outcomes, Gao Lingyun, an expert at the Chinese Academy of Social Sciences, told the Global Times on Sunday.

"Through trade associations, rather than direct government involvement, this approach is relatively less sensitive and provides a certain buffer space," Gao said, noting that the benefits of strengthening economic and trade cooperation between China and the US are obvious.

To a large extent, "it has overcome some ideological contradictions or political considerations, and it is necessary to return to the essence of win-win cooperation."

These exchanges can increase mutual understanding and exchanges, and they can help reduce misjudgments, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Sunday.

"Chinese companies want to see if there are any changes in the US market, as they are currently facing great pressure in the US market mainly due to political factors. However, Chinese companies also want to stress that they cherish strengthening supply chain cooperation with their US counterparts," Zhou said.

Zhou noted that the visit led by the CCPIT will take the initiative to continue to expand some of the information about China's Third Plenum and pass it on to more members of the American business community.

Participants of the US delegation stated that the visit helped to build confidence, despite challenges and complexity in the bilateral relations.

According to a statement released by the USCBC after concluding the three-day visit to China, the trip promoted commercial exchanges, advanced economic and policy priorities to further open and reform China's market, and supported ongoing US-China dialogues in meetings with Chinese government and business leaders.

Chinese Foreign Minister Wang Yi met with a delegation of the board of directors of the US-China Business Council on July 22, 2024. Photo: Ministry of Foreign Affairs of China