Shanghai's Putuo district and New York City's Borough of Brooklyn signed a friendship agreement on Tuesday to boost cooperation in the areas of economy, trade and culture.
"I am deeply impressed by the Brooklyn Bridge which was built in 1883. I am here today to build a new bridge — one of friendship," said Cheng Xiangmin, governor of the Putuo District of Shanghai, who headed a delegation of six district officials and five business leaders to Brooklyn.
The Memorandum on Establishing Friendly Exchange Relations was signed with the aim of eventually enabling the two parties to form a sisterhood relationship, the agreement says.
The two parties pledged, among other things, to further strengthen cooperation in the economic, financial and trade fields, and encourage relevant enterprises and institutions to strengthen information exchange and industrial cooperation, according to the document.
The Putuo governor's visit comes after China's recent CPC Third Plenum, which set the tone for continued market reforms and a more open economy. According to A Decision on Major Issues Concerning Comprehensive and Far-Reaching Reforms, a document approved by the meeting detailing the country's reform plan, China will deepen opening up and promote international cooperation and competition.
"We will be competing economically; that's healthy for both of us," said Marty Markowitz, Brooklyn borough president. "This is how we learn from each other. We invest in each other's country. We create jobs for both Shanghai residents and Brooklyn and New York residents and we both flourish together."
Last month, Shanghai-based Greenland Holding Group Co agreed to acquire a 70 percent stake in Brooklyn's Atlantic Yards, a 22-acre residential and commercial real estate project, which is going to be a major economic force in the city, according to Markowitz.
"I hope that in the future companies like Greenland will come to New York and Brooklyn, and not only make investments here, but also open manufacturing facilities. I'd love to see manufacturing facilities of Chinese companies here in Brooklyn," Markowitz said, "We'd love to help."
While the two page memorandum denoted wide areas being targeted for cooperation, specifics were not included. But John Wang, president of New York in China Center, which helped organize Putuo's delegation to Brooklyn, warned against dismissing a broad message.
"The purpose of the agreement really is to strengthen the contact between Brooklyn and Putuo," Wang said. "Though the agreement may be vaguely worded, the substance is the increasing contact and exchange that will result in a very concrete outcome."
Wan Li contributed to this report
