Why this is important to Wisconsin businesses: The event, intended to be held annually, drew nearly 180 U.S. companies, including a delegation from Wisconsin.
In November 2018, nearly 180 U.S. companies participated in the first China International Import Expo. The U.S. ranked third among participating countries in terms of the number of exhibitors. Company executives from Qualcomm, General Electric, Johnson & Johnson, General Motors, Microsoft, DuPont and many other Global 500 and multinational companies personally participated in the team.
Lu Jun, chairman of the China Oil & Foodstuffs Corporation Group Co. (COFCO), said China’s imports of soybeans have now reached 90 million tons, and large import volumes have supported China's rising consumption levels. Soybean yields in the U.S. have increased by more than 20 percent. Lu also recommended encouraging trade and investment in agricultural products, to aid upstream and downstream integration while trade and investment respect the laws of the countries involved.
The success of the expo helped to ease the trade tensions between China and the U.S. and provide hope for a solution that benefits both countries. After the expo, with newly signed agreements coming into effect, regulations on foreign investors are gradually relaxing and more opportunities are becoming available for investors from other countries, including the U.S. and Wisconsin.