China's peaceful rise offers more opportunities for overseas Chinese businessmen

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Last updated at: (Beijing Time) Monday, April 05, 2004

China's peaceful rise offers more opportunities for overseas Chinese businessmen

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The ongoing 8th Congress of the World Federation of Hainanese Associations draw a large number of overseas entrepreneurs of Hainan origin back to their hometown, for this piece of land in south China not only fills them with emotion for one's birth place, but also inspires them by its numerous business opportunities.

Recently years have seen rapid growth of investment by overseas Hainanese entrepreneurs in their home. Statistics show that over 7,000 overseas-funded enterprises have registered in Hainan Province, 80 percent of them owned by overseas Chinese, being the major source of overseas investment of the province.

Just like Hainan, other provinces of China's east costal regions also see a new wave of investment along with the pouring in of IT, IC businessmen from Taiwan and soaring funds from a new generation of overseas Chinese. According to figures from Office of Overseas Chinese Affairs of the State Council, among foreign-funded enterprises over 70 percent are owned by overseas Chinese, with an investment amount accounting for 60 percent of the inland total foreign fund. In the more than 60 industrial parks set up on the mainland, 5,000 are hi-tech enterprises created by overseas Chinese, with a total annual output exceeding 10 billion yuan.

Today's China is pushing forward its all-dimensional and multi-tiered opening up in a more active manner, and taking part in international economic cooperation and competition in a larger scale and deeper degree, which offers unprecedented development and business opportunities for overseas Chinese, said Li Haifeng, vice director of the Office at the congress. Chinese businessmen scattering around the world boast unique advantages for developing in China's inland for they know both international market operation and Chinese traditional culture.

When the first batch of overseas Chinese businessmen entered the mainland 25 years ago, what were in their eyes were preferential policies and low labor cost. By now China has become an important manufacturing base of the world with a huge and steadily growing consumption market, providing better conditions for Chinese businessmen. By investing in the mainland overseas Chinese could enter an important link in global economic circulation, said Zhang Yumin, president of Malaysian Hainanese Association, this is a major attraction of the Chinese inland.

Addressing the congress, Boao Forum for Asia general secretary Long Yongtu said that China, in his economic developing cause, chose a road of peaceful rise by merging into, instead of isolating itself from the economic globalization, and through cooperation instead of through confrontation. This not only provides consistent impetus for the rapid economic growth of China but offers opportunities for overseas Chinese on the mainland.

By now China has joined into WTO and further merged into world economic and trade system, he added. China has huge advantage in labor cost in the world manufacturing industry. Under the background of economic globalization, transnationls have shifted their production and supply bases to China out of cost considerations, and China has in fact become a converging point of globalized production and supply lines with rapid growth of import and export. Besides, China's 1.3 billion population market has turned from a potential one to a real one and through a series of reforms in political and economic systems barriers in investment environment have been reduced. All this made China one of the hottest and most attractive investment area in the world. In 2002 China became the world biggest international capital importer by a foreign fund exceeding 50 billion US dollars, bigger than that of the United States. The figure doubled in 2003 to reach 115 billion dollars. All these show that Chinese businessmen worldwide now have the best opportunities in the inland.

Enterprise representatives attending the Congress widely acknowledged that the natural emotion for one's birth place will bring overseas Chinese closer with inland economy, which will be shown in further investment, more economic cooperation with inland and among Chinese businessmen worldwide.

By People's Daily Online

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