Some people see China as "the most serious competitor" and "the most consequential long-term geopolitical challenge", which is out of grave strategic misperception and misjudgment, China's ambassador to the US Qin Gang said.

Qin made the remarks during the 2022 annual gala of the China General Chamber of Commerce - Chicago (CGCC-Chicago), held on Thursday under the theme of "Reopen for our future".

"China and the US are each other's major trading and investment partners. Our industries are deeply integrated and highly complementary. Over the past decades, our economic and trade cooperation has been very productive, benefiting the two peoples and promoting world development and prosperity," Qin said.

"Outcompeting China has become the purpose of all the China policies of the US. Because of this, the notion of national security has been over-stretched, economic and trade issues are politicized and weaponized, export controls, import restrictions, harsher investment reviews are imposed, as well as measures in tech decoupling, sectoral regulation and industrial subsidies," said Qin.

Qin pointed out that over 1,000 Chinese companies have been added to various lists of export controls and sanctions. Many American companies have found it more difficult to do business with their Chinese partners, and Chinese investors are deterred from investing in the US.

"This line of policy has gone against market economy principles and trade rules, and is disruptive to global industrial and supply chains, hurting everybody," he said.

Some people argue for "competing responsibly", said Qin. "But do such behaviors have anything to do with competing responsibly? If the world's top two economies, which are deeply integrated with each other, get decoupled and cut off from each part in our bilateral relations, what consequences will our two countries and the whole world have to face? Is it responsible?" he said, adding that suspicion, fear or hate "should not stand in our way of pursuing economic growth, job increase, and improvement of livelihoods."

Qin emphasized that China will steadily expand institutional opening up featuring rules, sectoral regulation, administration, and standards.

"We will upgrade trade in goods, develop new mechanisms for trade in services, and promote digital trade. We will make proper reductions to the negative list for foreign investment, protect the rights and interests of foreign investors, and foster a market-oriented, law-based and world-class business environment. We will never shut our door, but will only open it wider," said Qin.

"I appreciate the US business community for staying optimistic about China, and I hope that you will expand cooperation with China and further explore the Chinese market," he said.

The American Midwest and the heartland has developed great cooperation and engagement with China, and many friends and organizations here have been working tirelessly for the ties and engagements with China, said Qin.

Over the past 500 days of working here, Qin has visited many Midwestern states. "I have come to appreciate more how kind-hearted, hard-working and friendly the American people are, and how deeply committed the Midwestern United States is to interact with China. I look to our friends in the Midwest for more support and contribution to China-US relations to achieve greater friendship and success," he said.

The Chicago area is home to nearly 120 Chinese companies, and Chinese companies have created thousands of job opportunities for Illinois and surrounding areas, Lori Lightfoot, mayor of Chicago, said at Thursday's gala.

He added that Chicago will continue to support Chinese companies investing in the area, and he looked forward to the continued drive for economic growth, prosperity and partnerships.

At the gala, Chicago Deputy Mayor Mayer Samir Mayekar read the letter from US Secretary of Commerce Gina Raimondo.

Foreign direct investment is a core element in promoting global business development and is also a priority of the US Department of Commerce, Raimondo said in the letter.

The US and the Department of Commerce are committed to promoting trade and investment, connecting overseas partners, bringing profits to US companies, creating jobs for US workers, and welcoming companies to invest in the US, Raimondo said.

Qin on Thursday also presented the "United States - China Friendship Envoy Award" to Steve Orlins, president of the National Committee on US-China Relations, to affirm his long-term commitment to promoting the development of China-US relations and enhancing mutual understanding and friendly cooperation between the two countries.