¡¶International Investment Express¡·
head needed for healthy growth
LIU SHINAN Express commentator
Top leaders of China gathered late last month
in Beijing to discuss the nation's economic
situation and public hygiene system.
The 25-member Political Bureau of the Central
Committee of the Communist Party of China urged
the nation to keep a cool head over the unexpectedly
good situation in national economic growth in
the first half of the year despite the impact
of the Iraq War and the severe acute respiratory
syndrome (SARS) epidemic.
It is reassuring that top decision-makers are
staying cool-headed themselves. Instead of being
intoxicated with victory over the SARS epidemic
and indulging in high-sounding talks about GDP
(gross domestic product) growth, they have called
for serious attention and solutions to prominent
problems in economic and social development.
In the official report of the meeting, one sentence
is well worth pondering: (China) should not
only keep the momentum of fast economic growth,
but should also, with even greater emphasis,
improve the quality and efficiency of this growth.
What do quality and efficiency mean here? As
this writer understands it, they refer to the
real, substantive benefits brought to the national
economy by the high growth rate of GDP.
GDP has been regarded as the main index mirroring
the development level of the economy. Local
regions ranging from provinces to townships
also calculate their own GDP growth. The concept,
however, has been so abused in many places that
it has been taken as the only indication of
economic development. Many government officials
take it as the major achievement of their political
As investment is one of the three major factors
contributing to the calculation of GDP and investment
in new projects is taken into account, many
local leading officials use their power to arbitrarily
launch unnecessary construction projects.
Some of the projects are extravagant in size
and function but of little use to the improvement
of the employment and livelihood of common people.
They call these kinds of projects image projects.
Some projects ended up unfinished and were jeered
as rotten tail projects.
Rotten or not, they are incorporated into GDP
and hence the achievements of officials. In
fact, neither the local economy nor the common
people have benefited from such kind of GDP
The emphasis put by the Political Bureau on
the quality and efficiency of economic growth
is wise, for it hit the core of the problems
which afflicted China's economic development
in recent years.
GDP has maintained a high growth rate in the
past few years but domestic consumption -- the
most dynamic force propelling the growth --
has been weak. The reason is that a fairly large
part of the population has not benefited enough
from the economic growth to increase consumption.
And the grim employment situation aggravated
the insufficiency of consumption.
That is why the Political Bureau vowed at the
meeting to put the work of increasing employment
rate in an even prominent position. This is
a substantive move the ruling party has taken
to represent the fundamental interests of the
Chinese people in the broadest sense.
And the decision at the same meeting to improve
the nation's public hygiene system is even more
convincing evidence that the new leading group
takes to their hearts the interests of the common
to promote exchanges of views
ZIQI Express staff
The International Investment (Fund) Manager Forum,
a sideline of the 7th China International Fair for
Investment and Trade (CIFIT), is scheduled from September
8 to 11 in Xiamen.
Designed and sponsored by the Chinese Academy of International
Trade and Economic Co-operation Ministry of Commerce
and the Asian Investment Association of Canada, the
forum is expected to promote participation of the
international capital market's giants in Chinese investment
market's operation, the communication and co-operation
between international and internal investment (fund)
managers, the development of China's investment market,
and direct talks and co-operation between capital
market and domestic corporations, according to Qin
Lin, vice-director of the forum's organizing group
and general secretary of the China Investment (Fund)
"It can be an important attempt to integrate
the capital and investment markets at the beginning
of an era of globalization,'' she said.
China mainland has become international investors'
first choice since the 9.11 event, when a large amount
of global capital has withdrawn from the US and veers
toward Asian regions. Therefore, both capital and
investment markets are now sharing the same desire
for professional investment organizations, she said.
Facing foreign capital market's systematic as well
as large-scale conjunction and integration with the
investment markets, China is now in an initial stage
to combine with investment banks and non-securities
investment funds, the leading powers of the capital
Partners of investment banks and investment funds,
and investment (fund) managers will be the main authorities
to decide not only the capital market's present situation
but also its future trend. They also directly connect
the two markets, Qin added.
Besides, the forum participants will also discuss
matters about hedge funds, which are likely to "influence
the direction of the flow of global capital.''
Another two fairs, Property Assets Investment Discussion
Fair and Medicine Industry Investment Discussion Fair,
will also be held "on market demand'' by the
Every year at the CIFIT there are 30 such forums and
symposiums with different topics and sponsors. However,
the only one that has been held annually is CIFIT's
main forum, International Investment Forum (IIF).
According to CIFIT's official website, IIF is a world
level economic forum of international influence, as
well as the most authoritative international investment
strategy forum in the Asia-Pacific region.
The topic for the 7th IIF will be "Perfecting
Investment Environment, Creating International Competitive
Ministers and provicial governors will voice their
views on economic and trade issues at a forum, a sideline
of the 7th China International Fair for Investment
The 7th China International Fair for Investment and
Trade will be held from September 8 to 11 in Xiamen.
In order to better serve the participants, the organizing
committee will recruit 150 voluntary translators for
languages such as English, Japanese, Korean, Russian,
German, Spanish, French and Arabic. The translators
will serve from September 6 to 12. The work has been
consigned to the Xiamen Master Translation Service.
The prospective translators, aged 20-65, are required
to have undergraduate diplomas or higher degrees,
proficiency in spoken languages and strong sense of
Those who are willing to take the job could register
through the web site WWW.XMMASTER.COM, or fax or e-mail
their resumes, diploma certificates, copies of identity
cards and contact ways to Xiamen Master Translation.
The world's main stock exchange forum will be held
in the international auditorium of the exhibition
centre in Xiamen, East China's Fujian Province on
The forum sponsored and organized by China (Xiamen)
International Investment Promotion Centre, ?MDNM¡¥<Securities
Business Weekly> and Power Capital Co, Ltd, aims
to introduce the procedures and regulations of market
Many people will attend the meeting, including professors
from China Securities Regulatory Commission and China
Securities Association, principals from America NASDAQ
Stock Exchange, Canada Stock Exchange, and world famous
experts of international investment banks.