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April 23, 2019

‘China offers investment opportunities’

Business

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April 23, 2019

PHILADELPHIA: China represents a significant investment opportunity for businessmen seeking profitable projects and future opportunities, investors said at a Sino-US conference.

"China has the best infrastructure. Its consumers are very ready to embrace the new technology. It's already the global manufacturing hub and it has a great supply chain," said Mei Gao, partner of IDG Capital, in a discussion at the 2019 Penn Wharton China Summit.

In addition, the Chinese government is "taking the necessary steps to foster innovation to ensure economic growth," Gao said. Mitchell Dong, managing director of Pythagoras Investment Management, echoed Gao''s view.

"When I was a younger person, my mentor said, “If you want to have good food, go to France and if you want to go on vacation, go to Italy. But if you want to do business, go to China,” Dong said.

Dong said while the United States is “disinvesting in research and development, particularly in the government level”, China is doing the opposite. “It's investing heavily in basic science and R&D and I think that's the future," said Dong.

During the discussion, participants also underlined the necessity of collaboration among nations, particularly between the two largest economies. "We have to collaborate, from China to the United States, to Middle East, to some of the new Belt and Road Initiative countries," said Bao Yi, founder and chairman of Cedarlake Capital.

Calling the next era "an era of collaboration," Yi said it is necessary for China and the United States to collaborate on the application of new technologies, including artificial intelligence and new energy vehicles. "The two countries have to collaborate in these new technology fields and the new industries that represent the future of mankind," said Yi.

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