NINGBO: A winning combination of global expertise and local insight can cash in on an unprecedented era of opportunity in the Yangtze River Delta.
That was the message from business and municipal leaders at this week's China Daily CEO Roundtable International Summit on Yangtze River Delta Development.
"If we seize the opportunity, the Yangtze River Delta will go on shining as the 'Chinese Wonder' and lead China's economy," said Wang Guoqing, vice-minister of the State Council Information Office.
The delta now faces an historic opportunity to integrate with international markets as China's reform and opening-up continues and globalization speeds up, he added.
Discussions at the forum have focused on how to maintain the delta's position at the forefront of China's drive into international markets including competitiveness, innovation, the environment and high-end services.
The region has become an important export base and a major destination for foreign investment.
Its exports rose 33.5 per cent to US$270 billion in 2005, or 35 per cent of the country's total. Foreign direct investment (FDI) rose by about 13.7 per cent in 2005 to reach US$20.2 billion, around a third of the total.
But to maintain its position as the nation's economic powerhouse in the long term, the region needs a strategic shift in its development.
The main task now is innovation and moving away from resource-intensive industries, said Wang.
His sentiment was shared by Tom Albanese, chief executive of the copper and exploration division of Rio Tinto, the second-largest mining company in the world.
The region needs to improve energy efficiency by investing in clean technology, independent innovation and process management, said Albanese.
His company's sales to China exceeded US$3 billion last year, more than double the figure in 2004.
Zhejiang Vice-Governor Zhong Shan said his province hopes to be a platform for global investors by offering more incentives to companies.
(China Daily 06/09/2006 page1)
