On Wednesday, September 23, Honeywell Chairman and CEO Dave Cote attended the U.S.-China Business Roundtable with 15 U.S. CEOs and 15 Chinese CEOs in Seattle, WA to meet with Chinese President Xi Jinping. The Paulson Institute co-hosted the event where U.S. and Chinese CEOs discussed their interest in increasing investments in each other’s markets and a desire for increased access for business on both sides. Both U.S. and Chinese CEOs highlighted opportunities for collaboration on clean technology projects.
President Xi delivered an economic policy speech, highlighting ways that China is working to bolster its economy, advance reforms, and strengthen business ties with the United States. In his comments to the business leaders, President Xi stressed China’s commitment to moving forward with economic reforms, as well as the country’s plan to further open up its markets to foreign competition. “Without reform there will be no driving force, without opening up there will be no progress," Xi said. In his speech, President Xi highlighted six key messages about corruption, economy, cyber security, China-US Cooperation, Asian Infrastructure Investment Bank (AIIB), and “One Belt, One Road” Initiatives and Defense.
Talking about having the opportunity to say something to President Xi, Cote said, “The things that I would talk about are one, I am impressed with what they’ve been able to do. Two, we have benefitted greatly and China became our biggest country for sales outside the U.S. two years ago. We now have 13,000 people there, only 50 expats, 3000 engineers it’s been a big part of our growth story. But that being said there are things we’d like to see; SOEs (State Owned Enterprises) need to become more open. They should do something like open up their airspace, if you try to fly through China, there is huge swaths of the country that you can’t fly over, so very inefficient routing. They need an updated air traffic control system. Cyber, which President Xi addressed yesterday and of course which our President will be talking about. IP (Intellectual Property) protection. These are all things that need to be addressed for their economy to continue to mature and grow. Watch the full CNBC interview.
Hosted in partnership with the China Council for the Promotion of International Trade (CCPIT), the roundtable provided an opportunity for U.S. and Chinese business leaders representing a broad range of industries to discuss issues, challenges and opportunities facing the two countries and explore ways to collaborate and strengthen the U.S.-China economic relationship.