Home > Overseas Investment News > Michigan, China Start New Partnership to Increase Trade, Investment
Michigan, China Start New Partnership to Increase Trade, Investment
2016-05-12
Brief:Snyder and officials with the Chinese city of Shenzhen launched the Michigan-Shenzhen Trade, Investment and Innovation Cooperation Center to help the state attract Chinese business investment, boost exports and collaborate with China on product development and innovation.
As part of his August trade mission to China, Gov. Rick Snyder joined with Chinese
Ministry of Commerce Vice Minister Zhong Shan to sign a pledge to strengthen
cooperation and expand economic activity between Michigan and China.
 
Gov. Rick Snyder and Chinese government leaders this week agreed to partner on efforts to increase trade between Michigan and China.
 
Snyder and officials with the Chinese city of Shenzhen launched the Michigan-Shenzhen Trade, Investment and Innovation Cooperation Center. Snyder's office said the new center is intended to help the state attract Chinese business investment, boost exports and collaborate with China on product development and innovation.
 
More information about the Shenzhen center, including where it would be located and who would manage it, were not immediately available.
 
"Michigan was one of the first states to begin a formal relationship with China, and we are committed to a partnership that allows that to thrive," Snyder said in a statement. He visited the country on a trade trip in August 2015.
 
"The unique vision that these agreements and innovation centers serve will add to Michigan's already unprecedented commitment to helping businesses and people in both of our countries."
 
Hu Chunhua, a member of the Politburo and the Communist Party of China's Guangdong province secretary; Cui Tiankai, the Chinese ambassador to the United States; and Shenzhen Mayor Xu Qin participated in the signing of several trade agreements with Snyder and Detroit Mayor Mike Duggan. 
 
The MEDC's Michigan Strategic Fund in March awarded $5 million for the separate Michigan-China Innovation Center, which will be managed by Brian Connors, the MEDC's former China business development manager. Among its goals is to commercialize research. Funds have been committed for five years of operations, including startup costs, office leases and travel, according to the MEDC.
 
Guangdong province contains auto manufacturers and suppliers, as do Sichuan, Hubei and Zhejiang provinces and the city of Chongqing. Snyder signed agreements with all of themduring his official state trip last summer.

Crain's Detroit Business

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