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A Magnet for Fortune

By Phoenix Lee (People's Daily Online)

09:20, June 09, 2013

Fortune's choice reflects how China remains a magnet for global businesses amid economic transition

Fortune has chosen China to host the FGF for the fourth time. (File photo)

As the curtain rose on the 2013 Fortune Global Forum (FGF) in Chengdu Thursday, China is once again in the spotlight.

It is the fourth time the prestigious global business forum has been staged in China since its inception in 1995, following the summits in Shanghai (1999), Hong Kong (2001) and Beijing (2005).

"It's just very logical for us to have the FGF here at many times," Andrew Serwer, the managing editor of Fortune, told People's Daily Online. "We recognized how important China's economic growth story is to the global economy."

"The economic development of China is one of the biggest stories in the world and in our life time. And you don't have to be Chinese to think that. You can be American to think that," Serwer said with a smile.

China's gross domestic product growth slowed to 7.7 percent in the first quarter, reigniting some investors' concerns over the outlook for the economy.

However, global leaders and experts are still bullish on China's economic prospects.

China has long been a place for outsourcing and production, but with the nation's economic restructuring, the consumer part is gaining more weight, and new opportunities are arising from this trend, said Serwer.

Stephen Roach, a Senior Fellow at Yale University and former Chairman of Morgan Stanley Asia, holds a similar view.

"The successful rebalancing of China's economic structure will make the country outstrip the growth of any consumer market in the world, and China's strong internal consumer demand will eventually help the United States generate growth and jobs," Roach told People's Daily Online.

"Multinationals are lured by the growing power of the Chinese consumers. The world is shifting its focus to the Chinese market."

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