April 16, 2013 > California Opens Trade and Investment Office in China
California Opens Trade and Investment Office in China
Submitted By Governor's Office
Positioning California to attract a growing share of China's massive foreign investment pool and bolstering California-China trade, Governor Edmund G. Brown Jr., the Bay Area Council and the Governor's Office of Business and Economic Development (GO-Biz) opened the California-China Office of Trade and Investment on Friday, April 12.
"California is the gateway to the Pacific and this office in China will help businesses large and small expand trade and jobs," said Governor Brown.
The office opening comes on the third full day of Governor Brown's trade and investment mission to China. It is the state's first foreign trade office in a decade.
The California-China Office of Trade and Investment will serve as a hub for California companies interested in entering or expanding in China - the world's second largest economy - and Chinese companies seeking investment opportunities in California - the world's ninth largest economy by GDP.
The privately-funded office will be staffed and operated by the Bay Area Council, which has deep roots in China. The Council organized the trade and investment mission's delegation of approximately 90 business, economic development, investment and policy leaders.
"The California-China Office of Trade and Investment ushers in an exciting new era of cooperation and partnership between two of the world's largest economies," Jim Wunderman, President and CEO of the Bay Area Council, said. "This office will provide California with a valuable and necessary portal for attracting Chinese investment and expanding trade. Some estimates suggest China's foreign direct investment may reach $2 trillion by 2020 and this trade office says clearly that California is ready to do business, and that we want a big piece of that pie."
The office opening was made possible in part by AB 2012, authored by Assembly Speaker John A. Perez (D-Los Angeles) and signed last October by the Governor. This bill allowed GO-Biz to establish a public-private partnership to create state trade and investment offices. The trade office is the state's first since 2003.