Business
Big Apple beckons Chinese companies going global
Updated: 2011-04-08 10:29
By Ariel Tung (China Daily)
NEW YORK - The Big Apple is poised to become the launch pad for Chinese companies wishing to go global.
Kathryn Wylde, president and CEO of the Partnership for New York City, said her organization's mission is to attract investments from China to bring jobs and further investment opportunities to New York.
"We are seeing the early stages of Chinese business community here, and we want to see that grow," said Wylde, whose nonprofit organization represents a network of business leaders in New York City.
"We believe that New York has much to gain by cultivating a strong relationship with the growing global business sector of China.
"We have worked over the last eight years to try to develop a relationship with the business leadership of China."
The partnership is a co-organizer of the China-US Business Leaders Roundtable event that takes place in New York from April 6 to 8.
Wylde, one of the city's most powerful advocates for business, said New York offers "the most competitive, diverse business environment in the world".
"Unlike other major cities like London and Texas, New York is the world capital for almost every industry - finance, media, fashion, healthcare, accounting and law," she said.
"We have the business leadership in many sectors which make New York a very unique business environment and a great place to learn how global business works."
In recent years, a number of Chinese companies have expanded their operations in New York, such as household appliances manufacturer Haier, Beijing law firm King & Wood and China Merchants Bank.
Wylde said her organization will help Chinese companies and business leaders network with local organizations.
In New York, there would be "no political resistance to Chinese investments", unlike in many parts of America, said Wylde. She believes New York is the most welcoming place for Chinese investments in the US.
"When the China Center became the first tenant at the new World Trade Center site, some of us thought there's going to be a negative political reaction - like what has happened when some Chinese business has tried to make some other investments here," she said.
"But there was no opposition at all here. People were grateful and welcoming."
New York is the most expensive city to do business in 2009 and 2010, CNBC's latest America's Top States for Business Ranking said. The study looked at the income and property taxes, business taxes, as well as utility costs, rental costs and workers' compensation.
But Wylde said "the return on an investment in New York is high enough to justify the costs".
"Our mayor likes to say that New York is a place of high costs because it offers high value," she said.
"From an investor standpoint, there is a higher upfront cost, but long term wise, you get back more in terms of a predictable real estate value and far more productive workforce."
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