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Beijing's Olympic Win Attracts More Foreign Investment to China
Encouraged by Beijing's Olympic win, a great number of multinational corporations are planning to step into the China market, especially in the telecommunications sector, Tuesday's Beijing Morning Post reports.
"The number of such corporations is very large," said Yao Wang, chairman of the Beijing Municipal Association for Promotion of Foreign Trade.
The paper quotes the official as saying that the Telstra Corp Ltd, Australia's largest telecom carrier, and the No.1 telecom corp. of Hong Kong have expressed their desire to enter the China market, making the use of the Olympic opportunities.
According to the paper, more multinational corporations, which already have businesses in China, are making extra investment.
Siemens plans to invest 60 million US dollars to expand its production of mobile phones from 10 million to 14 million annually in Shanghai. The mobile telecommunications department of the corporation plans to invest 250 million USdollars in the research and development of new telecom products, and plans to produce the first batch of TD-SCDMA handsets in Beijing in 2003.
Moreover, Microsoft, Motorola, IBM, Intel and Nokia all intend to increase their investment and expand their businesses, according to the paper.
To grasp the business opportunities brought about by the Olympic Games, many multinational corporations, such as the ABB of Switzerland and the Chevron Overseas Petroleum Inc. of the United States, have decided to relocate their respective headquarters to China, the paper reports.
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