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Finance & Economy

Bo’s successor woos more foreign investors for Chongqing

Zhang Dejiang

Chongqing‘s party boss has told a group of visiting business leaders from Hong Kong and abroad that the municipality will be more open to foreign investment, in a bid to reassure them in the wake of Bo Xilai‘s downfall.

“Chongqing will definitely further open up and be more active in terms of its economic development,” Zhang Dejiang (pictured) told a number of prominent entrepreneurs who attended the 2012 Annual Conference of CEC/CEDA and Liangjiang Forum in the economically robust southwestern municipality on Saturday.

Before the forum, Mika Vehvilainen, the president and CEO of Finnair; David Hsu, director of Jardine Matheson; and Dr Annie Wu Shuk-ching, chairwoman of Beijing Air Catering, were among those attending a rarely seen high-profile meeting with Zhang that lasted roughly 45 minutes on Friday afternoon.

Other top figures from businesses such as Standard Chartered Bank (Hong Kong) were also present at the meeting.

“Just like a salesman, one of my main tasks … is to tout Chongqing as a destination for investment,” Zhang said. “You’re all welcome to come and invest here. And you’ll be greeted warmly even if you don’t want to make an investment and come here simply for travelling.”

Zhang, also a vice-premier, was picked to take the helm of the sprawling metropolis on March 15, replacing disgraced former municipal party boss Bo, who was removed from office for “violating party discipline”.

Chonqing’s political stability, and business and investment policies, have been key concerns of many businessmen since Bo’s abrupt downfall.

But Wu said she wasn’t too worried. Entrepreneurs, she said, could still be successful if they found a niche in Chongqing and carefully planned their business.

Others, however, said on condition of anonymity that they were taking a wait-and-see approach, calling Zhang nothing more than a transitional figure who might soon leave Chongqing.

According to previously unreleased economic data for 2011, Chongqing secured about US$10.58 billion in foreign investment last year, up 66.1 per cent from the previous year, putting it first among provinces and other regions in the mainland’s midwest. The municipality’s gross domestic product reached 1 trillion yuan (HK$1.22 trillion) for the first time – up more than 16 per cent from 2010.

Choi Chi-yuk
South China Morning Post

About chankaiyee2

Author of the book "Tiananmen's Tremendous Achievements" about how with the help of Tiananmen Protests, talented scholars with moral integrity seized power in the Party and state and brought prosperity to China. The second edition of the book will be published within a few days to mark the 25th anniversary of Tiananmen Protests All the parts in the first edition remain in the second edition with a few changes due to information available later and better understanding. There are also some changes for improvements of style. The new parts are Chapters 12-19 on events in China after the first edition was published: The fierce power struggle for succession between reformists and conservatives; Xi Jinping winning all elders’ support during his mysterious disappearance for 2 weeks in early September, 2012; and Xi Jinping Cyclone. Chan Kai Yee's new book: SPACE ERA STRATEGY: The Way China Beats The US An eye-opening book that tells the truth how the US is losing to China. The US is losing as it adopts the outdated strategy of Air-Sea Battle while China adopts the space era strategy to pursue integrated space and air capabilities: It is losing due to its diplomacy that has given rise to Russian-Chinese alliance. US outdated strategy has enabled China to catch up and surpass the US in key weapons: Hypersonic weapons (HGV) that Pentagon regards as the weapon that will dominate the world in the future. Aerospaceplane in China’s development of space-air bomber that can engage enemy anywhere in the world within an hour and destroy an entire aircraft carrier battle group within minutes. Anti-satellite (ASAT) weapons, anti-ASAT weapons, stealth aircrafts, drones, AEW&C, etc. The book gives detailed descriptions of China’s weapon development based on information mainly from Chinese sources that the author monitors closely. U.S. Must Not Be Beaten by China! China is not a democracy. Its political system cannot prevent the emergence of a despotic leader or stop such a leader when he begins to bring disasters to people. A few decades ago, Mao Zedong, the worst tyrant in world history did emerge and bring disasters to Chinese people. He wanted to fight a nuclear war to replace capitalism with communism but could not bring nuclear holocaust to world people as China was too weak and poor at that time. If a despot like Mao Zedong emerges when China has surpassed the US in military strength, world people will suffer the misery experienced by Chinese people in Mao era. China surpassing the US in GDP is not something to worry about as China has the heavy burden to satisfy its huge population, but China surpassing the US in military strength will be world people’s greatest concern if China remains an autocracy. US people are of much better quality than Chinese people. What they lack is a wise leader to adopt the correct strategy and diplomacy and the creative ways to use its resources in developing its military capabilities. I hope that with the emergence of a great leader, the US can put an end to its decline and remain number one in the world. China, US, space era strategy, air-sea battle, space-air bomber, arms race, weapon development, chan kai yee


2 thoughts on “Bo’s successor woos more foreign investors for Chongqing

  1. Reblogged this on Craig Hill.


    Posted by Craig Hill | May 16, 2012, 9:44 am



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