¡¶International Investment Express¡·
to draw wide participation
A series of activities in various
themes and topics will be organized
By DAI YAN
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
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
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
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
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,''
Many people will come to the fair to get the
authoritative information CIFIT offers, she
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.
not to appreciate Renminbi
By LIU SHINAN
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
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
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
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
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?"
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
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.
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
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
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.