Zhejiang Province will continue to woo foreign investors as the
main strategy to boost its economy, according to a top
official.
"Opening the market to foreign investors is the inevitable route
for Zhejiang in its next round of development," said Wang Yongming,
vice-governor of the province, at the International Forum of
Cooperation held in Hangzhou on Tuesday.
"It will be a tremendous boost to the growth of hi-tech
industries and multinational corporations," he added.
Zhejiang has raised US$1 billion in foreign investment in recent
years, particularly through the mergers and acquisitions of Xuzhou
Construction Machinery Group Inc, Harbin Pharmaceutical Co Ltd and
Shenzhen Development Bank. Around 20 companies have listed
overseas, including Shanda Entertainment, Baidu and Suntech
Power.
"We will actively support cooperation between Zhejiang companies
and foreign investors, and structure a reasonable and operable
policy to ensure the orderly development of foreign investment,"
said Huang Yong, deputy director of the Zhejiang provincial
development and reform commission.
Alibaba.com, the world's largest online B2B marketplace,
headquartered in Hangzhou, received US$25 million in investment
from Goldman Sachs and Softbank during its first stage of
development.
Wei Zhe, executive vice-president of Alibaba, said companies
should recognize the additional value brought by investors such as
branding, management and technology.
(China Daily April 26, 2007)