Website gives tips to guide investors
Updated: 2012-02-16 09:38
By Tan Yingzi (China Daily)
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WASHINGTON - A how-to website that guides Chinese investors on doing business in the United States was launched on Monday.
The Chinese-language website, "Guide to Investing in the United States", was created by the Economic and Commercial Counsellor's Office of the Chinese embassy in the US.
Encouraged by the Chinese government, Chinese companies have increasingly been looking to expand overseas in recent years. According to the Ministry of Commerce, Chinese companies invested $6 billion in the US last year, about 10 percent of the country's total overseas investments.
US states, which have been moored down by the nation's sluggish economic recovery since the financial crisis, are seeking foreign funds to boost industries and create jobs.
Zhang Yesui, the Chinese ambassador to the US, said that many Chinese investors lack the knowledge and information about the US investment environment as well as its regulations and procedures. At an embassy ceremony to launch the website, Zhang said investors need more public services from both Chinese and US governments.
The website's contents include several broad topics for investors: information on the China-US trade relationship, an introduction to US investment policies and regulations as well as local contact information.
Chinese direct investment in the US doubled in both of the last two years. Chinese businesses have established operations and reportedly created jobs in at least 35 states. Texas has attracted the largest sum of investments from China, followed by New York, according to a report in May by the Asia Society and the Kissinger Institute on China and the United States.
Last year, Chinese foreign direct investment in US non-financial sectors reached $1.13 billion. By the end of 2011, more than 1,600 Chinese companies were operating in the US. Yu Jianhua, assistant minister of commerce of China, said Chinese companies have created more than 15,000 American jobs.
Yu called for greater cooperation between the two nations and urged the US government to ensure an "open, transparent and friendly" investment environment for Chinese companies.
Investment ventures by Chinese companies in the US - namely in the energy, telecom and mining industries - have been barred because of US fears the projects posed national security risks.
Aaron Brickman, deputy executive director of Select USA with the US Department of Commerce, said that "Chinese enterprises are still fairly small in the overall international investment position here in the US, but it's something that's changing as Chinese companies learn about the US and grow."
"If there is one thing that is an area for growth, it is the need to provide information to Chinese companies about how to invest in the US and why to invest in the US," Brickman said in December.
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