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IDG Chairman wins Int'l Investment Achievement Award
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08:13, February 03, 2008

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Patrick McGovern, founder and chairman of International Data Group (IDG), has become the first foreign investor winner of the International Investment Achievement Award at 2007 China Economic Leadership Award ceremony hosted by China Central Television (CCTV), the state television.

He won the award in recognition of his great contribution to China's information industry and venture capital field, said the host.

"I am so honored to win this award," said Patrick McGovern, who was making his 102nd visit to China, "IDG invests in over 40 countries, but our results in China are the highest because of its people who are intelligent, honest, hardworking, and very enterprising,"

"The government policies support rapid economic growth. The market environment allows companies that bring in better products into the market to grow very rapidly," he added.

IDG was the first American IT service company entering into the Chinese market. In 1980, Patrick McGovern launched China Computer world weekly, the first and only Sino-US joint venture in the media field.

So far, IDG has more than 30 magazines and newspapers in the fields of computer technologies, electronics and telecommunications by means of joint venture or cooperative publishing in China.

"The publication speeded up the development of China's IT industry," said Liu Chuanzhi, founder of Lenovo.

Back in 1993, Patrick McGovern set up IDG Venture Investment Fund (IDGVC) in China, the first venture capital firm in China, with investment management companies in Beijing, Shanghai, Guangdong, Tianjin and Shenzhen.

At present, IDGVC manages 1.5 billion U.S. dollars. To date, IDGVC has made investments in more than 160 companies such as Sohu, Tencent, Baidu, Kingdee, Ctrip, Chatea, etc. and created 400,000 job opportunities.

The CCTV China Economic Leadership Award was established eight years ago. It has become the most prestigious economic award in China. The award ceremony was broadcasted live nationwide.

Source:Xinhua



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