Business / Opinion

China's financial reform exercises global influence

(Xinhua) Updated: 2014-03-11 15:33

Dialogue 3

Xinhua: China's financial deepening might boost its investment overseas. As the head of a corporation that has business with China, do you welcome big shareholders from China, and in which fields do you think your country needs China's capital most?

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Robert Bodocs, Vice President of the Hungarian Investment and Trade Agency (HITA) told Xinhua that the value of Chinese business investment in Hungary has already reached approximately $3 billion.

After settling in Hungary, those companies had kept their workers instead of downsizing its workforce, and created new jobs, he said.

Bodocs cited Wanhua, a Yantai-based chemical manufacturer, which bought out Hungarian chemical manufacturer BorsodChemin in 2011 and now provides 2500 of the 5000 jobs created overall in Hungary by Chinese firms.

Manufacturing is the area in which Hungary most needs investment, Bodocs said, especially in the automotive and electronics industry. But he also acknowledged that all sectors would be open to Chinese investors.

Bodocs also welcomed Chinese investment in the shared service centers of Hungary's large companies, which he said could help local employment.

Engr. Kola Balogun, Chairman/CEO of Momas Electricity Manufacturing in Nigeria said since their cooperation with Chinese partners, the rate of his company's development has been "astronomical."

"They are very forward-looking and they try to understand your own pecuniary," he said.

But he also pointed out that whatever are bringing into his country, one thing that has to be ensured is that the technology should in one way or another be transferred bit by bit to develop his own country too.

"It's not that they should bring complete solution we don't know what is inside the box, we want to be able to dissect the box and see what exactly is inside for us to actually develop our mental intellectual capability," he said.


Xinhua: The financial sector is a high-paying industry, and employs the elites of society. Do you think that a good command of the Chinese language and a working experience in China could be an advantage in job-hunting or career-building?

Jack Liu, Senior Vice President at Chardan Capital Markets, said, "If I had a working opportunity in China, I would definitely be interested."

Nowadays, it is not rare anymore to find someone who has a good command of both English and Chinese, but relevant working experience in China is an advantage in finding a job in the US financial sector, Liu said.

If an American company wants to tap into Chinese markets, it does not only need Chinese partners, but also an employee who can understand those markets and business, Liu added.

Cravero Davide, Exotic Derivative Trade Support at Royal Bank of Scotland, told Xinhua that if he had been offered the same post in China, he would like to try as his father is also in China running an Italian restaurant.

He thinks that in the finance sector, what really matters is your cleverness and your ability to solve problems. Yet knowing Chinese is still a plus, especially in banks that have Chinese business.

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