Business leaders, trade experts, and diplomats from the U.S. and China convened in New York City (NYC) on Monday to advocate for stronger ties between Shenzhen and NYC, emphasizing shared opportunities in innovation, green energy, and financial technology.
The 2024 China (Shenzhen)-U.S. (New York) Economic and Trade Exchange Conference, held at the Harvard Club, showcased the potential for collaboration between the two global metropolises.
Michael Nussbaum, president of the Queens Daily Eagle Newspaper Group and moderator of the conference, highlighted Shenzhen's rapid development as a testament to its dynamic economy and innovative spirit.
"Shenzhen is the most amazing thing that you see in terms of creativity, but the dynamics of that is the people. And most important, what the government has allowed to be instituted in law and activities in Shenzhen, China — it is the free trade zone ... what they now call the Silicon Valley of China," said Nussbaum.
"In 1980, Shenzhen was a small border town with 30,000 people. Today, it's a metropolis with a GDP exceeding 3.46 trillion yuan [US$490 billion]," he said.
Trade between Shenzhen and the U.S. exceeded US$59 billion in 2023, with more than 2,400 U.S. companies investing in Shenzhen and more than 700 Shenzhen companies investing in the U.S., said Wenliang Yao, commercial counselor of the Chinese Consulate General in New York.
Yungman Lee, president of Global Bank, offered a personal perspective on Shenzhen's growth. "The Shenzhen experience is nothing short of a miracle. From a small border town with no electricity or running water to a global financial and innovation hub, the city's transformation is a source of pride and inspiration," said Lee, reflecting on his childhood in Shenzhen. "We lacked basic infrastructure, yet today Shenzhen is a beacon of ambition and innovation."
Henry Tan, co-chief technology officer at UBTECH, emphasized Shenzhen's role as a global leader in robotics and AI. "Our mission is to ensure robots and AI help people, from automating tasks in factories to enhancing health care and education," he said, showcasing their work with smart wheelchairs and assistive robots for the elderly.
New York State Assemblyman David Weprin drew parallels between the two cities, stating, "Shenzhen's rise mirrors New York's own trajectory."
Innovation and green energy featured prominently in discussions. Kevin Paul Gallagher, executive project manager of Evergreen Project Development, pointed to Shenzhen's leadership in renewable technologies, noting, "Shenzhen's EVs and solar innovations power projects worldwide."
Decarbonization presents an "economic opportunity requiring trillions in investment," with both Shenzhen and New York City at the forefront, said Gallagher.