East comes West, as China sees future in New York City
China’s rise in New York City is just beginning.
The world’s third-largest economy continues to grow, even during the global recession, and the Big Apple has been wooing Chinese firms to fill some of the economic void here.
In the last 12 to 18 months, several major Chinese firms have come to the city. In March, Vantone Industrial, a Chinese real estate development company, signed a lease to become the first tenant at One World Trade Center, which is under construction. It will be home to the China Center, a business and cultural facility to help Chinese companies looking to make inroads into America and the city.
“More and more companies are coming here,” said Ya Xue, executive director of the China Center New York. “They want to have more international standards and work on an international level. New York is a key stop.”
China Merchants Bank, China Banking Forum, the Industrial and Commercial Bank of China, and China Construction Bank opened their first U.S. branches here.
John Du, a partner with the Chinese law firm Jun He, which represents China Merchants Bank, said that Chinese banks need an American presence to help encourage trade between the countries.
“The purpose is … to help the New York companies trading with China, as well as the Chinese companies trading with the U.S.,” he said.
Kathryn Wylde, president and CEO of Partnership for New York City, helped launch the China Center five years ago. She said every type of Chinese business will make inroads into New York: renewable energy, new technology, media, manufacturing and fashion.
“The success and growth of New York’s industry really depends on developing strong business relationships with China and Chinese companies,” Wylde said.