Philips.J.Purcell, chairman and CEO of Morgan Stanley Dean Witter Group, said during an interview Tuesday in Beijing that despite a slackening world economic growth China will be the one witnessing the speediest economic growth across the world. With its sound fiscal and currency policies it poses a strong appeal to foreign investors.
He noted that the slackening world economy, as a result of the "9.11" terrorist attacks on the US, will inevitably impact China's exports. However, it will exert not much influence on the macroeconomic situation of the country. China's robust economic growth has a very strong appeal to numerous foreign investors. The growth of investment will offset the negative influence on its exports. Philips thought that China's policy in enlarging domestic demand is very successful and its promotive function on economic growth will be further felt. He said that China's coming entry into WTO will speed up the advance of its economy and enterprises to face the outside world. Morgan Stanley will add more resources investment in the Chinese market, vigorously participate in the process of China's marketalization, strengthen the cooperation with Chinese enterprises and make efforts to help set up a modern enterprise system, promoting enterprise efficiency and enhancing the competitiveness of its enterprises in the international market.
Being a world famous finance company based on New York, Morgan Stanley has 600 branch offices around the world. It takes its place in the front ranks of the world in the three major businesses: securities, asset management and credit services.
Morgan Stanley started to develop Chinese market from the middle stage of 1980's. It set up branch offices in Beijing and Shanghai in 1994. In 1995, Morgan Stanley and China Construction Bank jointly established China International Capital Corporation Limited. It is the only Sino-foreign investment bank that has been approved by China. In 2000, it arranged IPOs for four Chinese companies, namely the Asiainfo, Sina, Sinopec and China Unicom.
Philips.J.Purcell arrived here on October 8 to pay a visit to related governmental organs, financial institutions and enterprises such as SINOPEC, China Unicom and China Telecom.
(People's Daily 10/10/2001)
