Beijing to hold first foreign business conference

Group photo of experts attending the press conference which introduced the first National Foreign Businessman Assembly. [Photo provided to chinadaily.com.cn]

The first National Foreign Businessman Assembly is slated to start on Jan 22 in Beijing, which aims to facilitate foreign firms to play their role in boosting China's economic growth and industrial upgrading.

The two-day event is supported by the Chinese Academy of International Trade and Economic Cooperation, the research body affiliated with the Ministry of Commerce.

It will gather together executives from companies on the Fortune 500 list and other multinationals, and Chinese government officials and think tank research fellows.

So far, about 100 multinationals and 30 international brands have confirmed their attendance, according to the organizer.

Yu Guangsheng, deputy Party secretary of CAITEC, said at a press conference that it is important to study the new trends of utilizing foreign capital, and to further empower foreign businesses to play an active role in advancing China's economic prosperity. 

Lai Youwei, senior researcher at Development Research Center of the State Council, touted said foreign businesses as are a "significant force" in driving China's economic development. 

Lai cited that over 40 years of reform and opening-up, more than 1.3 million foreign companies made $2.1 trillion- worth of direct investment in the Chinese mainland. They contributed 10 percent of China's urban jobs, 20 percent of the country's fiscal revenue and nearly half of trade volume.

Sang Baichuan, professor with University of International Business and Economics, said foreign companies operating in China should adjust their strategies, as environment both at home and abroad has undergone profound changes. 

"China has shifted from high-speed growth to high-quality development. So foreign businesses should also change its expansion plan that highlights only 'quantity' to emphasizes both 'quantity and quality'," Sang said.

He added that foreign investment should avoid creating excess capacity in China, as the country's economic structure has been changing and competition intensifying.