Chinese retailers seek US partners
Finding new partners, integrating big data into businesses and fostering cross-border e-commerce are just some of the things Jiang Ming and 25 other representatives from the Chinese retail industry have been talking about as they started a weeklong tour in the US and Canada.
The fast-growing consumer market in China has inspired Chinese retailers to look for new ways to accommodate the country's growing middle class.
"The structure of the Chinese economy has changed," said Jiang, the chairman of China General Chamber of Commerce (CGCC), the largest retail association in China. "Consumption has become the engine. We are stepping into a new age of retailing."
"While the Chinese GDP achieves 6.7 percent, our retail growth is still above 10 percent, and it will stay above it for a long time," he told the audience on Thursday at the 2016 Sino-American Retail Summit held in New York City, the delegation's first stop before it heads to Toronto and San Francisco.
The trip was sponsored by CGCC together with China International Travel Service (CITS). A promoter of leisure tourism between the US and China, recently CTIS has put more effort in bridging the enterprises of the two countries and assisting trade and investment.
China has become the US' largest trading partner with a total two-way trade of $598 billion in 2015.
"China is experiencing rapid consumption upgrade. Consumers have evolved from wanting basic goods to seeking personalized and diversified products and experiences," said Jiang. "We will welcome American brands and retailers to join us and share the pie."
Fu Yuehong, chairman of Beijing Capital Retailing Group, was there to see how she could combine the advantages of the two countries and bring new products to her customers. She operates two department stores, a shopping center and outlets in Beijing.
"China and the US complement each other in many ways. We have a booming consumer environment, and they have the up-to-date technology and business solutions," she said.
"We have a rich history and culture, and they have the best product designers.
"Combining their technology and design with our silk and tea, we can build a new market," said Fu.
Like any Chinese tour group, the delegation will be visiting malls and outlets - Westfield Mall at the Oculus in New York, Fashion Outlets Niagara Falls and San Francisco Premium Outlets. More important than bringing back shopping bags, however, they hope to land partners.
"I'm open to all kinds of possibilities," said Fu. "We can develop new projects together; we can invest in them; or we may bring back new brands to China."
hezijiang@chinadailyusa.com
