US Commerce Secretary Wilbur Ross recently visited China and met with Cheetah Mobile CEO Sheng Fu and other top Chinese entrepreneurs
October 10, 2017|Press Release
US Commerce Secretary Wilbur Ross, a “China expert” who has visited the country more than 90 times, and one of President Trump’s core staff, recently visited China for the first time as secretary of commerce. The main purpose of Ross’s trip was to make sure president Trump’s first trip to China in the coming months will be a fruitful one. In addition, Ross hosted a banquet with Chinese entrepreneurs to showcase how much he values the development of Chinese enterprises in the United States, and enhance communication with China in a pragmatic way.
Ross’s visit to China was designed to realize a consensus between the two leaders and further advance economic cooperation between China and the United States. Ross hoped to kick start a conversation between the two countries in order to prepare for President Trump’s state visit to China.
According to statistics, China and the US accounted for $60 billion in bilateral investment in 2016. China’s direct investment in the US totaled $46 billion, three times more than 2015. Since 1990, US investment in China have reached a total of $240 billion; while China has invested a total of $110 billion in the US.
During his visit to China, Ross’s meeting with business representatives attracted a lot of attention. In the past, US representatives rarely invite Chinese enterprise leaders to separate events. Ross’s invitation to leaders from IT, agriculture, and finance showcases how much he values the development of Chinese enterprises in the United States. The discussion centered around the current state of innovation and technology investment in the United States, as well as how the US government has helped facilitate exchange.
Sheng Fu, the CEO of Cheetah mobile, was the only Chinese Internet company representative invited to the meeting. As a pioneer and leading globalized Chinese Internet company, Cheetah Mobile is dedicated to provide excellent mobile applications and personalized content services for users worldwide. Over the past five years, it has become the world’s leading mobile utility app developer, the second-largest Internet and mobile Internet security company, and the fourth largest Internet software company in China.
Cheetah Mobile currently has nearly 600 million monthly active users worldwide, with fast-growing revenue six years in a row. It pioneered the globalization of products, users and business, and has become a true representative of the Chinese science and technology, product innovation and business model.
Cheetah Mobile has established its second global headquarters in Silicon Valley, and several of its products have been performing extremely well in the US. Cheetah’s numerous utility apps, such as Clean Master and CM Launcher, boast many users in the US. Its newest live-streaming app, Live.me, has also successfully brought the Chinese live-streaming model to the States. Since last August, Live.me has been ranked No. 1 among the best-selling social apps on iOS, becoming one of the most popular social products with young Americans. Since becoming a pioneer and leader in globalizing utility apps, Cheetah Mobile is now bringing in a new wave of content globalization.
“The development of globalization has become an important strategy of Chinese Internet companies. We are seeing a big trend of Chinese Internet companies growing into global Internet companies,” said Fu.
In addition to Cheetah Mobile’s Sheng Fu, Yonghao Liu, chairman of New Hope Group, Tong Zhang, funding partner of New Seed, Wei Wang, chairman of Yinfeng Group, and Zhongwei Ma, chairman of Magna Drive were also invited to the meeting.