Chinese families enjoy almonds and pistachios from the United States, while US homes light up with festive, made-in-China decorations — exports and trade connect the two countries, especially during the Chinese New Year season.

This trade and business relationship was celebrated at the annual gala of the China General Chamber of Commerce-USA, or CGCC, on Tuesday in New York. The event brought together more than 300 business leaders, government officials and cultural influencers from both nations to commemorate two decades of fostering economic collaboration, cross-cultural understanding and transformative opportunities.

"The world economy is grappling with weak momentum, geopolitical conflicts and mounting debts. Economic globalization has come under headwinds. Tariff war and trade war are looming over the horizon," Xie Feng, Chinese ambassador to the US, said at the gala.

"The serious challenges facing China-US economic cooperation should not be dismissed. At the same time, as great entrepreneurs know — difficulties can be hurdles, but they can also be milestones — once we overcome them, a new world awaits us," he said.

This year's theme, "Building Connections and Creating Opportunities", underscored CGCC's ongoing commitment to strengthening US-China business relations.

Founded in 2005, the CGCC has grown to become the largest independent, nonprofit, nongovernmental chamber of commerce dedicated to bridging the gap between the two economic powerhouses.

As of July 2024, CGCC's Chinese member companies had cumulatively invested more than $140 billion, employed more than 230,000 people and indirectly supported over 1 million jobs throughout the US, according to the CGCC.

This year's event also featured the "Twenty for Twenty" Recognition Ceremony, a special segment honoring 20 companies and partners that have significantly contributed to CGCC's mission over the past two decades.

Among the honorees were industry giants and influential organizations that have played important roles in deepening US-China business ties, including financial leaders like Bank of China USA, JPMorgan Chase and Citi, which have facilitated cross-border investments and trade, while logistics and aviation pioneers such as FedEx, Delta Air Lines and Air China's New York branch have strengthened connectivity through transportation networks.

Manufacturing powerhouses like Fuyao Glass America and Wanxiang America Corporation showcased the transformative potential of industrial collaboration, and professional services providers such as Ernst & Young and DeHeng Chen supported businesses in navigating complex cross-border regulations.

"We have navigated through changes with resilience, adapted for the changing environment and emerged even better and stronger," Hu Wei, chairman of CGCC and president and CEO of the Bank of China USA, said in a speech.

Michael Bloomberg, cofounder of Bloomberg LP and a former three-term mayor of New York City, delivered a special video message congratulating CGCC on its 20th anniversary.

He emphasized CGCC's indispensable role in fostering healthy bilateral relations, expressed gratitude to the attending companies for their contributions to trade, security and climate change and reaffirmed Bloomberg's commitment to connecting China with global financial markets.

Xie further said that CGCC has played a key role in strengthening business ties between the two countries, especially during the Chinese New Year, demonstrating that market forces naturally drive bilateral trade.

He emphasized China's strong consumer demand for US products and said both nations need to move beyond a zero-sum mindset and instead embrace mutual support and cooperation for shared prosperity.

Overall stability

"Over the past year, despite the complex and grave situation, we have managed to maintain the overall stability of the China-US relationship and achieved a smooth transition," Xie said.

He said the US trade deficit hit a record high last year, increasing by about 50 percent compared with 2017, before the tariff war started.

Meanwhile, China's foreign trade reached a new high, rising by more than 50 percent compared with eight years ago, once again proving that tariffs and trade wars cannot solve problems and cannot stop China's development, Xie said.

The ambassador also warned against imposing additional tariffs on China under the pretext of the fentanyl issue, saying that such measures would be counterproductive.

He said tariffs would undermine both economic and counternarcotics cooperation while raising costs for US households and businesses. Instead, he advocated for resolving trade issues through dialogue and consultation.

Over the past two decades, China-US trade has grown from $211.6 billion to $688.3 billion. More than 7,000 Chinese companies are investing in the US, while US companies also had the largest exhibition area at the China International Import Expo in 2024, Xie said.

"At this new starting point, we need more than ever to demonstrate entrepreneurship, place new paths forward, fight to win, stay confident and assured, unleash vitality and advance in a stable, healthy and sustainable development of China-US economic relations," he said. "Our confidence comes from the strong resilience of the China-US relationship, which is just too big to fail."

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