NEW YORK - Billionaire investor Wilbur Ross Jr has advised Chinese companies to look for good American partners, especially private equity firms, if they want to invest in the United States.

Ross, chairman and CEO of WL Ross & Co LLC, said that is what his company, which has invested in a dozen manufacturing facilities in China, has done in China.

"I think the same formula should work in reverse," he said. "I think they will do very well, at least in the beginning, to take advantage of partnership."

Ross told China Daily that private equity firms, instead of manufacturers, would be ideal.

"The reason that private equity firm is the logical partner is that he will be happy to eventually resell his interest to the Chinese company because private equity firms need to have an exit, whereas industrial companies want to be permanent," said Ross, who has visited China more than 40 times and is going again this week.

Ross believes a good partner would help a Chinese firm get through the political, business and customer problems, avoid mistakes, deal with the unions, as well as help it Americanize.

"Private equity firms are a huge unutilized resource for Chinese companies and I think they will be thrilled to partner with Chinese companies coming here," said Ross.

"Just as having a Chinese partner has put a more Chinese face on our joint ventures in China, having an American partner would also put a more American face here.

"It helps politically, economically and every way you can imagine."

Ross also suggested that Chinese firms should only look at friendly - and not hostile - deals in the US.

Many US politicians have painted China as the scapegoat for what's going wrong in the US, and any hostile deal will add to this, he said.

While calling this as unfair, Ross thinks it's unnecessary to trigger this populist sentiment in a country where unemployment remains high.

Ross said he's irritated by Congressmen Chuck Schumer and Lindsey Graham push for legislation to punish China for its currency.

"It's illegal under WTO rules, so I don't know why they are proposing something that is not going to be enforceable," Ross said.

Ross said the situation might become worse as the US heads toward a presidential election.

While describing public sentiment in the US as unfavorable to China, Ross thinks the feeling among the business community is very different.

"The way to make the world grow is not to tear down the people who grow faster than you, but to help the people who grow slow to grow faster," he said.

Ross has foreseen an increasing proportion of his business to be related with China, although about 75 percent is still with the West.

He praised China's clear and effective industrial policies and lamented at the lack of such policies of the Obama administration.

Ross said he is impressed by China's 12th Five-Year Plan (2011-2015) and that he is looking at possible business opportunities implied in the plan.

China Daily