April 11, the China-U.S. Business Leaders Roundtable was held in 28 Liberty, formerly known as One Chase Manhattan Plaza.
Bloomberg delivered the opening speech. He commented on China-U.S. relationships. Although he disagreed with the style of Trump, Bloomberg thought that Trump was right to address the asymmetric bilateral trade relationships between the two countries; he also thought that China did not provide a reciprocal business environment to U.S. corporations.
Guangchang Guo, Chairman of Fosun International considered the U.S. stock market expensive right now; not sure about real estate, depending on whether Fed would raise interest rate again in 2019. He liked technologies in the U.S. When speaking of U.K. he thought the asset values there were suppressed caused by the uncertainty of Brexit, which presented investment opportunities. He spoke highly of India's recent reforms and was bullish about this country.
He believed China was still the best place to invest. He personally was pessimistic about China's economy in the last two quarters of 2018, worrying that the over-correction of the monetary policy by the Chinese Government was pushing China into a severe recession. However, at the turning of 2019, China started to bounce back. He applauded the Chinese government's sensible new policies.
Mr. Guo told the audience from his own experience that though CFIUS review was time-consuming, the process was reasonable and was law-based. He recommended Chinese companies to be transparent and cooperative with CFIUS.
When speaking of the success of Fosun and Prudential's 50/50 joint venture vice Chairman of Prudential Grier said that the key to success for partners from different cultures was to listen and respect each other.
The roundtable invited Stephen Schwarzman, CEO of Blackstone, to the dinner session to comment on the U.S.-China relationship and other topics. Schwarzman is the founder of Schwarzman Scholars, an international scholarship program to promote better understanding of China.
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