It is a small bite, but the US state of Wisconsin made a dent in the yawning American trade deficit with China, signing a 10-year deal on Monday to export $200 million of ginseng to China. The Ginseng Board of Wisconsin Inc signed the contract with Beijing Tong Ren Tang Health-Pharmaceutical Co Ltd, an affiliate of the centuries-old traditional Chinese medicine brand Tong Ren Tang.
"We're proud to have a partner who has been providing aid and assistance for centuries to the emperor to be our great partner here in China", Wisconsin Governor Scott Walker said at the signing ceremony at the US Embassy in Beijing. Tong Ren Tang, founded in 1669 and one of China's oldest existing companies, was once the official purveyor of Chinese herbal medicine to the imperial court of the Qing dynasty.
It is one of the best-known brands in China and was among the first to be designated a Chinese cultural heritage brand by the government. Ginseng, a turnip-like root popular in China as a tonic promoting health, disease prevention and virility, is primarily grown in north-east China, Korea, Wisconsin and Canada, although some is produced in Europe. China has been importing American ginseng for more than 100 years, said Mei Qin, chairman of Tong Ren Tang Technologies Co Ltd, who attended the signing. "American ginseng's health promotion is well known and welcomed by Chinese consumers, so we want to continue our co-operation with (Wisconsin)," Mei told Reuters. Wisconsin produces 95 percent of America's ginseng.
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