Forbes magazine's annual "China Rich" list will expand to include 400 names next year to reflect the booming private sector on the mainland, according to Steve Forbes, president and CEO of Forbes, Inc. and editor-in-chief of Forbes in an interview with Xinhua Wednesday in Hong Kong.
The list offers a window for non-Chinese to view the economic vitality of the mainland. Forbes said that a "400 Richest" list will provide an even clearer view of the latest developments in the private sector.
The 2003 list, scheduled to be released in October, will include more than 100 names, he said. An even 100 were on the list last year.
Membership in that exclusive club in 2002 required personal wealth in excess of US$100 million. The figure was up from US84 million in 2001 and just US$6 million in 1999, the first year the list was compiled.
Forbes said that business opportunities in China abound. His own company is an example of how a foreign corporation can benefit from the mainland's rapid economic growth.
In addition to the English international edition of the magazine, Forbes is now published in Japanese, Portuguese, Korean, Hebrew, Russian, Arabic and Chinese. The CEO said that following the English version, he believes the Chinese edition has the most potential for growth. In the long term, its advertising income will probably top that of the English edition, he stated.
He does not appear to be overoptimistic. In the 18 months since its launch, the circulation of Forbes China has climbed to 100,000 with advertising income Forbes finds satisfactory.
Forbes believes that as the publisher of one of the world's leading business magazines, it is his company's responsibility to bring the world business community closer to the emerging markets and to share experiences as well as exchanging ideas.
The annual Forbes Global CEO Conference has been held twice in Hong Kong and once in Shanghai in the past three years. It will take place in Sydney in 2005, but the CEO stated that it would doubtless return to China in the following year.
Through his regular "Fact & Comment" column in the magazine, Steve Forbes has won fame as an economic prognosticator in the US. For the Chinese mainland, he believes that strengthening the rule of law, protecting intellectual property rights and further removing barriers to foreign businesses are key to maintaining steady economic growth.
(China.org.cn, Xinhua News Agency September 23, 2004)
