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BOAO, Hainan, April 6 (Xinhua) -- Chinese private firms are seeing new expansion abroad and already lead China's investment overseas, Chris Lu, CEO of Deloitte China, said on Saturday at a forum1 in south China's Hainan Province.
The 2013 Boao Forum for Asia Annual Conference witnessed hot discussion among private firm bosses, worrying about domestic economic circumstances and expecting investment-based development overseas.
They considered the present export challenges as an opportunity to set new goals, and most determined2 investment overseas as the best choice.
Lu said surging operating and financing costs posed a plight3 to private firms, while large multi-national businesses are bringing harsher competition to China's home market.
Therefore, Chinese private firms formed a vigorous investment trend in foreign countries, and have already become dominant4 in China's foreign investment. Greenfield and contract construction topped all the overseas projects of private firms, he said.
The Deloitte China CEO said, however, that mergers5 and acquisitions by private firms, mainly appearing in Europe and Americas, remains6 at about one-tenth of that by state-owned enterprises.
Bao Yujun, chairman of the China Private Sector7 Association, said at the forum that private economy shall provide the main force in boosting the country's economic development.
He explained that governmental public finance had been directed toward guaranteeing and improving people's livelihoods8, while state-owned capital targeted areas related to the country's security, leaving private capital as the only choice to carry out large-scale investment in common and competitive markets.
In 2012, the private sector took over 61 percent of the total fixed9 assets investment overseas, and the figure in 2011 was 50 percent, according to Bao.
He suggested private firms change their style from expanding businesses on their own to developing hand in hand with local companies, which could make it easier when entering target markets.
Private entrepreneurs said the debt crisis in Europe created a golden chance for the Chinese private sector to expand through cooperation abiding10 by local rules.
On July 3, 2012, the Chinese government pledged to help private companies invest abroad while strengthening macro guidance on their overseas investment and helping11 them invest in a step-by-step and focused manner.
Kong Linglong, director of the National Development and Reform Commission's Division of Foreign Capital Utilization12, said these measures helped Chinese private firms become more involved in world business operation with their own advantages.
Bosses attending the forum also agreed to apply combined overseas cooperative methods to invest in projects like tech parks, outsourcing services, jointly13 research and develop key programs and take part in the global production and procurement14, so as to win dominant positions in global competition.
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1 forum | |
n.论坛,讨论会 | |
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2 determined | |
adj.坚定的;有决心的 | |
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3 plight | |
n.困境,境况,誓约,艰难;vt.宣誓,保证,约定 | |
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4 dominant | |
adj.支配的,统治的;占优势的;显性的;n.主因,要素,主要的人(或物);显性基因 | |
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5 mergers | |
n.(两个公司的)合并( merger的名词复数 ) | |
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6 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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7 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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8 livelihoods | |
生计,谋生之道( livelihood的名词复数 ) | |
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9 fixed | |
adj.固定的,不变的,准备好的;(计算机)固定的 | |
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10 abiding | |
adj.永久的,持久的,不变的 | |
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11 helping | |
n.食物的一份&adj.帮助人的,辅助的 | |
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12 utilization | |
n.利用,效用 | |
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13 jointly | |
ad.联合地,共同地 | |
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14 procurement | |
n.采购;获得 | |
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