/ world today news/ A record number of American companies are in Shanghai to participate in the Sixth International Import Expo in China, which opened yesterday, and already on its first day a number of orders were agreed with local partners, demonstrating expectations for closer cooperation against the backdrop of geopolitical ambiguities.
The strong presence of American business at the Shanghai expo comes amid a warming of China-US ties over the past month following several business-to-political exchanges. Experts predict that the two countries are likely to initiate more formal high-level contacts to promote interaction and cooperation at various levels.
On Sunday, US-based global materials science company Dow signed a $300 million memorandum of understanding with ZKH Group. They will collaborate to take advantage of growing downstream silicon markets such as electrification, transportation, packaging and construction. “Shanghai International Import Expo is an important platform for us to showcase our latest innovative technologies for China and the region. It is a place to showcase our R&D expertise and manufacturing know-how and highlights the valuable partnerships we have in China,” said Puai Kun Chia, Dow’s president for the Asia-Pacific region, adding that the company is participating in the exhibition the sixth year in a row.
With a primary focus on sustainability, Dow showcased nearly 50 innovative solutions in materials science, with 11 making their debut globally, in the Asia-Pacific region or specifically in China.
As agriculture and farming remains one of the areas in which China and the US continue to cooperate most actively, the US agricultural manufacturing and processing company ADM has announced that it will sign strategic partnership agreements with a number of Chinese firms involving soybeans and grain, totaling more than $2.8 billion.
China’s appeal as a global mega-market and its commitment to fostering high-quality growth while expanding high-level openness have made the International Import Expo a huge “magnet” attracting world-leading companies, says Zhu Lingbo, ADM’s China president. “We look forward to continuing to use the opportunities provided by the exhibition to seek guidance from the government and industry associations, deepen our understanding of the Chinese market and establish connections with more partners, customers and consumers,” he says.
U.S. agricultural exports to China in fiscal 2022/2023 reached $36.4 billion, surpassing the previous year’s record, with the Chinese market the top export market for U.S. companies for the second year in a row, according to a report by the Department of US agriculture.
At this year’s edition, the USDA brought a delegation of 17 CIIE exhibitors, the first participation of an official institution of the country since the start of the fair in 2018.
The participation of US companies sends a positive signal that China and the US can find common themes for cooperation with each other through specific agreements and occasions where they share common interests, said Gao Linyun, an expert at the Chinese Academy of Social Sciences.
The active participation of US companies in Shanghai comes as Sino-US relations show signs of warming amid more frequent high-level contacts. Recently, the governor of the state of California, Gavin Newsom, finished his tour in China, where he was warmly welcomed, which, according to experts, could have a domino effect and other states to more actively consider contacts and exchanges with Chinese partners at the local level.
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