LA 'open for business'

Although trade tensions between China and the US remained high on the national level, some California officials seized the opportunity at an international investment event on June 6 to highlight the differences in approach between the Golden State and the US federal government towards trade negotiations.

The 2019 Select LA Business Investment Summit, an event hosted by World Trade Center Los Angeles, kicked off on June 5 with a reception at Warner Bros. Studio. It continued on June 6 with panel discussions and a conference focused on equipping international investors with insights and trends into the lucrative Los Angeles market.

John "Bud" Colligan, senior advisor for international affairs and trade in the Governor's Office of Business and Economic Development and a guest speaker at the conference, told China Daily that California's new governor Gavin Newsom has a very different point of view than President Trump when it comes to resolving trade issues with China.

"Governor Newsom is very committed to the values of California, to ensure that we treat other countries with dignity and respect," he said.

"He's not a proponent of tariffs for tariffs sake, in order to penalize countries, or threaten countries. He's in favor of constructive dialogue to achieve changes that both countries desire," Colligan added.

Colligan said he is "feeling cautiously optimistic" toward the prospect of the trade discussion with China, adding that the two countries needed to find common interest and resolve their differences through dialogue and mutual-respect.

Los Angeles Mayor Eric Garcetti said the City of Angels is known for its diversity and inclusiveness.

"Here in Los Angeles, we hope for everybody who is visiting, that whether it's your first visit, or your 25th visit, or whether you are even lucky enough to be from Los Angeles, like some of us, that you feel yourself to be home here," Garcetti told the audience.

The conference convened hundreds of attendees, including government officials and business representatives from various nations such as China, Japan, Germany and Canada.

Remarks from state and local officials opened the conference. It then proceeded with plenary discussions and breakout sessions throughout the day that addressed opportunities for investments around areas such as mega-events, Los Angeles' transportation network, artificial intelligence and esports (competitive multiplayer video gaming).

Naz Aletaha, head of LOL esports partnerships and global esports business development at Riot Games, the developer of League of Legends, a game that has built a massive fan following in China, said the Middle Kingdom is a booming market with lots of potential for growth.

"What we see with China, which is one of our biggest and most robust markets, is that it's playing a really key role in developing, and evolving the global sport itself. I think that the LPL (Tencent League of Legends Pro League, the premier League of Legends esports completion in China), our Chinese league are truly innovators and leaders, not just within our ecosystems, but I think for esports at large with what they are doing," she said.

In 2015, Chinese technology giant Tencent fully acquired the game developer, which is based in Santa Monica, California. When asked about the impact of the US-China trade dispute on its operations, the company said it does not expect to see any changes in the foreseeable future with its Chinese partner.

"We work closely with Tencent as our parent company, League's publisher in China, and our partner for TJ Sports. We're confident the strength of this relationship would help us navigate any issue were one to emerge," the company said in a statement.

Rex Hong, senior vice-president of Cathay Bank, a commercial bank founded by Chinese Americans in Los Angeles in 1962, said there are a lot of uncertainties at the federal level now, but challenges always exist when it comes to conducting business at the international arena.

"The most important thing for Chinese companies looking to invest in Los Angeles is to understand local laws and regulations, the market of the region, and find the right partners including lawyers, CPAs and bankers before establishing the business," he said.

While the investment summit has continued to attract the interest of Chinese investors, the number of Chinese delegates this year was notably smaller compared to the group's attendance from previous years.

Steve Olson, chair of World Trade Center Los Angeles, said that "some of the messaging coming out of the national level" probably affected the Chinese delegates' attendance at this year's event, but he hoped the Chinese representatives who were present at the conference felt welcomed.

"This is really about attracting investment at the state and local level, and we are very opened for business, and proud of our connection to the Chinese community," he said.