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Overseas investors eye China's urban construction (10/31/03)

The 2003 China Mayors and Worldwide CEOs Summit was held in Beijing Friday, which reveals renewed enthusiasm for investing in China's urban construction.

 More than 10 Chinese mayors exchanged ideas on urban development with chief executives of transnational companies, including Pricewaterhouse Coopers, FedEx, Walt Disney, ITT Industries, Swatch AG, Nestle, Allianz, OBI, Veolia Environment, and Alcatel.

  Albert NG, managing partner of Pricewaterhouse Coopers, China, said the problem was not whether foreign companies should enter the Chinese market, but how they should win market share through competition.

   China has been the world's most attractive country for investors from overseas, and its rapid urban development offered more business opportunities, said Albert NG.

   He was aware that some cities in western China were also developing the logistics, which would help promote urban development.

   Many Chinese cities in the mid-west region offered good opportunities, drawing more overseas companies to increase investment and participate in urban construction, he acknowledged.

   Outside the summit site, the exhibition stand of the Wuhan China 21 Century Bridge Plan Foundation attracted a large number of representatives.

   Tan Gangcun, chairwoman of the foundation, said it planned to build a new bridge in Wuhan across the Yangtze River. Though the project plan was still under consideration, a number of  international financial agencies had voiced a desire to participate.

   "It's really a surprise that so many people have a keen interest in the bridge," Tan said.

   Facing a new round of investment, Chinese cities are focusing on improving the investment environment. Zhao Gongqing, vice-mayor of Chongqing, said the city had launched a series of environmental protection projects to further improve the urban environment for sustained development.



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