Roundup: Booming Economic Development Provides Great OpportunitiesThe success of the Sixth World Chinese Entrepreneurs Convention indicates that Chinese entrepreneurs are confident about China's economic developments.Bao Yujun, vice chairman of All China Federation for Industry and Commerce, said that the confidence of Chinese entrepreneurs across the world comes from China's booming business development opportunities. "This is also the major reason that the conference has attracted 3,300 Chinese entrepreneurs from 77 countries and regions," Bao said. Statistics show that the country's gross domestic product (GDP) increased by 6.4 times during the 1978-2000 period. The year-on-year average of the increase reached 9.5 percent. This indicates that China's economic growth rate was the fastest in the world during the period, he said. The development has attracted abundant international investment, the official said, adding that by the end of July this year, overseas investors had set up 378,000 enterprises, with a total contract investment of 700 billion US dollars. The amount of overseas investment in China has ranked first in developing countries for eight consecutive years. Among the overseas investors, Chinese entrepreneurs have accounted for a larger and larger margin. In Shanghai, China's largest commercial center, Chinese entrepreneurs-funded companies made up 60 percent of all overseas-funded enterprises. Many overseas Chinese entrepreneurs have also made considerable contributions to business exchanges and investment attraction between Chinese enterprises and overseas companies. At the beginning of China's opening up and reform in the late 1970s, overseas investors realized that to enter the Chinese market they must get help from overseas Chinese entrepreneurs who could play the role of a bridge between their economic-trade exchange and cooperation with China. At present, more and more multinationals are keen on the Chinese market, becoming strong competitors with their early helpers and guides -- the Chinese entrepreneurs. After entering the WTO, new investment fields, such as finance and telecommunications, will attract more overseas companies and investment. Zeng Peiyan, Minister in Charge of the State Development Planning Commission, said that the booming trend of Chinese economic development, improving investment environment and the large potential market will help China become the world's most attractive investment destination. At the same time, the economic progress will provide a wide range of opportunities for Chinese entrepreneurs all over the world. According to the targets of the Chinese government, in the coming 10 years, China will maintain a seven-percent growth rate, continue to enlarge the domestic market, and provide a better investment environment for overseas business people. Shi Guangsheng, Minister of Foreign Trade and Economic Cooperation, said that after China enters the WTO, the investment fields in China will be wider. From 2001 to 2005, China will import 1,400 billion US dollars worth of equipment, high-tech projects and products. In addition, the furthering of the country's state-owned enterprises and the development strategy of western China will ensure great business and trade opportunities for both foreign investors and Chinese entrepreneurs, the official added. |
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