CRI听力:China, US foresee better cooperation in retail sector

The 2016 Sino-American Retail Summit, also the "Belt and Road" Initiative Global Retail Forum, was held in New York on Thursday morning local time, with industry leaders and experts from both sides attending.

Xu Chen, Chairman of the China General Chamber of Commerce-USA, also President & CEO of Bank of China USA, says that outbound Chinese investment in the US is shifting their focus from traditional fields like real estate to new directions, for instance, the retail industry and the logistics industry.

"For the retail industry and the logistics industry, I think more encouragement and support will be needed for their outbound investment. Investment of this category would bring up bilateral trade between China and the US, and also benefit small and medium-sized enterprises in this industry, for them to create more jobs for people."

Statistics show that China's gross retail sales peaked at 30 trillion yuan, or 4.47 trillion US dollars in 2015, while the US sales volume in the retail industry reached 4.7 trillion US dollars last year.

The fast growing retail market in China has inspired many Chinese large-scale retailers to look for outbound investment and cooperation opportunities.

Among the outbound Chinese investors in the US, 84% have been private companies, with small and medium-sized enterprises increasing.

Roberto Ramos, Senior Vice President of Global Strategy and Communications at The Doneger Group, remarked at the summit that his confidence in the Chinese market and his expectation for China to be innovative in the industry.

"I think the US and China are so intertwined, from the domestic might and force of the Chinese consumers, we are excited by the growth of middle class, the fact that you have these young consumers that are digitally active. I think there is high opportunity in the next five or ten years for China to start creating its own powerful lifestyle brands."

Zhou Shanqing, Economic and Commercial Counsellor of the Consulate General of the People's Republic of China in New York, says that China and US enjoy a bright future of cooperation in the retail industry, despite different market policies and consumer culture.

"The retail industry of US boasts advanced management and comprehensive structure, after a hundred years' development, which is worth learning by Chinese enterprises. Meanwhile, we also hope that US enterprises could find a better place in China's retail industry by grasping proper opportunities from China, where its domestic consumption continues to grow steadily, and the traditional retail industry is seeking to transform and upgrade its industry structure."

The retail summit also deliberated on the winning strategies in the e-commerce era and explored the landscape of cooperation between the businesses.