On May 12 2017, Gary Locke, former U.S. Secretary of Commerce, former U.S. Ambassador to China, former Washington State Governor and now, Strategic Advisor for the international law firm of Davis Wright Tremaine LLP (DWT) met with the team from Midas International Group (MIG) at Grand Hyatt in Shenzhen. Mr. Zonglin Wang, MIG's Chief Legal Officer (CLO), attended the meeting on behalf of MIG. The parties had an in-depth discussion on topics covering foreign investments in the U.S., related policies of the Trump administration, Sino-U.S. ties, and etc.
While discussing the Tax Reform of the Trump administration, Mr. Locke said that the current tax-cut plan is still a framework without implementation details. The U.S. congress is still pending details from the tax reform, therefore uncertainties remains on whether the plan will be passed. On the other hand, the administration's foreign exchange policy has not been finalized. As for the trend of industrial developments in the U.S., He mentioned the focus will be on new energy, high-tech, new media and entertainment.
Mr. Locke commented that the business exchange between China and U.S. are quite smooth now thanks to the growing number of communication channels. The U.S government welcomes any investment that increases employment openings in the U.S. as long as the capital is legitimate., that's regardless of where the company's place of registration such as the Cayman Islands, BVI or Hong Kong. As of the necessity to set up an investment holding company in the U.S., Mr. Locke suggests to resolve the issue based on the investor's particular needs and tax concerns.
Last but not least, Mr. Locke invited Mr. Dundas Deng, CEO of Midas International Group to meet with him in the U.S. during next visit.