China key for a cleaner world
Updated: 2011-04-08 10:29
By Chen Weihua (China Daily)
New York Mayor Michael Bloomberg says he was impressed by solar energy and pharmaceutical companies in China. Jin Lee / Bloomberg
NEW YORK - The world looks at China to be the leader for a cleaner environment, and not just in business, New York Mayor Michael Bloomberg said on Thursday.
Bloomberg, addressing a group of more than 50 top Chinese CEOs in the New York Stock Exchange Thursday, said he was impressed by the solar energy and pharmaceutical companies he visited during his trip to China last November.
"China has been a major economic, cultural and political power. Its GDP grew by 11 percent last year; its technology sector is booming," Bloomberg said.
"All of this is taking place in the world's most populous nation.
"We all look to China to be the leader, not just in business, but a leader in making sure that we have an environment where we can breathe clean air and drink clean water."
Duncan Niederauer, CEO of NYSE Euronext, said Chinese companies listed in NYSE Euronext are terrific operating companies.
"We are most excited about the small and entrepreneurial Chinese companies we have in the last year and half of which we believe represent the future and the foundation of Chinese economy as it grows in the coming daces," he said.
Twenty-two Chinese companies had their initial public offerings (IPO) on NYSE Euronext last year, bringing the total listing from China on the bourse to more than 100, with market capitalization of $1 trillion.
Niederauer described the recent debut of Qihoo 360, a security software provider in China, as one of the most successful IPOs on NYSE Euronext in terms of performance for some time.
Jerry Speyer, chairman and co-CEO of real estate company Tishman Speyer, portrayed New York City as a good place to invest and build.
"In New York, it takes long time to put up a site and to build on, and it takes a long time to get approval. But once you do it, it's great.
"There is no place in the world where opportunities are more attractive."
Speyer, a former chairman of the Partnership for New York City, was speaking at the China-US Business Leaders Roundtable, where business leaders from both countries engaged on Thursday in close-door sessions on finance, real estate, manufacturing, media and technology.
Frank Bennack Jr, vice-chairman and CEO of Hearst Corp, said he is looking forward to when Hearst will add more magazine titles and have the opportunity to launch some sectors of its business in China.
Due to restrictions on the Chinese media market, foreign media companies such as Hearst cannot launch their magazine titles. Instead they can only form partnership with locals by revamping existing titles.
Some Hearst titles, such as Harper's Bazaar, Esquire and Cosmopolitan, operate in China under that partnership.
Bennack said China and Russia are the two countries where Hearst has enjoyed the most rapid growth in its magazine business.
Wang Zhongjun, chairman of Huayi Brothers Group, an independent filmmaker in China, said the company is working on a partnership with a US company, but he could not reveal details, citing rules for listed companies.
"Most of our partners in the past years have been American companies such as Time Warner, Disney, Fox and Columbia," he said.
Ma Weihua, president and CEO of China Merchants Bank, said the bank's New York branch, opened in 2008 during the peak of financial crisis, has set up a firm foothold, thanks to the strong China-US cooperation.
"It's not only profitable, it has also won praise from the US banking authorities," he said.
Peng Keyu, the Chinese consul general in New York, said that while more Chinese companies are keen to invest in the US, he hopes the federal and local governments will facilitate Chinese investment and create favorable environment for Chinese investors.
Failed acquisition endeavors made by some Chinese companies, such as Huawei and CNOOC (China National Offshore Oil Corp), have made many Chinese businesses feel they have been treated unfairly in the US.
Peng urged the US to recognize China's full market economy status and ease export controls, referring mostly to US high-tech export restrictions on China.
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