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Western Development Provides Business Opportunities for Investors
China's strategy of developing its huge western area provides business opportunities not only to Chinese investors, but also to investors around the world, said a senior official with the State Council at the Western Forum Sunday in Chengdu.
Zhao Qizheng, director of the Information Office of the State Council, told hundreds of business leaders from around the world attending the forum that it is a misunderstanding that the slow economic growth in China's western area is due to the lack of the government's attention.
Zhao said that some people incorrectly attributed the economic gap between China's eastern and western parts to the government's preference for the eastern area.
In fact, economic growth in western China, though slower than that the eastern provinces, has still been faster than in many other countries and regions during the past 20 years, Zhao said.
The official explained that under the new development strategy, the Chinese government will channel tax collected from the eastern provinces to the western areas. In the future, the government funds flowing to infrastructure construction in the area will continue to increase.
China's comprehensive national economic strength can sustain the implementation of the mammoth long-term development in the vast underdeveloped western area, he said.
"The current development conditions in western China is better than that of the initial experience in the eastern part some two decades ago," Zhao said.
The development in western areas can assimilate foreign investment, and borrow many ready-made experience from their eastern counterparts, he added.
Among the advantages of the western region, rich mines, and land and labor resources that usually cost 10 folds lower than that in the eastern areas, are the most appealing to investors.
The official also dispelled a misunderstanding by overseas investors that there is a lack of qualified personnel in the western area.
He took the example of Chengdu, capital of Sichuan, where the meeting is being held, and said that there are over 20 universities and more than 120 institutes in the cities.
Xi'an, capital of northwest China's Shaanxi Province, is home to 37 universities, which can accommodate over 14,000 students in total. It is the third largest university city in China.
"Of course, the problem of the brain drain exists in the western provinces and regions. More should be done to encourage them to stay and lure more professionals to come in," said Zhao.
He also briefed the participants on the progress of high-way construction, improvement of flight frequency, improving the development of information and communications in the west area.
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