Investment needs a level playing field
Updated: 2012-07-27 09:59
(China Daily)
|
|||||||||
Likewise, Chinese State-owned enterprises are increasingly entering markets in Europe that foreign enterprises are unable to access in China. Two deals in Portugal's energy sector demonstrate this lack of alignment. China's State Grid Corporation acquired a 25 percent stake in Redes Energeticas Nacionais, the Portuguese national energy network, in February. And in December, China Three Gorges bought a 21 percent stake in Energias de Portugal, Portugual's state power company.
The eurozone debt crisis is the result of a misallocation of resources. It is a crisis of sovereign debt, not of private debt. By and large, European companies remain strong and still hold large amounts of capital. This means that European companies are still in a strong position to invest.
China has been by far the biggest driver of global growth since the global financial crisis started in 2007. This growth and the sheer size of the Chinese market continue to offer major investment opportunities for European companies.
And we have the products, services, technology and know-how to serve the Chinese market.
But, while Chinese overseas direct investment in Europe tripled in 2011, in contrast, EU companies' investment in China over the same period actually declined - despite our members telling us that the Chinese market is increasingly important to their global success.
Without the open global trading system, China's remarkable economic development would not have been possible. So, we hope that as Chinese companies are increasingly going global, the importance of open markets will be increasingly recognized.
But, more important is the role that further opening-up can play to help rebalance China's own economic model.
The European Chamber has listed the acceleration of the discussion on a China-EU Bilateral Investment Treaty as a top priority recommendation to the policymakers of both sides.
This remains a precondition for a better sharing of interests between European and Chinese companies, enabling Europe to attract more capital and investment, and giving China more access to the technologies it needs to further climb the value chain and gain positions in new markets.
This process will bring the EU and Chinese economies closer.
At the core of both the EU's 2020 Strategy and China's 12th Five-Year Plan (2011-15) is the drive for green and sustainable growth based on an innovative economy.
This will bring synergies, but will also put China and the EU into greater competition in some areas.
Both parties need to keep an eye on the long term. If both sides can solve and make progress on issues that affect EU-China relations in the short term and foster the conditions for a comprehensive Bilateral Investment Treaty, this will bring huge long-term benefits.
Mutual open access to markets in the EU and China would promote competition and would lead to increased efficiency, effective innovation and greater economic development, ultimately benefiting both EU and Chinese consumers.
Relief reaches isolated village
Rainfall poses new threats to quake-hit region
Funerals begin for Boston bombing victims
Quake takeaway from China's Air Force
Obama celebrates young inventors at science fair
Earth Day marked around the world
Volunteer team helping students find sense of normalcy
Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
![]()
|
![]()
|
![]()
|
![]()
|
![]()
|
![]()
|
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
![]()
|
![]()
|