American companies are increasingly coming to China to learn and innovate rather than simply to manufacture or sell, Michael Hart, president of the American Chamber of Commerce in China (AmCham China), said on September 9.
Hart made the remarks at the China Provinces-U.S. States Investment and Trade Cooperation event, held during the 26th China International Fair for Investment and Trade (CIFIT) in Xiamen.
"U.S. companies used to come here to manufacture," Hart said. "Then they came here to sell to the market. Now they're coming here to learn and to innovate with Chinese companies."
Hart said the change reflects the growing importance of China's innovation ecosystem. He cited a U.S. company with six innovation centers worldwide, two of them in China, saying its presence showed that important innovation was taking place in the country.
That engagement increasingly happens at the local level, Hart said. AmCham China takes member companies to provinces and cities to meet local governments and communities, where the companies can address practical problems, expand business and build people-to-people ties, he said.
China's growing pool of local competitors is another sign of how the market has changed, Hart said. AmCham China's surveys show members continue to see opportunities in China, but they also report facing more competition from Chinese firms. However, that competition does not necessarily stand in the way of cooperation, Hart said. Instead, competition combined with cooperation could help companies in both countries learn from each other and innovate faster.
Looking back over four decades of China-U.S. relations, Hart said business has remained a constant factor in the relationship despite political changes, with companies continuing to focus on practical goals such as manufacturing, profitability and innovation.
Reporter | Zeng Xiangxing
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