US
        

China-US

Chinese biz leaders connect at forum

Updated: 2011-04-07 11:03

By Zhang Yuwei (China Daily)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

NEW YORK - At the second annual From Yabuli to New York forum, more than 20 Chinese business leaders from sectors including manufacturing, technology, real estate and finance, gathered at the Morgan Library and Museum in New York on Wednesday and shared their outlooks and insights on what's next in China for emerging entrepreneurs.

They offered their advice for young Chinese and professionals who decide to return to China: Be ready to take risks if you decide to live your dream.

"China still has potential for foreign investment in the finance industry," said Wang Chaoyong, founding partner and CEO of ChinaEquity International Holding Co Ltd, a China-based independent venture capital firm focusing on technology, media and telecommunications sectors in China.

Wang had spent 12 years in the investment banking and financial services industry with Chase, Standard & Poor's, Morgan Stanley and the China Development Bank. He studied in the United States in the early 80s. His experiences echo many of the young professionals in the audience.

He, like the other experienced entrepreneurs, shared their experiences in doing business in China. Wang offered insights on doing business in the nation for both Chinese and foreigners.

"The growth of domestic private equity firms in China has driven a lot of people to get into this market. You can get returns without much risk," he said.

While this may cause other international firms to lose their edge in this field, it doesn't mean there are no opportunities in other areas, he said.

"Foreign investments can look at the IT or technology sectors. This area still looks good for investment," Wang said.

The group of experts is from the annual Yabuli Conference of China Entrepreneurs Forum - a business forum initiated 10 years ago by a group of Chinese businessmen. Yabuli is a ski resort in China's northeastern Heilongjiang province.

"We want to bring the Yabuli spirit to New York and connect with global leaders so they can exchange ideas and better understand each other," said Feng Lun, chairman of Vantone Holdings Co Ltd.

Ding Liguo, head of China Delong Holdings Ltd, said it was difficult for his business in 2008 during the financial crisis. But he now sees opportunities for China and US to work together in the steel industry.

"The US has built a good foundation in this industry but it should look further than just the production but innovative technology," said Ding, who visited Ohio before coming to the New York forum for potential business opportunities.

Ohio, which once had a robust steel industry, was hit hard during the recession. A report from the Ohio Steel Industry Advisory Council said that Ohio has experienced the first signs of economic recovery after picking up slightly after a year when global market conditions were the worst in 70 years.

Ding said he wanted to find potential business partners to cooperate. "It is not so easy for Chinese companies to just buy something here - you need local knowledge to run the business - so the best way I think is to work together with a local partner," Ding said.

China just set up its 12th Five-Year Plan (2011-2015) - an important and ambitious economic strategy. While many experts think China will lift the global economy in the coming years, the participants at the forum warned of uncertainty.

Chen Qiwei, chairman of ABC Business Corporation and director of the China Venture Capital Research Center, said it is key to search for golden opportunities for making money.

China Daily

Specials

Share your China stories!

Foreign readers are invited to share your China stories.

Art auctions

China accounted for 33% of global fine art sales.

Waiting for drivers' seat

Lack of sponsorship appears to be why Chinese drivers have yet to race in a Formula 1 event

Panic buying of salt
Earthquake Hits Japan
NPC & CPPCC sessions