Bloch Executive MBA students recently completed their one-week international residency in China. During this week, they had the opportunity to spend time at the Tianjin Wuqing Development Zone, a national high-tech industrial park encompassing 93 square kilometers in the northwestern Wuqing District. Since its founding in 1991, the Wuqing Development Zone has attracted a total investment of 70 billion yuan, of which foreign investment has reached 60 billion US dollars. Wuqing has welcomed more than 50 countries and regions and more than 1,000 companies, many of which fall into the Fortune 500 category.
In recent years, economic collaboration and international trade activities have spiked between the United States and China. According to the China Ministry of Commerce website, a quarter of China’s foreign direct investment in the non-financial category grew 55.4 percent in 2016, $5.24 billion of which was invested in the U.S. This indicates that economic and trade cooperation between the countries is growing, creating a huge space for further development.
When selecting their international residency location from a vast list, Bloch EMBA students voted China as their top destination.
“With its global influence, Americans are interested to know more about China,” explained Huan Ding, International Program Principal with Bloch Executive Education. “Compared to other famous cities like Chicago or New York City, the Chinese may not have heard of Kansas City. But Kansas City is working hard to gain global presence by attracting top companies, such as Google Fiber, to move to Kansas City.”
Kansas City has huge growth potential, and it needs more global investment. The large market in China proves to be a great opportunity for U.S. businesses.
During the China residency, Tianjin Wuqing Development Zone gave the EMBA class an overview about both infrastructure and technology.
Wuqing Development Zone focuses on six leading industries: electronic information, machinery manufacturing, biological pharmaceuticals, automobiles and parts, new materials and new energy. Further, they are looking to develop in the areas of cultural creation, animation games, outsourcing, finance, research and development, bonded logistics and other modern services and small and medium size enterprises.
With their extensive industry focuses, there are opportunities for cooperation between China Wuqing and Kansas City, being that businesses from the two locales have never interacted before.
“When businesses are facing world economic fluctuations and planning to expand their markets, thinking about a global market should be an option,” said Ding. “The advantage of global collaboration for the local economy has potential for explosive growth. It would be helpful for Chinese businesses that are looking for development and innovation and new transition.”
In order to strengthen the relations between China and U.S. enterprises, Bloch Executive Education, the Edgar Snow Memorial Fund and the World Trade Center Kansas City founded the U.S. Midwest-China Business Summit (UMCBS), with additional support from the city of Kansas City, the municipal government of China and the Greater Kansas City Chamber of Commerce. The summit will be held November 18 in the Henry W. Bloch Executive Hall for Entrepreneurship and Innovation.
“We will invite the businesses from Kansas City’s sister cities and our partner cities to the summit. The enterprises and investors from Changsha, Tianjin and other cities plan to participate,” Ding said. “This direct contact between China and the U.S. enterprises will create efficiency in the communication between the countries.”
This post has been translated and edited from its original version in China Enterprise News.