President Wei Hu of Bank of China U.S.A. Speaks at the 27th Harvard College China Forum

The 27th Harvard College China Forum was held on the campus of Harvard University in Boston from April 12th to 14th, 2024. Mr. Wei Hu, President and CEO of Bank of China U.S.A. and Chairman of the China General Chamber of Commerce (CGCC) delivered several remarks.

Mr. Wei Hu highlighted the synergies between the economies of China and the United States, which have led to unprecedented growth and innovation. From technology to finance, from agriculture to manufacturing, numerous industries have flourished in both the United States and China through cooperation and exchange. Cross-border trade and investment have promoted economic prosperity, facilitated cultural exchanges, fostered mutual understanding in many key industries. Mr. Hu emphasized the critical importance of maintaining a spirit of open dialogue, mutual respect, and shared prosperity.

Mr. Hu also provided a brief overview of CGCC. He noted that as the largest nonprofit organization representing Chinese enterprises in the United States, CGCC plays a crucial role in strengthening bilateral trade relations, promoting mutual investment, and deepening understanding between the two countries. Approaching its 20th anniversary next year, CGCC's mission is not only to support member companies in navigating the complexities of the U.S. market, but also to serve as a bridge connecting businesses, facilitating dialogue, sharing insights, and creating collaboration opportunities. Currently, CGCC has approximately 1,500 member companies, including 43 that ranked on the Fortune Global 500 list in 2023. As of last year, CGCC's Chinese member companies had cumulatively invested over $137 billion in the United States, directly employing over 230,000 workers and indirectly supporting over 1 million jobs.

He underscored that Bank of China shares a similar vision with CGCC. The bank has been operating in the United States for 43 years, with American companies representing over 90% of the bank’s clients. Bank of China U.S.A. provides comprehensive commercial banking services to 57% of the Fortune Global 500 companies with headquarters in the United States. The bank takes pride in its track record and contributions to supporting the economy and employment growth across the U.S. As a global bank with a local heart, Bank of China U.S.A. also takes pride in supporting the development of local communities through numerous corporate social responsibility (CSR) and environment, social, and governance (ESG) initiatives, promoting U.S.-China cultural exchange, financial literacy, employee volunteerism and other charitable giving programs in the arts and in healthcare.

Founded in 1997, the Harvard College China Forum (HCCF) is North America’s leading and longest running student-run conference on China, and dedicated to fostering constructive dialogue on the some of the world’s most complex challenges and trends related to China. The Forum aims to engage leaders in business, academia, and politics from both sides of the Pacific to offer analyses, insights and practical solutions for today and tomorrow.