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Qingdao, a coastal and hilly city in China, inaugurated its business and commerce center in San Francisco on Tuesday to deepen the regional cooperation between China and the United States.

Zhang Xinqi, Mayor of Qingdao (R) and Ed Lee, Mayor of San Francisco (L) unveil the Qingdao Center for Business and Commerce USA on May 17th, 2016. (People’s Daily Online/Han Shasha)

Zhang Xinqi, Mayor of Qingdao, led a Chinese delegation consisted of local governmental officials and company executives attending the Qingdao-San Francisco Sino-US Regional Economic & Trade Cooperation Forum and the opening ceremony of Qingdao Center for Business and Commerce USA on May 17th.

Zhang said that by March this year, Qingdao has invested a total of 9.08 billion US Dollars into 194 projects in the United States, and also received a stock of 3.88 billion US Dollars from the United States, which now is the fourth largest source of inbound FDI for Qingdao.

He said: “San Francisco is a beautiful and dynamic city, although ocean apart, we are closely bonded by our sister city relationship. Toady we also have over 20 executives from Qingdao companies, including Haier, Hisense, Port of Qingdao, Qingdao Beer, and CRRC Qingdao Sifang. Some of them have already invested in the United States, and others are still seeking opportunities. I am sure they will partner with San Francisco business communities at today’s forum.”

Ed Lee, Mayor of San Francisco, said at the forum that San Francisco is very like Qingdao, having waters and hills. San Francisco is the gateway to the United States, also the gateway of innovation. “In my opinion, our responsibility is to share the innovation going on to make sure that we can work with other countries, like China, through Qingdao to promote innovation around the world.” 

He said that San Francisco have companies from Qingdao like Haier who recently purchased General Electric Appliances, the very famous brand in the United States. “There are more examples why and how we must work together. And I think there will be very strong reason to continue this cooperation.”

In 2012, then Vice Chinese President Xi Jinping put forward sub-regional cooperation during his visit to the United States. Qingdao was chosen by the Department of Commerce in 2013 as one of the first cities in promoting regional cooperation in trade and investment between China and the United States. Zhang said “The visiting to San Francisco this time aims to carry out the cooperation in finance, trade and business, as well as technology and culture under the guidance of the sub-regional cooperation spirit.”

Luo Linquan, General Consul of the Chinese Consulate General to San Francisco, told the attendees that in September 2015, Chinese President Xi Jinping visited the United States. The two presidents spoke highly of the achievements made by regional exchanges and cooperation, and they welcome more mechanism to be built in promoting regional economic, trade and investment cooperation. 

“The establishment of Qingdao Center for Business and Commerce USA is a new achievement of the consensus of the two presidents and also enriched the content of economic and trade cooperation mechanism between Chinese provinces and California,” said Luo. 

At the forum, over 20 Qingdao companies signed cooperation agreements with American counterparts.