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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (276)	11/5/2001 7:43:00 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

China Becoming a Global Manufacturing Center November 5, 2001 (TIANJIN, China) -- China's economy maintained a robust development momentum that has attracted an inflow of overseas funds and made the country a "global factory." Statistics showed that in the first eight months of 2001, direct overseas investment in the country totaled US$27.44 billion, an increase of 20.4 percent over the same period last year. Many international business leaders think that China is turning into a global manufacturing center. "I have never doubted that China will become one of the leaders in the world economy," said Alexander M. Haig, Jr., former U.S. Secretary of State. A report on the global investment situation in 2001 from the United Nations Conference on Trade and Development indicated that at present nearly 400 of the Fortune 500 enterprises have invested in more than 2,000 projects in China. The world's major manufacturers of computers, electronic products, telecommunications equipment and petrochemicals have expanded their production networks into China. Companies including Microsoft, Motorola, GE, JVC, Samsung, AT&T and Siemens have set up more than 100 research and development centers in China, which constitutes a new investment area of foreign businesses. Companies are optimistic about the development of China's economy and China's market following its imminent accession into the World Trade Organization. They have worked out plans to make China the base for marketing their products, purchasing raw materials, developing new products, product pricing and human resources development. Jenny Wang, vice president of Motorola, said that China boasts many advantages in developing manufacturing industries. Wang believes China will not only become the manufacturing center of telecommunications equipment in Asia, but also will grow into a global hub. China's stable policies, fast-growing economy and huge market are the major attractions to foreign investors, she noted. Motorola has poured a total of US$3.7 billion into China, and by the end of September, Motorola's business volume in China accounted for 15 percent of the company's total for the nine-month period. Local economists said that in the course of a new-round of global economic transfer, the trend of manufacturing industries moving to China has become more obvious. They claimed that China has many advantages in terms of market scale, social safety and stability, talented people and infrastructure to accept large-scale, foreign-funded manufacturing industries. At the same time, China's global-oriented labor-intensive industries have taken shape, they added. (Xinhua News Agency)