Private equity funds will continue to seek opportunities in the Chinese market and?are expected to pump US$10 billion into the country in 2007, according to a high-ranking summit on finance and the high-tech industry.

Statistics show that the 17 Asian private equity funds now allowed to invest in China raised a total of US$7.6 billion in the country during the first three months of the year, more than three times the amount in the same period last year.

The overseas private equity funds promote the development of Chinese enterprises, and enhance competition on the domestic equity investment market, said Wang Xiaodong, president of Berun Group, who was attending the summit held in conjunction with the 10th China Beijing International High-tech Expo.

Private equity, which is usually invested in companies over the long term, not only help expand a company's capital, but also provide expertise and experience in management, technology and marketing, according to Wang.

Investment from private equity funds reached US$738 billion globally in 2006, of which US$11.7 billion were invested in the Chinese market, according to statistics from Zero2IPO, a service provider of China's venture capital and private equity sector.

The US-based private equity firm Blackstone Group was rated by the summit as one of the most influential private equity firms in China.

Berun Group, a sponsor of the summit, is a private firm that provides financial services in China.

(Xinhua News Agency May 28, 2007)