Despite worries about world economic slowdown, business leaders attending the Fortune Global Forum in Hong Kong Tuesday expressed confidence in the fast growing Chinese information market and believed it will be an ideal choice for their investment.
More than twenty world business leaders made appearance at the roundtable focused on the potential of the Chinese information market after China joins the World Trade Organization.
The attendees agreed there are huge development potentials for the Chinese information market and, in the coming one or two decades, it will witness unpredictable development, and will be a preferred investment choice for multinationals across the world.
In the last one or two years, hi-tech bubbles have burst one after another, leading to sharp falls on high-tech stocks prices and the economic slowdown in the US, Japan, Europe and the world as whole, said James S. Morgan, chairman and president of Applied Materials, Inc. USA.
However, he said, the Chinese economy exceptionally maintains high growth and offers opportunities for development of world hi-tech enterprises. "People see no signs of an economic slowdown in China."
"The downturn on the world economy has not affected multinationals' investment in China's technology industry," Morgan said, adding that international investors have found development opportunities in China and their returns are expected to increase dramatically in the future.
Wang Zhidong, CEO of Sina.com, said his company got listed on the stock market and he has invested all the US$100 million raised from the listing in exploring the Chinese market.
China has maintained unparalleled growth rate and the best way to avoid a "hi-tech bubble burst" is to invest in China, he said.
Jorma Ollia, president and CEO of Nokia Corporation, said his company has invested US$1.7 billion in China and will increase its investment, in particular, in research and development projects.
Delegates to the roundtable believed that the Chinese technology market has huge potential for development. In the past year, many big companies reduced their investment overseas, but did otherwise in China, they said.
Foreign investment in China in the future will concentrate on infrastructure building and the training of people, business leaders at the forum predicted.
Duan Yongji, general manager of the Zhong Guancun Science Corp., Beijing, said that China is aiming to update its traditional economy with advanced digital technologies and a large number of talents are needed for this purpose.
(Xinhua 05/09/2001)
