Investment website for Chinese entrepreneurs debuts
Updated: 2012-02-14 15:28
By Tan Yingzi (China Daily)
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WASHINGTON - A how-to website that guides Chinese investors on doing business in the United States was launched Monday.
The Chinese-language website, "Guide to Investing in the United States", was created by the Economic and Commercial Counsellor's Office of the Chinese Embassy in the US, provides information and tips to navigate the complex American investment environment.
More and more Chinese companies, encouraged by the Chinese government, have been looking to expand overseas in recent years. According to the Chinese Ministry of Commerce, Chinese companies invested $6 billion in the US last year, or roughly 10 percent of China's total overseas investments.
Moored down by its sluggish economic recovery since its financial crisis, US states are also seeking foreign funds to boost local industries and create jobs.
Zhang Yesui, the Chinese ambassador to the US, said that many Chinese investors lack the knowledge and information about the US investment environment as well as its regulations and procedures. At the embassy's ceremony to launch the website, Zhang said investors need more public services from both Chinese and US governments.
The website's contents include several broad topics for investors: information on the China-US trade relationship, an introduction to US investment policies and regulations as well as local contact information.
Chinese direct investment in the US doubled in each of the last two years. Chinese businesses have established operations and reportedly created jobs in at least 35 states. Texas has attracted the largest sum of investments from China, followed by New York, according to a May report by the Asia Society and the Kissinger Institute on China and the United States.
Last year, Chinese foreign direct investment (FDI) in US non-financial sectors reached approximately $1.13 billion. By the end of 2011, over 1,600 Chinese companies were operating in the US. Yu Jianhua, assistant minister of Commerce of China, said Chinese companies have created more than 15,000 American jobs.
Yu called for more cooperation between the two nations and urged the US government to ensure an "open, transparent and friendly" investment environment for Chinese companies.
In the recent past, investment ventures by Chinese companies in the US -- namely in the energy, telecom and mining industries -- were denied because of the US' fears that the projects posed national security risks.
Aaron Brickman deputy executive director of Select USA with the US Department of Commerce, said that "Chinese enterprises are still fairly small in the overall international investment position here in the US, but it's something that's changing as Chinese companies learn about the US and grow."
"If there is one thing that is an area for growth, it is the need to provide information to Chinese companies about how to invest in the US and why to invest in the US," Brickman said in December.
The China Daily US edition is stepping up its coverage of China-US economic relations and has designated 2012 as the "Year of Chinese Enterprises" with the promise of in-depth coverage of Chinese companies doing business in the US.
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