Chinese firms encouraged to seek foreign partnership for global expansion
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The Chinese government encourages local companies to seek foreign partnership in implementing their global expansion strategies, according to an official from the country's top economic planner.
Kong Linglong, an official in charge of outbound investment, from the National Development and Reform Commission, made the remarks at the 8th Transnational Corporations China Forum in Beijing on Tuesday.
"Foreign-invested companies have become an important part of the Chinese economy, and they have established good relations with Chinese firms," said Kong. "These foreign-fund companies, especially transnational corporations, have great resources and experiences in overseas market, making them good partners for Chinese companies when the latter seeks to go international."
Participating executives from transnational corporations at the forum expressed their willingness to work with Chinese companies in the latter's global expansion strategies.
Chen Liming, President of BP China, said that BP has a great deal of experience in overseas operations and is willing to help Chinese companies in their overseas energy investment.
BP and China's National Petroleum Company (CNPC) jointly won a bid to develop Iraq's largest oilfield, Rumaila, last year.
General Motors is also actively working with Chinese companies in their overseas strategies. They partnered Shanghai Auto Industry Corporation last December in entering the Indian market.
Chen Shi, Vice President of GM China, said at the forum that the partnership gave the two companies more leverage in the Indian market in terms of cost, management and products and he hopes to apply this "successful mode" in other markets.
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