A view of Beijing's CBD area Photo: VCG

Despite concerns about the tensions in China-US economic and trade relations, the positive attitude of senior executives from some of America's most important companies toward the Chinese market has once again become a focal point of discussion. This development highlights a complex interplay between geopolitical challenges and the allure of the Chinese economy, suggesting that many American business leaders remain committed to exploring opportunities for growth and collaboration in China.

Chinese Vice Commerce Minister Wang Shouwen met with Jay Puri, executive vice president of worldwide field operations for Nvidia's global business, in Beijing on Monday, according to a statement published by the Ministry of Commerce. 

On the same day, answering a question on Chinese supply chain partners, Apple CEO Tim Cook expressed his high regard for Apple's Chinese partners, as Apple "could not do what it does without them," according to a video clip on Yuyuan Tantian, a social media account affiliated with state broadcaster CCTV.

Whether it's Apple or Nvidia, their success in the Chinese market underscores the depth and breadth of economic and trade cooperation between the two countries over the years. Taking Apple as an example, the company's market value has been significantly influenced by its sales and manufacturing capabilities in China. According to Apple's financial report, in the fourth fiscal quarter of 2024, its revenue in China was $15.03 billion, still representing a substantial portion of the company's global revenue. In fact, the Chinese market has contributed a considerable share of revenue to Apple for many years, often accounting for one-fifth of its total global revenue.

Moreover, Apple's success is also intricately linked to China's manufacturing sector. Cook said in 2023 that over 95 percent of Apple's products are still manufactured and assembled in China. The company has developed an extensive supply chain in China, forging strong partnerships with numerous local companies and suppliers. These partners not only deliver high-quality products and services but also contribute significantly to Apple's profitability.

The significance of the Chinese market for other American companies cannot be underestimated, either. While Nvidia has not publicly disclosed the percentage of its revenue generated from its Chinese operations, the recent visit of its executives to China underscores the substantial role that the Chinese market plays in the company's global business growth. Nvidia's products are widely utilized across various sectors, including data centers, artificial intelligence, and gaming, all of which have enormous demand in China.

To a certain extent, the importance American companies attach to the Chinese market exemplifies the profound potential for mutual benefit and win-win cooperation that arises from China's commitment to opening up its economy. 

This dynamic partnership highlights the immense appeal of China's openness, which has created fertile ground for innovation, investment, and growth, ultimately fostering a collaborative environment where both American companies and the Chinese market can thrive together.

In the face of a complex and changing geopolitical environment, China has consistently upheld an open and inclusive stance, and is committed to building a fairer, more transparent, and predictable business environment. As evidenced in recent years, regardless of external changes, China's unwavering determination to promote opening-up has remained steadfast. For instance, during Monday's meeting, Chinese Vice Commerce Minister Wang Shouwen said that China supports efforts by US chip maker Nvidia to continue putting roots down in China, and pledged to create a more favorable environment for foreign companies.

By comparison, the US has approached the globalization process quite differently. In recent years, it has implemented a series of protectionist and unilateral measures aimed at preserving its dominant position in the global economy. 

These actions not only harm the interests of other countries but also threaten the stability of the global economy. The doors of the US are closing, and tariff barriers will continue to rise, not only to China, but also to the world. Ironically, such measures are undermining the US' own competitiveness on the world stage.

Finally, "who is more open" has increasingly become the core of the competition between China and the US. China's approach of responding to pressure with openness is not only a cornerstone of its own development strategy but also a crucial factor in sustaining its competitive advantage amid the currents of globalization.