Economists: conditions favorable for China to boost transnation almerger, acquisition

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Last updated at: (Beijing Time) Thursday, November 20, 2003

Economists: conditions favorable for China to boost transnation almerger, acquisition

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Economists said Wednesday that more commitment from China's state-owned enterprises (SOE) in the international merger and acquisition (M&;A) business would help the SOEs promote their restructuring and enhance their operational efficiency.

"I firmly believe that China's SOEs have secured the market and acquired the necessary conditions to further develop their transnational M&A business," Global CEO of Deloitte Touche Tohmatsu William Parrett said Wednesday when addressing an international M&A summit in Beijing.

China has entered a new era of economic and trade cooperation and cross-border strategic merger and acquisition would be a leading theme of the era, Parrett noted.

He said China's entry into the World Trade Organization (WTO) brought the country further market freedom, which makes it easier for foreign enterprises to enter the market and compete with their Chinese rivals.

It is vital for Chinese enterprises, especially those giant SOEs, to enhance their competitiveness to meet the challenges posed by the foreign enterprises, Parrett stressed.

Chen Qingtai, deputy director of the Development Research Center (DRC) under the State Council, also said at the summit that the problem of the structural low efficiency of China's SOEs can't be solved by the management approaches, noting that the SOEs should more engage in the international M&A business to further vitalize the state-owned economy.

The international capital flow has promoted the restructuring process of global economy, Chen said, predicting that more Chinese enterprises would be committed in the M&A business at home and abroad.

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