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Huang Mengfu: Chinese Firms Should Go Global With Expertise

ACFIC Chairman Huang Mengfu has said that capable Chinese companies should tap the overseas markets and bring their advanced technology and expertise into the outside world to carry forward the country"s opening up policy.

During a fact-finding tour in East China"s Shandong Province, Huang said that China"s overall strength has increased after 30 years of reform and opening up thanks largely to its open-door policy that encourges the import of technology, products and expertise from other countries. But with today"s new developments, China"s opening up has gained new nuances.

"Opening doors and expanding overseas are two sides of a coin, and oneshouldbe integrated with the other in a reasonable manner," Huang said.

China has become a "big economic entity but not an economic powerhouse," Huang said. To gain strong economic clout, China has to cultivate a whole bunch of internaionally-competitive companies, and fully tap the markets and resources both domestically and internationally to realize world-wide resource redistribution, he said. "This is also a key aspect for changing economic growth patterns and readjusting economic structures."

He said capable Chinese companies should be encouraged to "go out", taking their advanced technology and expertise to the international market and getting resources and other elements in exchange.

On the other hand, he said that the Chinese government should be more proactive and not pose barriers to the Chinese companies with the capability of expanding overseas.

"The country needs a systematic strategic policy," he noted. "The state public service network, financial service and fiscal support should be strengthened," he added.

The ACFIC chairman also expressed hope that the Chinese entrepreneurs will take on social responsibility and integrate into the social and economic development of their host country in order to build a harmonious and win-win relationship with the local community.

Huang led a 17-member research team to Jinan and Zibo cities of Shandong Province between May 4 and 8 to learn about the practices of Chinese companies that have business presence overseas and the government"s policies and strategies. The team was composed of leaders of the All-China General Chamber of Commerce for Private Businesses, the National Development and Reform Commmission, the Ministry of Finance, the Ministry of Commerce, the State Administration of Taxation and the central bank.

Huang"s team held talks with local officials, financial institution leaders and some local enterprises with overseas presence.