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Hormats on Small Businesses in China

A vendor sits amongst his collection of ceramics as he waits for customers at a small market in central Beijing September 8, 2012. China's annual rate of consumer inflation ticked up t o 2.0 percent in August from July's 30-month low of 1.8 percent, offic

"The United States seeks to enhance bilateral engagement with China in all areas”

“The United States seeks to enhance bilateral engagement with China in all areas and build a positive, cooperative, and comprehensive relationship with China,” U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Robert Hormats said recently at the inaugural Small-and-Medium-Sized Enterprises Roundtable hosted by the Shanghai American Chamber of Commerce in Washington, DC.

Hormats on Small Businesses in China
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The promotion of bilateral trade and investment connections between U.S. small-and medium-sized enterprises (those companies with fewer than 500 employees) and their counterparts in China fits into key objectives of the United States.

“There is no doubt that two-way trade and investment has benefited both the United States and China enormously, and we both depend on it for our growth and prosperity,” Under Secretary Hormats said. “We have prioritized the protection of intellectual property rights for American companies in China, as well as encouraging Chinese regulatory authorities to act consistently with international norms . . . [as] we are endeavoring to increase both the quality and quantity of trade and investment between our two countries.”

At the same time, the United States is also focusing greater attention on attracting Chinese foreign direct investment.

“The United States is an open investment destination, and we welcome Chinese investment,” Under Secretary Hormats said. “The United States . . . provides foreign investors fair, equitable, and nondiscriminatory treatment, consistent with our long-standing open investment policy.”

“The most productive way to promote two-way trade and investment between the United States and China is by bringing together our state and provincial government officials, as well as local business representatives, as they are the best positioned to build these connections,” Under Secretary Hormats continued. “The State Department will continue to attach great importance to promoting . . . sub-national exchanges.”

According to the U.S. Department of Commerce, U.S. small-and medium-sized enterprises in 2010 accounted for more than 97 percent of all U.S. exporters. In 2010, more than 29,000 U.S. companies, 92 percent of all U.S. exporters to China, were small-and medium-sized enterprises.

”It’s critically important,” Under Secretary Hormats said in conclusion. “Because improving linkages between U.S. small-and medium-sized enterprises and Chinese small-and medium-sized enterprises will create more jobs.”