Steve Forbes: China's Economy Strong, Reforms Needed

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Last updated at: (Beijing Time) Wednesday, November 20, 2002

Steve Forbes: China's Economy Strong, Reforms Needed

Steve Forbes, president of the world famous business magazine Forbes, expressed optimism with regard to the Chinese economy on Tuesday in Nanjing at the on-going World Capital Forum.

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Steve Forbes, president of the world famous business magazine Forbes, expressed optimism with regard to the Chinese economy on Tuesday in Nanjing at the on-going World Capital Forum.

He said China's economy has maintained rapid and steady growth in spite of the sluggish world economy featuring America's slowdown, Europe's standstill and Japan's faltering economy.

Given the fact that many of China's heavy-weight enterprises evolved from small ones and that a million more Chinese people are planning to start businesses, Forbes believes that small enterprises will constitute a major driving force of the country's sustained growth.

He also pointed out the importance of developing the country's venture capital market and suggested more profound reforms in the banking industry.

Only when the banking system is optimized will China's private enterprises be able to acquire more loans, he said.

With regard to Chinese investment abroad, Forbes said the on-going reforms in banks, private enterprises, the legal system, property rights and taxation will facilitate the process.

He mentioned the call on the part of the just-concluded 16th National Congress of the Communist Party of China for more profound reforms, which he said will surely have a positive impact on both the Chinese and global economies.

Forbes Magazine has kept a close watch on China's economic development, he said. In 2001, the magazine not only increased its coverage of the Chinese economy, but also included detailed reports on the country's heavy-weight enterprises such as the Legend Group and the Haier Group.

"China has demonstrated a huge development potential, and we will strive to be a part of it," he said.

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