According to a survey, the US still has the world’s most competitive economy, despite the recent turmoil that has seen some Wall Street giants tumble and others turn to the Federal Reserve for financial bailouts. The US ranked first in a poll of over 12,000 business figures conducted by the Geneva-based World Economic Forum, ahead of Switzerland, Denmark, Sweden and Singapore. Although the Global Competitiveness Index 2008-09 survey was conducted before the US government announced a $700 billion rescue package to save ailing financial companies from collapse, researchers still defended its accuracy.

One of the authors of the report, Margareta Drzeniek Hanouz told that the index measures the ability of economics in such Read more…

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competitive, economy, survey, turmoil, U.S.

According to a senior US official, more and more US students will choose China to have their further study especially after the country has successfully held the Olympic and Paralympic Games.

“The Olympic Games have allowed China to take its rightful place on the global stage and one thing we’ve noticed in the US is that increasingly more American students are coming to China to study,” US Assistant Secretary of State for Educational and Cultural Affairs Goli Ameri said at a press briefing.

The American students choose China Read more…

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China, education, exchange, U.S., undergraduate

A meeting of boosting trade between China and US was held onTuesday.

During the 19th meeting of China-US Joint Commission on Commerce and Trade (JCCT) at the Richard Nixon Presidential Library near Los Angeles, the agreements were signed and this is the 25th year of the JCCT. The agreements will definitely attract more US companies investing in China.

The meeting this time mainly focuses on food security, loan for medical equipment purchase, promotion of digital TV, cooperation in agriculture and on trade statistics. Read more…

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The first US-bound Chinese leisure tour group is set to depart on June 17, heralding a new era in Sino-US relations. Shao Qiwei, head of the China National Tourism Administration (CNTA), will escort the inaugural tour group to Washington DC, the city to host the fourth China-US Strategic Economic Dialogue on the group’s arrival. Shao told a press conference that CNTA is pleased the bilateral tourism relationship is moving in a new, positive direction.

Last December, the two sides signed a memorandum of understanding (MOU) to open outbound tour-group travel from China to the US. The MOU would open China’s market to the US, and such businesses as tour operators, airlines, hotels and banks are expected to benefit.

And after five months of talks, CNTA and the US Department of Commerce reached agreements on the details.

The first phase will last 6 months, during which only 9 provinces and municipalities can organize US-bound tour groups. Group members must be residents with hukou in Beijing, Tianjin or Shanghai municipalities, or Hebei, Hubei, Hunan, Jiangsu, Zhejiang and Guangdong provinces. And domestic tour operators with licenses in the 9 municipalities and provinces to run out-bound tourism operations can organize US-bound tour groups. As for tourists’ US destinations, there are no specific restrictions.

US Commerce Secretary Carlos Gutierrez believes that the increased visitation from China would be helpful in reducing the US trade deficit with China.

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bilateral tourism, China, CNTA, leisure tour, trade deficit, U.S.

China Life Insurance Co, the country’s biggest life insurer has invested USD 300 million in Visa’s initial public offering, making it the first mainland insurer to make a pre-listing investment in a multinational company.

The purchase is the first major investment by a Chinese insurance company in the America, especially at the time of sub prime mortgage crisis. This investment was intended to put more of the money overseas to diversify risks after China’s benchmark stock index fall. The insurer used its own foreign-currency assets to make the investment, its biggest in the US stock market.

China Life even plans further investment in the US and Europe to diversify its portfolio.

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China Life Insurance, portfolio, U.S., Visa