(Xinhua)
Updated: 2007-09-08 19:14

World business leaders attending the Summer Davos in Dalian are seeking to expand their presence in China, which has seen booming economic growth for nearly three decades.

US banking giant Citibank announced at the meeting it has been approved by the China Banking Regulatory Commission to open a branch in Dalian later this year, its eighth in China and the first in the country's northeastern areas.

"With its infrastructure and outstanding support for foreign investment, the thriving city of Dalian represents a key city for Citibank's expansion plans in China," said William Rhodes, chairman of Citibank NA, at the meeting.

Citibank is among several major international banks that are ramping up presence in China, particularly after the country fully opened its banking sector to foreign banks in December last year to fulfill its WTO commitment.

Among other business leaders brought together by the three-day meeting, many said that "business prospects in China are good."

Craig Barrett, chairman of the US computer chip maker Intel Corp. said at a panel session on Saturday, "The Chinese market is huge. It is the second largest computer market place and the largest communications market in the world. There is a huge opportunity for both homegrown and international software companies."

Barrett later attended a ground-breaking ceremony of a computer chipset plant in Dalian, the corporation's first in Asia with a record investment of US$2.5 billion.

At the beginning of the Inaugural Annual Meeting of the New Champions, dubbed Summer Davos, Chinese Premier Wen Jiabao pledged to maintain the country's fast growth while tackling such problems as trade surplus, environment issues and energy consumption.

"We are confident that with enhanced macro-regulation, the giant ship of the Chinese economy will continue to surge ahead steadily," Wen said.

Sir Martin Sorrell, chief executive of the UK-based advertising giant WPP Group Plc, said choosing Dalian as the host for the Summer Davos is a recognition of China's economic achievements, and more importantly, the Chinese economy will be sustainable and there are immense potentials.

"We will definitely redouble our efforts in China, including time and investment," said Sorrell.