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Private firms can tap 鈥榮uper contact鈥 to expand abroad
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Global Chinese entrepreneurs can act as a “super contact” for private companies that aim to go abroad so that both sides will benefit from the business links, officials said yesterday at a forum of the 12th World Chinese Entrepreneurs Convention in Chengdu, Sichuan Province.
There is much scope for cooperation as the private companies can tap on the resources of the global Chinese entrepreneurs such as their overseas business networks, said Wang Qinmin, chairman of the All-China Federation of Industry and Commerce.
Yang Zhao, chairman of the Hong Kong-based Glorious Sun Group which has interests in the apparel and real estate industries, echoed the sentiment.
“In the overseas market, we are ‘super contact’ for Chinese private firms to bring them information and offer a platform to better understand the target market,” said Yang.
Wang said that over 50 million Chinese entrepreneurs have established roots in overseas regions, with combined assets of US$2 trillion.
Overseas Chinese entrepreneurs, especially in Southeast Asia, have a strong business network and deep understanding of local markets which are a great help to Chinese private enterprises which plan to expand overseas, said Huo Jianguo, director of the Chinese Academy of International Trade Economy Cooperation under the Ministry of Commerce.
By the end of 2012, Chinese companies have established 22,000 business facilities in overseas markets. Around 70 percent of the facilities were invested by leading private companies, such as Lenovo Group Ltd, Huawei Technologies, ZTE Corp and Wanda Group, according to the figures from the ministry.
In China, the private companies contribute two-thirds of tax revenue to the government and employ 85 percent of workers.
Du Yongli, executive chairman of the chamber of commerce of Shandong Province, said private enterprises are willing to cooperate with overseas Chinese entrepreneurs who have rich resources and useful information that will help them succeed abroad.
“We can go abroad further with less hesitation and concerns with such kind of cooperation,” said Du.
Chengdu is the second city on China’s mainland to host the convention after Nanjing in 2001.
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