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Most Chinese CEOs confident in global economy
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Most chief executive officers (CEOs) in China have mild or strong confidence in the global economy, according to a survey conducted by Pricewaterhouse Coopers.

The survey found that 73 percent of Chinese CEOs had an optimistic view of the global economy.

Confidence rates in some other emerging markets such as India, Russia and Mexico were also strong: 90 percent, 73 percent and 77 percent of the CEOs, respectively were "very confident" about the prospects for growth in the next 12 months.

"Although we are facing a lot of challenges in cut-throat competition, I believe that there are more opportunities than risks, more hopes than difficulties," said Yang Chao, chairman of China's biggest life insurer, China Life Insurance Co., Ltd.

Thirty-seven percent of the entrepreneurs who took part in the survey said that their companies had merger and acquisition plans, a further reflection of CEOs' strong confidence in their business.

Talent shortages remained a key concern among CEOs worldwide. More than 70 percent of the CEOs said that their companies needed people with global experience, leadership, creativity and innovation abilities.

Malcolm MacDonald of Pricewaterhouse Coopers in Beijing said: "This is particularly the case in China, where rapid economic growth has led to a shortage of middle-level and senior professionals."

According to the survey, four out of every five CEOs in China worried about talent shortages.

For the survey, 1,150 interviews were conducted in 50 countries during the last quarter of 2007. The majority of surveys were conducted by telephone, email and face-to-face interview.

(Xinhua News Agency March 19, 2008)

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