Despite rising protectionism and escalating tit-for-tat tariffs between the US and China, US companies still see huge opportunities in the Chinese market, business representatives said at the China International Import Expo (CIIE).
"The deals we have signed at the expo have exceeded my expectations," William Yu, vice president and general manager at Honeywell Performance Materials and Technologies (PMT) Asia Pacific, told the Global Times on Wednesday.
"I have felt the changes over the years, going from selling products to selling services and management to China," Yu said, adding that the Chinese government is really changing the business environment and the expo is a platform for foreign enterprises to explore Chinese market.
Despite the Sino-US trade friction, "we will continue to grow our business in China because we always regard ourselves as a local company to serve the consumers here," Yu noted, adding that he believes China will surely embrace a brighter future of development.
From high-tech equipment to consumer electronics, from global logistics services to medical equipment, and from food and agricultural products to vehicles, 174 US companies attended the CIIE, the third-largest group of exhibitors after Japan and South Korea.
Among the exhibitors, technology companies including Microsoft, Google and Intel set up interactive booths to showcase their cutting-edge technology.
"No one will be a winner in a trade war, and enterprises from both China and the US don't want this," said Wang Xiaohong, professor at China Center for International Economic Exchanges.
With the growing demand of Chinese consumers, more high-end services are needed in the market, Wang noted, adding that US companies have advantages in providing high-quality services.
The services trade between China and the US grew rapidly between 2007 and 2017, from $24.94 billion to $75.1 billion, according to a white paper released by the Chinese government in September.
"China welcomes US companies bringing cutting-edge technology and high-quality services into the market. These items provide good examples for local firms," Wang said, noting that the business climate in China has much improved, which is one reason why so many US companies are willing to further expand into the market.