Nikkei Reports China-Japan Economic Symposium

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Last updated at: (Beijing Time) Wednesday, November 21, 2001

Nikkei Reports China-Japan Economic Symposium

Japanese Newspaper Nihon Keizai Shimbun (Nikkei) Tuesday Evening edition carried a news report of the ongoing China-Japan Economic Symposium held in Tianjin.
The ninth symposium, sponsored jointly by Nihon Keizai Shimbun Inc. and the People's Daily, is intended to focus on bilateral cooperation in the wake of China's recent admission to the World Trade Organization.

Japanese Newspaper Nihon Keizai Shimbun (Nikkei) Tuesday Evening edition carried a news report of the ongoing China-Japan Economic Symposium held in Tianjin. The report said:

The head of Bank of China expressed the country's willingness to form mutually beneficial relationships between Chinese and foreign banks, in a speech at the Japan-China economic symposium held here Tuesday.

Liu Mingkang, chairman of the Bank of China, stressed the Chinese government will pursue a policy of helping domestic banks weather increasingly tough competition through cooperation with foreign institutions.

In terms of reforming Chinese financial institutions, Liu said China will attach great importance to corporate governance and nurturing human resources.

On the Chinese economy as a whole, Liu said, "Ever since the Asian monetary crisis, the nation has tried to build an economic structure where domestic demand can serve as the primary motivating force."

He also expressed the view that "overseas direct investment (in China) is growing" because the country is stable politically and economically.

Noboru Hatakeyama, chairman of the Japan External Trade Organization, pointed out that "the competitive strength of China's industry may not be as great as widely supposed." To cite an example, he referred to the fact that South Korean firms operating in China are importing components from their home country that cost less than those available locally.

In order to bolster its international competitiveness, the JETRO chief suggested that China take steps to ensure transparency and fairness in governmental administration and to establish an independent judiciary.

Zhu Yanfeng, president of China FAW Group Corp., said, "If the Chinese automobile industry is to continue to grow in the face of global competition, tie-ups or collaboration with major foreign producers will be vital."

Fujio Cho, president of Toyota Motor Corp., which plans to start manufacturing subcompact cars in Tianjin in late 2002, called on the Chinese government to protect commercial property rights and grant foreign companies access to the wholesale market at the earliest possible time.

The ninth symposium, sponsored jointly by Nihon Keizai Shimbun Inc. and the People's Daily, is intended to focus on bilateral cooperation in the wake of China's recent admission to the World Trade Organization.

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