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¡¶International Investment Express¡·





Fair to draw wide participation

A series of activities in various themes and topics will be organized

Express staff

The organizers of the seventh China International Fair for Investment and Trade (CIFIT) said the forthcoming event will be a more authoritative and efficient gathering with increasing international involvement.
Huang Ling, vice-mayor of Xiamen, a port city in East China's Fujian Province, said the invitation of businesses to attend the CIFIT, due to open on September 8 in Xiamen city, is proceeding smoothly.
So far, 126 business groups from over 40 countries and regions have agreed to attend, added Huang.
The outbreak of SARS (severe acute respiratory syndrome) delayed the start of preparation work for the fair by two months, but the adoption of 10 effective measures, including sending promotion teams abroad and holding seminars, has paved way for a successful fair, Huang added.
Besides the participants from Europe, the United States, Southeast Asia and Hong Kong, more developing countries and regions will send business groups to this years CIFIT, Huang said, noting that Caribbean countries will be present at the fair for the first time.
In addition to the wider world participation, the fair will improve its efficiency in investment promotion.
The fair will beef up efforts to introduce investment in financial and logistic sectors, said Huang, adding that a group of domestic small- and medium-sized enterprises with a promising future will seize the opportunity to invite investment to fuel their development.
Some 100 key projects picked out by the organizers will be released at a special negotiation conference.
CIFIT, held annually in Xiamen since 1997, is the only nationwide international fair with a focus on the use of overseas investment.
The CIFIT will give itself a facelift by focusing on a series of high-level seminars and forums during its seventh session.
Over 30 seminars and forums will be held on topics such as investment strategy, international co-operation, enterprise mergers, trade and investment barriers, new and high technology applications and logistics.
"The CIFIT International Investment Forum, sponsored by the Ministry of Commerce, is an important platform for investors around the globe to share the latest investment information,'' said Huang.
Many people will come to the fair to get the authoritative information CIFIT offers, she added.
Well-known officials and business people, including Minister of Commerce Lu Fuyuan, the chief executives of Ericsson or Volkswagen, and high-level officials from the Hong Kong Special Administrative Region, will deliver speeches at the forum.
As an acknowledgement of CIFIT's influence among international investors, the United Nations Conference on Trade and Development will release the 2003 World Investment Report for the first time in Xiamen on September 8, said Huang.

China not to appreciate Renminbi

Express commentator

People who are waiting for appreciation of the yuan must be very disappointed.
Two events occurred recently that derailed their calls for a stronger Renminbi: Chinese Premier Wen Jiabao said "keeping the exchange rate stable will not only benefit China's economy and financing ... but will be good for the global economy and financing.''
Wen is the highest-ranking Chinese official who dismiss international calls for the revaluing of the Renminbi. Other Chinese Government officials have made similar remarks in recent weeks.
In another development, the People's Bank of China, the nation's central bank, published the "Report on the Execution of China's Currency Policy,'' which made clear the nation planned to "keep the Renminbi's exchange rate basically unchanged.''
Those events should put an end to the clamour for the yuan's appreciation, which thickened internationally in the past few months.
Both events also placed currency speculators in an awkward dilemma.
It has been reported US$20 billion seeped into China's foreign exchange market in the year's first six months. The ante apparently aims at the yuan appreciation.
However, speculators failed to see the "cautious, responsible attitude the Chinese Government has always adopted regarding the issue.'' That's how Wen put it -- and rightly so.
All countries base their currency policies and exchange rate mechanisms on the performances of their national economies and the international balance.
A government's attitude towards any change or maintenance of the policy and/or mechanism reflects its sense of responsibility to the development of its domestic economy, and to the common prosperity of the global economy.
It was out of this attitude that China withstood the temptation in 1997 to devalue the yuan.
Instead, China maintained the exchange rate throughout the nearly two-year Asian financial crisis. Meanwhile, many other Asian countries drastically depreciated their currencies.
China, for taking such a position, was widely considered, and hailed, as contributing to Asian and global financial and economic stability.
Based on that same attitude, China now decided not to appreciate its currency.
Despite its robust economic growth, China is still working to perfect its new market-economy mechanism. The nation is also struggling against hindrances left over from the former planned economy.
For example, China is trying to establish a sound system for allocating financial resources.
Changing the yuan's exchange rate under such circumstances would inevitably disrupt China's financing system, and it would aggravate speculation on the yuan's appreciation.
That, in turn, would throw the nation's monetary and financing operations into disarray. Such turmoil, combined with diminished exports and soaring unemployment, would undermine China's economy.
The Chinese Government most certainly doesn't want to think about such a scenario. And a crippled Chinese economy would be detrimental to the global economy.
The benefits to China's trade partners resulting from the strong growth of China's economy should not be overlooked.
Accusations that "China is exporting deflation'' to the rest of the world are merely rantings by governments of certain countries to shift attention from their inability to steward their economies.
People need to seriously consider this question: "Will a feeble Chinese economy really benefit other economies?"


Overseas delegations

Vice-Mayor of Xiamen Huang Ling said at a new conference for the 7th CIFIT in Fuzhou on August 4 that more than 100 delegations from over 40 countries and regions have promised to attend the Fair.
The fair will organize a negotiation meeting on investment projects on September 9. The organizing committee has selected more than 100 key projects for the meeting. Until yesterday, 116 investment enterprises from countries and regions such as Australia, Germany, Italy, Norway, Singapore and Hong Kong have agreed to participate the meeting.
Currently, over 30 seminars have been confirmed by this CIFIT. The release of World Investment Report sponsored by the United Nations Conference on Trade Development will be the first time it is held in Xiamen. The release will be held at each CIFIT thereafter.


Capital Forum

A part of the 7th CIFIT, the Capital Forum -- World Stock Exchanges (Xiamen) Summit, jointly organized by China (Xiamen) International Investment Promotion Centre, Securities Market Weekly and Power Capital Co Ltd will be held at International Conference Hall of Conference & Exhibition Centre on September 7.
Experts of China Securities Regulatory Commission and the Securities Association of China, top officials of NASDAQ, Canadian Stock Exchange and Hong Kong Stock Exchange will present at the Fair and deliver speeches. Experts from some internationally famous investment banks and overseas listed companies, investment institutions and fund associations will also attend and talk about the listing and financing process and rules in stock market. After the Forum, stock exchange officials, lawyers and accountants will offer consultation service to Chinese enterprises.
This Forum will be organized by the CIFIT Organizing Committee and jointly sponsored by Phoenix TV, Xiamen TV Station and China (Xiamen) International Investment Promotion Centre.


Four pavilions to be set up

This CIFIT will set up four pavilions, including Investment Promotion Pavilion for Member Units, Overseas Pavilion, Investment Services Pavilion and Pavilion for Brand Enterprises.
Until now, over 600 exhibition booths for the Investment Promotion Pavilion for Member Units have been booked by provincial, municipal and autonomous regional units. The Overseas Pavilion has been booked by exhibition groups from 32 countries and regions such as the United States, Germany, the United Kingdom, Japan and the Republic of Korea.

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