Roundup: Entrepreneurs Confident about Economic Development in China, Asia-Pacific

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Last updated at: (Beijing Time) Friday, September 27, 2002

Roundup: Entrepreneurs Confident about Economic Development in China, Asia-Pacific

Some 300 world top CEOs examined the latest global economic development while expressing confidence in the economic development of China and the Asia-Pacific region.

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Some 300 world top CEOs examined the latest global economic development while expressing confidence in the economic development of China and the Asia-Pacific region.

At the three-day Forbes Global CEO Conference which ends here Thursday, participants had in-depth discussions on topics such as global economic and political outlook, tech sector rebounding in the wake of the post-dotcom crash, China's foreign trade, Asia's new economic paradigm with the emergence of China as a manufacturing giant, the emerging private sector in China, and how Asia can avoid repetition of the Enron scandal.

On a global economic landscape, Asia-Pacific's economic performance, especially that of the Chinese mainland and the conference's venue Hong Kong, drew much attention and comments.

Joseph Stiglitz with the Graduate School of Business of Columbia University noted that poor corporate governance in the United States, exacerbated by the US government's interference in the business sector, is making Asia the place the world looks up to in assuming leadership on global financial reform.

The Hong Kong Special Administrative Region (HKSAR), equipped with the remarkable experience in financial reform, is one of the most potential regional financial systems to lead the world towards more healthy financial practices, he added.

President and Chief Executive Officer of Forbes magazine Steve Forbes made clear that, five years after Hong Kong's return to the motherland, he is more bullish on Hong Kong's future and its economic development powered by the mainland's economic growth.

"I think generally Hong Kong is still a great area for investment, especially Hong Kong makes the adjustment of tying itself more to the Pearl River Delta, I think there are projects afoot that will make Hong Kong a great area of economic growth in the future," he said.

Forbes also pointed out that the conference has enabled Hong Kong to showcase itself for future investment and as an area that is still vibrant.

HKSAR's Chief Executive Tung Chee Hwa emphasized at the opening of the conference that Hong Kong's positioning as a world city of Asia.

"Hong Kong should be a very important international city and one of the most important cities of China, providing value-added service to the mainland of China and the rest of Asia through acquiring new knowledge, moving forward in innovation in technology, to move up the value chain," Tung said.

"We have known which way to go," he said, adding that he is confident that in 2007 Hong Kong people would have succeeded in having laid a very solid foundation in restructuring of the economy.

Participants at the Forbes conference showed their confidence and optimism in China's economy which has scored a fast growth rate for consecutive years. Moreover, they expressed belief that China's entry into the World Trade Organization (WTO) will also benefit the Asian region and the world at large.

Entrepreneurs represented by Hui Wingmau, chairman of Shimao Group, Yang Lan, chairperson of Sun Media Group and Zhu Baoguo, chairman of Shenzhen Taitai Pharmaceutical Industry Co. Ltd, came up to the conference with their individual developmental stories to represent to the world a new generation of Chinese business people in the private sector, who try to catch up with the opportunities of the times and the rest of the world.

As for what would be the leading driving force of the future global economy, publisher for Forbes Magazine Rich Karlgaard said that the answer is still, and will be technology.

Chairman of the US-based Gilder Publishing George Gilder has his reason for bullish views about China. The analyst noted that technology is made by engineers, adding that since China produces 700,000 engineers every year, more than 10 times the United Statesdoes, the Chinese people will lead the world economy to a new era of growth prosperity.

Speaking of the role of technology in the global economy, Gilder said that the acute deflation beginning in the United States in 1996, which triggered the Asian economic crisis and is still working its way through economy in Hong Kong today, is going to be surmounted with technological development.

Examining the problems with the US financial system and the International Monetary Fund, Forbes stressed that when things look bleak, there is a huge source of opportunities.

He added "We will defeat terrorists, we would get things right on deflation and the IMF, and when we do, we would surprise ourselves at how fast and quickly the world economy is going to grow."

In Forbes' opinion, the war the United States would wage against Iraq would be contained instead of spreading far and wide.The aftermath of the war would be "lower oil prices and less turbulent oil market" as investment would find its entry into Iraqto explore the country's rich oil resources.

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