China, A Promising Land for Asian & European Businessmen

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Last updated at: (Beijing Time) Wednesday, July 23, 2003

China, A Promising Land for Asian & European Businessmen

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China's opening up, though regarded as a big challenge, still offers great business opportunities to all ASEAN members, according to a senior official from Brunei attending the 5th ASEM (Asia-Europe Meeting) Economic Ministers' Meeting (EMM).

The creation of a free trade zone between the Association of Southeast Asian Nations (ASEAN) and China would signify the largest and most potent market in the world, said Pehin Dato Abdul Rahman, minister of Industry and Primary Product Resources of Brunei, at the Asia-Europe High-level Economic Forum held in the tourist city of Dalian in northeast China's Liaoning Province on Tuesday.

The forum, a prelude to the 5th ASEM EMM, attracted ministerial-level officials and entrepreneurs from 26 ASEM member states.

Pehin Dato Abdul Rahman said,"ASEAN members are always ready for further cooperation with China."

Most delegates at the forum echoed his remarks, as Hwang Dooyuen, minister of Foreign Affairs and Trade of the Republic of Korea (ROK) said, China has made great achievements in the past 20years, thanks to its persistent policies designed to achieve further opening up to the outside world. Since the 1990s, China has seen a high annual economic growth rate, six percent higher than the global average, and two percent higher than that of the ROK.

Entrepreneurs worldwide have come to see the Chinese market as key to their global strategies, he said. "More and more businessmen have come to realize that China is their best choice for global trade."

Takanoshin Nagamochi, honorary chairman of the Japanese Riken Vitamin Co. Ltd., said his company has opened four branches in China and plans to open a new factory in Dalian.

"China's contribution to the world economy proves that the once-popular version of 'a threatening China' was invalid," he said.

Takanoshin Nagamochi, invited as an economic consultant to the local governments of Shandong's Qingdao and Rizhao cities, also spoke highly of the Chinese government's policies for foreign investors in Dalian.

Commercial Councilor of the French Embassy to China, Christian Benoit, said French companies have lost the opportunity to be the first to enter the Chinese market due to a lack of business foresight.

"Yet I believe France will soon become China's 2nd largest EU trade partner, second to Germany," Benoit said optimistically.

Yrene Baas, general manager of the American Eagle China Food Products Dalian Co. Ltd., designed his business card with Beijing's Olympic Game bid emblem.

"China's market of 1.3 billion is undoubtedly of enormous value to global investors. Our future is right here, as China will become much stronger in the next 20 years," Bass said.

George Yeo Yong-Boon, the minister of Trade and Industry of Singapore, told Xinhua that China's rapid economic progress benefits its people and injects vitality into the world economy.

Statistics show China has become the 2nd largest base for foreign investment, with a total of 430,000 foreign-funded companies.

"China's continuous success is of great importance to all other countries, as the world has placed higher expectations upon it since its entry into the World Trade Organization," he said.

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