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Chinese companies in US brace for challenges, take long-term view: CGCC

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Chinese companies in US brace for challenges, take long-term view: CGCC

2024-06-26 00:49 Last Updated At:02:27

Despite the challenging business environment, Chinese companies operating in the U.S. are expected to stay committed to this market in the long term, according to a report released on Monday by the China General Chamber of Commerce-USA (CGCC).

The CGCC, a non-partisan organization bridging the Chinese and U.S. business communities, launched its 11th annual business survey report in Washington during the ongoing SelectUSA Investment Summit.

Every year, the organization undertakes an in-depth survey, gathering key findings from Chinese companies doing business in the United States for insights that help set out a critical framework for companies that have a footprint in the U.S., as well as new entrants to the U.S. market.

The 2024 survey partnered with Chinese corporate leaders from 100 companies to develop effective strategies for doing business, with most of the companies representing the financial, consumer and industrial sectors.

According to the survey, it has been increasingly challenging for Chinese companies to operate in the U.S. market.

Despite the deteriorating environment and declining profit margins for some companies, a notable degree of long-term optimism persisted, with the majority of Chinese companies expressing positive future revenue expectations, the report said.

"Companies are facing a more complicated and challenging environment here in the U.S. Our companies are still committed to the U.S. market in the long-term because the United States remains to be their number one strategic market," said Abby Li, director of the Corporate Communication and Research of the CGCC.

The majority of Chinese companies surveyed said they planned to maintain or increase their investment levels in the United States, the report said. And focusing on the long-term is the key to success.

"We all have seen how fast growth in China has been over the past three decades. So, everybody is in a rush. And sometimes that even applies to hundreds of millions of dollars investment. So, my recommendation has always been: do it slow at the front end," said John Ling, founder of LinVest Investment Consulting, a company specializing in bringing international projects into the U.S. market.

The report highlights that it is those who connect with their peers and share best practices that will succeed in building thriving businesses in the U.S.

Chinese companies in US brace for challenges, take long-term view: CGCC

Chinese companies in US brace for challenges, take long-term view: CGCC

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China ranks high in global electricity index by tech innovation

2024-07-13 08:04 Last Updated At:11:07

Technological innovation propels China to rank high in electricity development, with power supply and consumption services also leading globally, according to a report issued Friday on the sideline of a high-level conference held in Beijing.

At a sub-forum of the second high-level conference of the Forum on Global Action for Shared Development, the Global Energy Interconnection Development and Cooperation Organization (GEIDCO) issued the Research on Global Electricity Development Index (GEDI).

The report selected 100 countries on six continents for index measurement and assessment. The composite score of China's power development index is 90.8, ranking first among 34 Asian countries and seventh in the world.

The report said that global power development has made significant progress over the past decade, especially in the field of renewable energy.

By the end of 2023, the proportion of global renewable energy generation in total power generation had reached 30 percent, of which wind and solar power generation was growing fastest, with an average annual growth rate of more than 12 percent.

On the power side, the current global electrification is entering a new stage of accelerated development characterized by greening and decarbonization, the report showed, adding that it is expected that in the next three years, the average annual growth rate of global electricity demand will exceed 3.3 percent, significantly higher than the growth rate of energy consumption.

"It is expected that by 2030, eight technologies such as autonomous driving, green fuel vehicles, and green fuel ships will mature rapidly and be applied widely under increased research and development investment and favorable policies," said Zhou Yuanbing, director of the Economic and Technology Research Institute under the GEIDCO.

China ranks high in global electricity index by tech innovation

China ranks high in global electricity index by tech innovation

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