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Helping with outbound investment
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Overseas Chinese entrepreneurs can help bolster China’s outbound direct investment, participants at the World Chinese Entrepreneurs Convention said.
“China is seeing a boom of outbound investment,” Chan King Wai, chairman of Hong Kong China Chamber of Commerce, said on the sidelines of the convention. “As overseas Chinese, we have a better understanding of foreign markets, and we may help to bridge the gap if there is any misconception among mainland Chinese investors regarding foreign laws, rules and their common practices.”
His remarks were echoed by Philip S. Lee, lieutenant governor of Manitoba, a province in Canada. Lee was born in Hong Kong and later migrated to Canada.
“We used to serve as investors in China,” Lee said. “Now when China needs to invest overseas, we can serve as supporters as well.”
Li Jinzao, a deputy commerce minister, said closer cooperation between domestic and overseas Chinese companies and entrepreneurs will produce win-win results.
“Now we have 10,500 domestic companies investing overseas,” Li said. “With the help of overseas Chinese, we expect to see an increasing number of ‘global’ Chinese companies.”
China became the world’s third-largest investor for the first time last year when its outbound investments rose 17.6 percent to US$87.8 billion. Other global investors cut their investment by 17 percent last year, the Ministry of Commerce said earlier.
The main sectors attracting Chinese outbound investment were commerce, finance, oil refining, retail, wholesale, manufacturing, logistics and construction.
Despite strong growth, China ranked 13th globally in overall outbound investment. China’s accumulated outbound investment was worth US$531.9 billion by the end of last year, the ministry said. However, China’s outbound investment started much later compared with developed countries. Its total investment equaled only 10.2 percent of the US figure.
Li said this show’s great potential and the target is to invest US$500 billion overseas in the next five years.
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