Chinese Business Executives Rank Chicago a Top Business City

Given that China will be an economic force over the coming decades, Chicago needs to have a clear understanding of how it is perceived in China in order to properly capitalize on this opportunity. World Business Chicago, The Chicago Council on Global Affairs, and the Kellogg School of Management partnered on a recent project—Building the Chicago Brand in China.

Market research was conducted with over 200 Chinese business executives in China to get a deeper understanding of what drives Chinese investment and how Chicago is perceived. In many ways, this project is pioneering, and last week the results were unveiled at a Chicago Club breakfast for about 200 Chicago executives.

Overall, the study revealed that Chicago ranks at the top of North American cities, when Chinese executives were asked "what are the best cities for doing business:"

• New York = 69%
• Chicago = 57%
• San Francisco = 40%
• Washington D.C. = 35%
• Los Angeles = 31%

An analysis was done based on the study's findings and a positioning statement was recommended, communicating Chicago to Chinese executives as a bridge to North America.

The key to our success will be where we go from here. It was recommended that Chicagoans employ three strategies in order to best brand Chicago in China: (1) aggressively market Chicago to Chinese business executives, (2) help Chinese companies come to Chicago, and (3) educate Chicago businesses and services about Chinese culture.

The city is taking many concrete steps to help positively impact the perception of Chicago in China. In addition, we hope that each of you will find a way to embody the study's findings and reinforce Chicago's position through your connections and share any ideas or suggestions with us by emailing cphillips@worldbusinesschicago.com.

You may download a copy of the study by accessing World Business Chicago's online Newsroom or by clicking here.

-- Carolyn Phillips
Director of Strategic Initiatives
World Business Chicago

Center for Progress Gets Big Returns for Chicago Families

Increasing the minimum wage has made headlines around the country and in Illinois. Supporters say that raising the minimum wage will provide much-needed relief to low-income working families. Though minimum wage is the talk of the town, one of the most effective federal programs to help working families has been the Earned Income Tax Credit (EITC).

The non-profit Center for Economic Progress works to ensure that Illinois' low-income workers receive the EITC they are entitled to through its volunteer-driven Tax Counseling Project (TCP). A nationally recognized program, TCP offers free tax preparation assistance in 16 Chicago neighborhoods and throughout the suburbs and downstate.

Simply put, the EITC is a way to owe less in taxes and get a refund back from the IRS. For a family with two children, their EITC tax refund can be as much as $4,400. While helping those families make ends meet, the EITC also infuses hundreds of millions of dollars into the Chicago and Illinois economy each year.

In 2003, the EITC directly impacted 22 million families nationwide, providing them with $40 billion in tax refunds. That same year, the EITC lifted 4.4 million people out of poverty, 2.4 million of whom were children.

Despite this success, a large percentage of families and workers eligible for the EITC fail to claim it. Locally, efforts have been made to promote the EITC. Mayor Daley, with the support of World Business Chicago, launched a business-focused EITC awareness campaign five years ago.

For over a decade, the Center has assisted more than 150,000 low-income working families, helping to generate more than $196 million in income tax refunds. Through its programs and services, the Center provides the low-income workers access to mainstream financial services and pulls them out of the cycle of check cashers and payday lenders.

With the New Year fast approaching, the Center is recruiting volunteers for its 2007 Tax Counseling Project. Anyone comfortable working with numbers can volunteer, and the Center For Progress holds training sessions prior to the tax season. Last year, more than 1,100 volunteers gave 45,000 hours of service to the Center and directly impacted more than 25,000 individuals and families in Illinois.

The Center offers corporate volunteers a unique and meaningful experience to enhance the communities where they live and work. For more information, visit www.centerforprogress.org or send an e-mail to volunteer@centerforprogress.org.

Chicago Riding on the Winds of Change

Chicago was recently highlighted in the Wall Street Journal for avoiding the decline that has plagued so many other U.S. cities. The November 8th article highlights Chicago’s strong service sector, diverse economy, abundance of young talent and how all of this is evident in redevelopment of the area around the old Montgomery Ward Catalog Building, now known as 600 West Chicago.

Read Winds of Change: Tale of a Warehouse Shows How Chicago Weathers a Decline. By Ilan Brat, Wall Street Journal.

Since its rebirth in 2000, the building has received a good deal of assistance from WBC working with the several of the following companies that are now current tenants of 600 West Chicago:

• Bankers Life & Casualty
• Barry Callebaut
• Centermark Graphics
• C.H. Robinson Worldwide, Inc.
• Echo Global Logistics
• Enterprise Development
• First Capital Mortgage
• Goldenberg, Hehmeyer & Co.
• Halvorson Partners
• Innerworkings
• IntegraMed
• Jump Trading
• Level3 Communication
• Looking Glass Networks
• Midwest Hospitality
• ProActive Marketing
• Providential Bancorp
• rEvolution Marketing
• Shell Vacations
• Think or Swim
• Verizon Global Networks
• Vertis Marketing
• Wm. Wrigley Jr. Company

Chicago by the Numbers

World Business Chicago
177 N. State Street, Suite 500
Chicago, Illinois 60601

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