Chinese Finance Association of America (CFAA) held another successful event to ring in the New Year of the Rooster. We were honored to have the Consul General of China, Mr. HONG Lei come speak to a room of over 80 attendees about the importance of US-Sino relationships. Our other featured speakers, Mr. Carl R. Tannenbaum, Chief Economist of Northern Trust and Ms. Belinda Deng, Partner of Finance Advisory at PwC, both are known for their expertise in Chinese business and global economy.

2016 has without a doubt been a year that kept everyone on its toes, especially on a political and economical level. Over the last few months the world has lifted itself out of its seat and taken a keen eye regarding the change that has recently happened in the US administration. All eyes are on President Trump and how his actions will affect US’s relationship with its key partnering countries.

There is optimism that 2017 will remain a good year for US-Sino relationships. Our first speaker was the Consul General of China Mr. HONG Lei who believes that historically there has been a very solid base for US-Sino relations over the past four decades. Many efforts, in all circles of life, have been working towards solidification of economical, cultural, and educational relations. We can now enjoy a robust relationship between our countries through these achievements. The healthy US-Sino relationship has benefited the people in both nations and those in the Asia Pacific region as well as around the world. Mr. Hong believes both countries would share a consensus to maintain a strong relationship albeit the near-term uncertainties in light of the new administration in the US.

Sharing similar perspectives as Mr. HONG Lei, our other two speakers Mr. Tannenbaum and Ms. Deng also laid out their thoughts and positive outlook of the US foreign and trade policies. Both speakers believe that a balanced and multi-facet view and approach of the new administration would lead to a win-win outcome for all countries involved, while any trade wars would have adverse impact on everyone.

Mr. Tannenbaum went on and mentioned that President Trump had begun his presidency addressing conflicts with our trading partners. There is a huge importance in having a positive global trade because it provides more choices to the consumer, better employment, while also providing countries a chance to specialize, and further enhancing markets by making companies even more profitable.

Ms. Deng stated that if President Trump indeed imposed the proposed punitive tariff on China imports, China GDP growth could be reduced by nearly 1.5%. This would add to the challenges that faces the Chinese economy during the current transitioning period. If China decided to retaliate against a potential trade war, US economy would suffer as well with rising inflation, declined purchasing power, and increased unemployment. She believes the best solution is to embrace cooperation and not to start a trade war.

With a successful 2016 wrapped up for CFAA, we want to thank Consul General HONG Lei, Mr. Carl Tannenbaum, and Ms. Belinda Deng for speaking at our 2017 Chinese New Year reception. CFAA has and will continue to create value to our members and guests via various events and programs. We thank you for your support and interests. More to come in the future!