Foreign firms eye NPC, CPPCC sessions
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With the Chinese economy one of the few bright spots in last year's global downturn, it's no surprise that many companies around the world are looking to build new bases in China and draw on an enormous domestic market. Meanwhile, for many foreign funded firms already in the country, they're keeping a close eye on what comes out of the NPC and CPPCC sessions. That's because decisions reached there could determine their future development on the Chinese Mainland.
The CEO of Siemens China says he makes it a point to read up on what's happening at the NPC and CPPCC sessions.
Dr Richard Hausmann, Siemens China CEO, said, "We still had 7 percent growth last year..........China's high speed road projects also benefit us a lot."
Dr Hausmann said he was also pleased to note that Premier Wen Jiaobao's government work report outlined plans to encourage foreign funded enterprises to invest in central and western regions. He believes this will be a good opportunity for Siemens to expand even further within the country.
Dr Hausmann said, "This is important for foreign firms, especially for Siemens. Because we have plants and JV in Wuhan and Xihan....."
Meanwhile, Siemens' China CEO says there's good reason for expansion, and that investment rose last year, even when world markets were bottoming out.
Dr Hausmann said, "During out toughest period last year, we still increased our investment in China by 150 million euros.......we believe the Chinese market has a good future."
Joerg Wuttke, President, EU Chamber of Commerce in China, said, "About a year ago, if someone had told me China's GDP reached 8%, I wouldn't believe it. But it turned out to be 8.7%.......Of course, Europeans will benefit from it too."
The European Union Chamber of Commerce in China surveyed nearly 300 of its members ahead of the on-going NPC and CPPCC sessions. 71 percent of respondents said they thought China's economic recovery is stronger, compared with that in Europe and other traditional markets. But that the pressing question now was an appropriate time and strategy to wind down stimulus plans.
Joerg said, "How do we gradually get out of this stimulus enhanced economic growth, and go with more consumption based......that's gonna be a big challenge for us. "
The head of the EU Chamber of Commerce says most EU firms are confident about the future of China. And they also plan to expand their scale. The chamber is urging EU firms in China to seize any business opportunities in 2010.
