Goldman Sachs : and China Investment Corporation Host US-China Business Summit

CHICAGO, APRIL 18, 2018 - On April 17-18, The Goldman Sachs Group, Inc. (NYSE: GS) and China Investment Corporation (CIC) hosted the US - China Business Summit, convening senior business leaders and government officials from China and the United States to discuss opportunities to build and strengthen commercial and investment ties between the two countries.  Discussions centered on how increased and reciprocal trade and investment relations between the two countries can help businesses grow, find new markets and create jobs.

The agenda included sessions with key leaders in business and government, including:

• Henry M. Paulson, Jr., Chairman of the Paulson Institute and Former U.S. Secretary of Treasury,
• Cui Tiankai, Chinese Ambassador the U.S.,
• Yin Yong, Vice Mayor, City of Beijing,
• Penny Pritzker, Former U.S. Secretary of Commerce,
• Matt Bevin, Governor, State of Kentucky,
• Scott Walker, Governor, State of Wisconsin,
• Jiang Zengwei, Chairman of China Council for the Promotion of International Trade and Former China Vice Minister of Commerce,
• Wang Xinzhe, Chief Economist, China Ministry of Industry and Information Technology.

Over 100 C-suite executives of US and Chinese companies attended.  The executives represented a cross-section of the economy with a concentration on industrial, manufacturing, consumer, healthcare and services sectors, with the aim of identifying or expanding commercial connections between the US and China.

In November 2017 Goldman Sachs and CIC announced a strategic relationship to establish the China-US Industrial Cooperation Partnership, L.P. (The Cooperation Fund).  In conjunction with this announcement, the two partners pledged to host a summit of business leaders from the US and China, policy makers and investors to strengthen business and commercial ties between the two countries. The Cooperation Fund is targeting $5 billion in commitments with a broad mandate to invest in American companies in the manufacturing, industrial, consumer and healthcare industries, among others, that have or can develop a material business connection to China.

'Strengthening economic and trade cooperation is critical to the economies of both the United States and China,' said Lloyd Blankfein, Chairman and CEO of Goldman Sachs. 'At a time of rising trade tension, it is more important than ever that we foster dialogue between private and public sector leaders of the two largest economies in the world. The Cooperation Fund is designed to do that by increasing investment into US companies with the potential to export to China, creating more opportunities for American workers and contributing to both countries' economic growth.'

'In recent years, cross-border investments have taken on an increasingly important role in the Sino-U.S. economic relationship,' said Tu Guangshao, Vice Chairman and President of CIC. 'I believe that this partnership between CIC and Goldman Sachs will lead to healthy, sustainable and mutually-beneficial cross-border investments. I look forward to the successful operation of the Cooperation Fund, which will in turn serve as a good model for more upcoming bilateral and multilateral funds.'

Goldman Sachs Media Contact:
Jake Siewert
+1 212 902 5400
jake.siewert@gs.com 

Angela Yu
86 10-6627-3261
angela.yu@gs.com 

China Investment Corporation Media Contact:
Weiwei Li
86 10 8409 6279
liww@china-inv.cn

Shuangshuang Zhang
86 10 8409 6026
zhangss@china-inv.cn