The president of the US-China Business Council (USCBC), Craig Allen, talked about the importance of China’s rising investment in research and development (R&D) for companies in America. With 2.6% of its GDP currently being allocated to R&D in China, this figure is expected to go up thus providing opportunities for partnerships.
His view is that there is a close relationship between China’s focus on innovation and a green economy which fits well with American business plans. In this case, American firms can play both roles at once benefiting themselves as they help each other.
Concerning the health care sector; there are opportunities for cooperative efforts by the USA and China due to the aging Chinese population, rising affluence among citizens and increasing demand for private healthcare plans.
According to the US-China Business Council (USCBC), with more than 200 businesses based in America conducting business in China, there are immense possibilities for partnership in many areas such as climate change, medical services, hospitality industry, academic development, financial trends and media entertainment.
This development comes as Chinese companies continue to invest in the US, despite trade tensions. The two countries expect stronger cooperation which will result in economic growth as well as innovation advancements.
