Foreign Investment to Continue in China

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Last updated at: (Beijing Time) Wednesday, May 21, 2003

Foreign Investment to Continue in China

Some well-known mutil-nationals will continue to invest and expand in China despite the outbreak of severe acute respiratory syndrome (SARS).

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Some well-known mutil-nationals will continue to invest and expand in China despite the outbreak of severe acute respiratory syndrome (SARS).

Eric Jugier, chairman of Michelin China Investment Co., Ltd., an international leading tyre producer, said the company would continue to increase its investment in China.

During an exclusive interview with Xinhua on Tuesday, he said Michelin planned to double production in its Shenyang branch this year and continue to expand production in its Shanghai branch.

"We are optimistic about the outcome of SARS and believe that China's economy will continue to grow," Jugier said.

Although BP (British Petroleum) China was not so optimistic because of the "double-whammy" of dropped sales and lowered price,vice president Daniel Teo expressed his hope of investing 4 billion US dollars annually in China in coming years.

Henri Petit, chairman and president of Greater Asia Region of Eastman Kodak, seemed more confident.

He said the SARS outbreak would not deter Kodak from its strategy in China, and would continue to develop long term plans.

"China is already our number two market for roll film and will be important to our company's future as a market, manufacturing base, and a source of rich talent."

China's quick and thorough response to SARS was important to build the confidence of its trading partners, employers and investors and help maintain the momentum of the Chinese economy, said Steve Van Andel, chairman of the Executive Committee of the US Chamber of Commerce.

The US business community will continue its efforts to promote the Sino-US trade relations, said Andel.

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