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People's Daily Online>>China Business

New body proposed for ODI promotion

By Tan Yingzi  (China Daily)

09:38, March 14, 2012

Agency would help Chinese firms conduct business in foreign lands

China should learn from the successful experience of the United States Chamber of Commerce and set up a special organization to promote overseas investment, a member of the Chinese People's Political Consultative Conference National Committee proposed during the last day of its annual session on Tuesday.

As more and more companies are looking overseas, Duan Qihua, also a lawyer in Shanghai, finds Chinese investors are facing many problems and challenges in other countries.

Some have failed and suffered huge losses due to a lack of knowledge about international regulations, local politics and laws, Duan said in his proposal.

China's telecommunication giant Huawei experienced severe setbacks in the US after its attempts to acquire local companies were blocked over concerns about national security.

He suggested that China learn from the Japan External Trade Organization and US Chamber of Commerce and set up a global network for Chinese investors.

In addition to promoting trade, those organizations have branches across the world, collecting business information and lobbying local policymakers to bring about favorable regulations for their investors.

Although some Chinese investors have hired foreign lobby firms or consultants to help with problems, "everyone is fighting alone and there is no such organization to unite them and provide professional consulting services", Duan said. "China has lagged behind those countries in this regard."

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