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Remarks by Consul General Zhao Weiping on Chinese New Year Reception of Chinese Finance Association of America
2016/02/23

(February 1, 2016 )

President Hong Cheng, Ladies and Gentleman,

Good evening.

It’s my second time to attend the Chinese New Year Reception of Chinese Finance Association of America (CFAA). If I remember correctly, when I joined you at this wonderful annual event for the first time in February 2013, Ms. Hong Cheng was not President yet. So, first, I wish to congratulate Ms. Cheng for her promotion. And I also congratulate all of you for your achievements in the past several years.

As I was told, the theme for this reception is the Rise in Chinese Overseas Investment in the US. I will not go into details on this topic, since you already have two wonderful keynote speakers this evening, including my friend Mr. He Xin of Wanda Group. However, I do believe that the good momentum of Chinese investment in America will certainly continue in the years to come, because of the strong support by the Chinese government as well as the ever-growing strong interest among the Chinese companies of increasing their presence in America.

Most importantly, the Chinese economy will continue to grow at medium-high speed, which will provide a fundamental guarantee for the further growth of the overseas Chinese investment. There has been too much pessimism recently on the economic and financial situation in China. Obviously, many people have exaggerated the difficulties and challenges China is experiencing. Such overreaction on the part of some people may have been caused simply because of inadequate knowledge or being ill informed, there may also be very few people who really want to see more confusion in China so they can make more money while most people panic.

The Chinese government is firmly determined to ensure a healthy and stable development of the Chinese economy in the years to come, and it has adequate policy tools and financial capability to do that. Chinese economy will not collapse. The goal for China to double its GDP by 2020 on the basis of 2010 will be achieved. We have full confidence in that. China is the only country in the world which has conducted reform and opening-up for more than 30 years and is still pursuing this course with even greater enthusiasm. We believe in the success of the ambitious reform program adopted by the Chinese Government as well as the promising future of the Chinese economy.

In closing, I wish you a very healthy and prosperous year of the Monkey. Thank you.

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