Goldman Sachs and China Investment Corporation Host US-China Business Summit
CHICAGO, APRIL 18, 2018 – On April 17-18, The Goldman Sachs Group, Inc. (NYSE: GS) and China Investment Corporation (CIC) hosted the US – China Business Summit, convening senior business leaders and government officials from China and the United States to discuss opportunities to build and strengthen commercial and investment ties between the two countries. Discussions centered on how increased and reciprocal trade and investment relations between the two countries can help businesses grow, find new markets and create jobs.
The agenda included sessions with key leaders in business and government, including:
- Henry M. Paulson, Jr., Chairman of the Paulson Institute and Former U.S. Secretary of Treasury,
- Cui Tiankai, Chinese Ambassador the U.S.,
- Jiang Zengwei, Chairman of China Council for the Promotion of International Trade,
- Yin Yong, Vice Mayor, City of Beijing,
- Penny Pritzker, Former U.S. Secretary of Commerce,
- Matt Bevin, Governor, State of Kentucky,
- Scott Walker, Governor, State of Wisconsin,
- Wang Xinzhe, Chief Economist, China Ministry of Industry and Information Technology.
Over 100 C-suite executives of US and Chinese companies attended. The executives represented a cross-section of the economy with a concentration on industrial, manufacturing, consumer, healthcare and services sectors, with the aim of identifying or expanding commercial connections between the US and China.
In November 2017 Goldman Sachs and CIC announced a strategic relationship to establish the China-US Industrial Cooperation Partnership, L.P. (The Cooperation Fund). In conjunction with this announcement, the two partners pledged to host a summit of business leaders from the US and China, policy makers and investors to strengthen business and commercial ties between the two countries. The Cooperation Fund is targeting $5 billion in commitments with a broad mandate to invest in American companies in the manufacturing, industrial, consumer and healthcare industries, among others, that have or can develop a material business connection to China.
“Strengthening economic and trade cooperation is critical to the economies of both the United States and China,” said Lloyd Blankfein, Chairman and CEO of Goldman Sachs. “At a time of rising trade tension, it is more important than ever that we foster dialogue between private and public sector leaders of the two largest economies in the world. The Cooperation Fund is designed to do that by increasing investment into US companies with the potential to export to China, creating more opportunities for American workers and contributing to both countries' economic growth.”
“In recent years, cross-border investments have taken on an increasingly important role in the Sino-U.S. economic relationship,” said Tu Guangshao, Vice Chairman and President of CIC. “I believe that this partnership between CIC and Goldman Sachs will lead to healthy, sustainable and mutually-beneficial cross-border investments. I look forward to the successful operation of the Cooperation Fund, which will in turn serve as a good model for more upcoming bilateral and multilateral funds.”
About The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About China Investment Corporation
Headquartered in Beijing, China Investment Corporation (CIC) was founded in September 2007 as a vehicle to diversify China's foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance. As a long-term financial investor, CIC invests on a commercial basis.
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