CALIFORNIA set up a trade and investment office in Shanghai today to bolster economic ties with China and four agreements worth over US$200 million were signed in the presence of Californian Governor Edmund G. Brown Jr.
The agreements for the establishment of a pharmaceutical plant, a private equity firm, a zero-liquid-waste discharge project, and the transfer of technology for renewable marine resources showed the potentials of high-level cooperation between Chinese and American companies.
Brown came to Shanghai one day after his meeting with Chinese Premier Li Keqiang and other officials in Beijing where he announced a US$1.5 billion investment partnership.
The California-China Office of Trade and Investment, California's first foreign trade office in a decade, will serve as a hub for California companies doing business in China and for Chinese companies seeking opportunities in California.
Brown said California hopes to attract a large share of China's massive foreign investment and to increase its exports to China through the new office, which is located in Yangpu District.
"While the US welcomes Chinese investment, California welcomes Chinese investment even more," Brown said. "With the intelligence of people in both places, we can exchange in business, art and political thinking to address our mutual problems and contribute to the world's harmony."
California on the east coast of the Pacific is home to 53 of the Fortune 500 companies and is the most attractive state in the US for foreign investment. It is also strong in agricultural products.
A California Week will be held in Shanghai in September to promote Californian wines, food, culture, and tourist attractions.