WSCRC

Washington State China Relations Council

WSCRC Co-hosts Dialogue on US-China Trade Policy

WSCRC along with Davis Wright Tremaine and the UW School of Law Global Business Law Institute hosted a dialogue about US China trade on September 6th, 2019.

Representative Rick Larsen (Dem. 2nd District) and Dr. Lisa Brown, Director of Commerce for Washington State, provided comments and then engaged in a discussion moderated by former Ambassador to China Gary Locke.  Director Brown outlined the importance of trade with China to Washington’s economy and noted that the State will soon send a trade delegation to China. Representative Larsen commented that there is a consensus in the Congress about what’s wrong with the US-China trade relationship but there is currently no coherent strategy to address the problems.

After a series of probing questions posed by Ambassador Locke, a lively Q and A concluded the session.

Corporate Executive Briefing Series: Doing Due Diligence in the China

On October 4, 2018, the Washington State China Relations Council held its fifth session of the Corporate Executive Briefing Series, featuring Dane Chamorro, Senior Partner at Control Risks Asia Pacific business. A former US diplomat, Dane was previously Director of Global Risk Analysis for the Asia Pacific region and Managing Director of the company’s North Asia business, encompassing Greater China, Korea and Mongolia. The Corporate Executive Briefing Series is a series of conversations which aims to provide a unique venue in which Washington business owners and executives can substantively increase their knowledge of commercial engagement with and in China.

Control Risks is a specialist global risk consultancy that helps organizations succeed while remaining secure, compliant and resilient. Drawing from his extensive experience working throughout China and Asia for Control Risks, Dane discussed how President Xi Jinping is altering the Chinese economic and political landscape in a manner that emphasizes a Party led, regulatory driven model governing data, capital, social control. This “alternate ecosystem” will require foreign operators to adapt to new rules, and standards. Using the example of increased steel production in provinces outside of Beijing’s vicinity despite regulatory pressure, Dane explained the motives and targets of the Chinese government’s massive reorganization led by President Xi.

In terms of foreign involvement in China through businesses, investment, and other avenues, Dane cautioned that trade conditions will worsen before they improve as the US-China trade dispute unfolds. He cited a few specific ways in which US companies will be impacted, concluding that foreign manufacturers are likely to benefit in the short term and see some business growth. However, multinationals will remain disadvantaged in the longer term as they are unlikely to have equal opportunities as local competitors, given the national and local resources and support that local Chinese companies can access, and the operational and regulatory obstacles that foreign companies are facing.

The Q&A session addressed the changing role of due diligence in the China market during this moment in US-China relations, as well as the experience of US businesses working with Chinese partners. In answering an audience question about precautions companies should take before doing business in China, Dane called attention to the need for a comprehensive appraisal of a businesses and prospective partners, especially to establish assets and potential liabilities.

WSCRC extends thanks to WSCRC board member Sean Connell for serving as a moderator for the event.

Summary author: Mengyao Liu

China-US Ningbo City Snohomish County Trade and Investment Forum

On September 20, 2018, the Washington State China Relations Council, in partnership with Snohomish County, Economic Alliance of Snohomish County, the Port of Everett, and Illuminate Global LLC, hosted a delegation from the city of Ningbo in Zhejiang Province for the China-US Ningbo City Snohomish County Trade and Investment Forum. The delegation included representatives from both government and industries in Ningbo, including automotive, information technology, and tourism.

Dave Somers, County Executive of Snohomish County, detailed the history of international exchange between the US and China that has taken place in Washington State. He elaborated upon current efforts to maintain economic and cultural ties through facilitating trade missions, delegations, and business connections. Stephanie Wright, Chair of the County Council of Snohomish County, emphasized the importance of trade and investment in the US-China relationship. She encouraged delegates to learn more about Snohomish County and the opportunities for collaboration it offers to prospective investors. Patrick Pierce, President and CEO of the Economic Alliance Snohomish County, outlined the globally recognized brands operating in Snohomish County, as well as its wealth of educational institutions.

Jianhua Xu, Deputy Director of the Ningbo Business Association, introduced the City of Ningbo, which boasts active export-oriented economy. The United States has always been an important trading partner with Ningbo, with Dow Chemical, DuPont, MSK, Cooper, John Deere, Procter & Gamble and others investing in projects in the city. Jing Shi of the International Investment Promotion Bureau of the City of Ningbo detailed how the city has accelerated its international development through leveraging its ports and private economy. Zhijun Yang of the Yinzhou District Investment Cooperation Bureau of the City of Ningbo encouraged investors to explore opportunities in Ningbo, as well as promoting its tourist attractions and educational partnerships as well.

The event brought together representatives to strengthen international ties between the US and China through trade and investment. After Mr. Somers and Mr. Xu exchanged gifts following the presentations, the gathering commenced networking and exchanging information for future partnerships. WSCRC board directors Holly Yang, Yuping Wang and Michelle Zhou also attended the event.

Summary Author: Mengyao Liu

Pacific Northwest and National Commercial Real Estate Trends: The China Factor

On November 8, 2017, the Washington State China Relations Council and Gold Member Kidder Mathews convened a panel of real estate experts for a conversation on, “Pacific Northwest and National Real Estate Trends: the China Factor.” Speakers included Holly Yang, Head of Seattle China Services for Kidder Mathews in Seattle, Vik Bangia, founder of Verum Consulting, and Glen Gioseffi, Debt Equity and Finance expert with Kidder Mathews. Brian Hatcher, Executive Vice President of Brokerage for Kidder Mathews, moderated this event at The Bravern Signature Residences in Bellevue, Washington.

Brian Hatcher launched the discussion with a 2017 commercial real estate market update for the Seattle and Bellevue areas. A comprehensive analysis of growth rates in commercial real estate indicates that continued and sustained growth can be expected, as exemplified by the pre-leasing of 50% of the office space currently under construction in Seattle and the 67% pre-lease rate in Bellevue.

Holly Yang expounded on financing options for Chinese investors, including the EB-5 immigrant investor program. She discussed the excessive wait time now associated with the popular EB-5 investment program and Chinese capital controls on outgoing real estate investment funds. Holly concluded that despite the Chinese government’s strong hand in directing capital, funds continue to flow to the US, which is viewed as a “safe haven” for investment money. Glen Gioseffi, who has funded over one billion dollars in commercial debt, contributed his knowledge of the necessity of debt financing to enable growth.

Vik Bangia shared findings from his research into the characteristics of the Millennial employees, a demographic which is occupying commercial space at an increased rate. Vik explained how this demographic tends to prize clarity, flexibility, satisfaction, and significance in the workplace, and how these values can be reflected even in a company’s commercial space. For example, the ratio of square foot to person has dropped in recent years from 200 square feet per employee to a mere 48 square feet per person.

The wide-ranging and extensive knowledge of the panelists created a superb venue for audience members to submit varied queries into the complexities of regional and national real estate trends. More than 60 representatives from the commercial and residential real estate, investment, banking, and legal communities attended this standing-room only event and exclusive networking reception.

Special thanks to Kidder Mathews for convening the panel and co-hosting with WSCRC, and to The Bravern Signature Residences for providing the outstanding venue.

Summary author: Trudy Boothman

Policy Briefing Series — Free and Fair Trade: Assessing US-China Trade Policy

     
     On October 19, 2017, WSCRC convened the eighth session of the Policy Briefing Series at Harris Bricken Law Firm in Seattle. Murray Lee, owner of MKL Enterprises, and William Perry, an international trade lawyer, addressed the issue of free and fair trade in the United States’ trade policies regarding China.
     Mr. Perry explained that free trade is vitally important to the wellbeing of the US economy and to its global competitiveness. In Mr. Perry’s opinion, it is critical that the US remain stalwart on issues of free and fair trade as the global trend leans ever more strongly toward Free Trade Agreements (FTAs).  His concern regarding the current administration’s push toward protectionist policies is the risk they pose to agriculture and the high-tech industry, both of which rely heavily on trade and exports. Perry urges policy makers to consider three factors as they create policies which will have seriously implications for the US economy. Firstly, that they bear in mind that compromise is the essence negotiation, and that other nations have a right to sovereignty and to seeking their own economic interest. Secondly, that the costs of not joining a trade partnership must be carefully weighed. Lastly, they must consider that unwillingness to negotiate may result in loss of credibility and influence, which could portend reciprocally difficult demands upon the US in future negotiations as well as relinquishment of global influence.
     In Murray Lee’s opinion, the issue of reciprocity stands at the forefront of US trade relations with China. Mr. Lee expects that the two systems—the United States’ market driven economy and China’s centrally controlled system—will come to a head in the coming decades; the “question of the century” is what the collision will look like. China faces a “host of challenges and…panoply of complex issues,” explained Mr. Lee, but China’s ambition to attain global economic preeminence cannot be underestimated. “Reciprocity is needed, but I don’t think it’s there right now,” Mr. Lee concluded.  Consequently, Mr. Lee advocates that we “proactively anticipate” problems, and create a game plan to address them. This will require engagement at every level to promote dialogue, delineate boundaries, and eventually create fair and reciprocal trade access.

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