International private sector chamber established
November 28, 2011 Category Foreign investment, Weekly
The China International Chamber of Commerce for the Private Sector (CICCPS) was established in Beijing last week. It has more than 100 members, including some of the country’s biggest private companies, such as Geely Automobile Holdings and New Hope Group. The aim of the CICCPS is that private companies will help each other in overseas investment, including the provision of coordination between domestic and foreign government agencies, and in setting up platforms to obtain financing. “Internationalization has become the strategy for many Chinese companies,” said Zheng Yuewen, Chairman of the organization. The country’s 7.5 million private-owned companies have become a major force in overseas investment. In the next three years, one-third of them will set up sales networks overseas and a quarter of them will establish offices in other countries, according to Guo Guangchang, Chairman of Fosun International, one of China’s largest conglomerates. Private enterprises might also be able to benefit from China’s vast foreign-exchange reserves when making overseas investments, said Wu Xiaoqiu, Director of the Financial and Securities Institute of Renmin University of China. The overseas development of Chinese private enterprises has already attracted foreign investors. In July, the British financier Jacob Rothschild said that his RIT Capital Partners will set up a private equity fund of USD750 million with members of the CICCPS to aid the development of Chinese companies overseas, the China Daily reports.
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