China News Service, Beijing, Oct. 10 (Xinhua) -- How can overseas Chinese businessmen find new wealth codes in the midst of change?

China News Service reporter Xu Wenxin

The 10rd World Overseas Chinese Business Conference will be held in Beijing from October 30 to 31. How does this event help overseas Chinese businessmen find a new wealth code? How should Chinese businessmen integrate their own business into the overall situation of China's high-quality development and seek new opportunities in the wave of global economic development? Zhang Yinglong, vice president of the Chinese Overseas Chinese Historical Society, recently accepted an exclusive interview with China News Service's "East and West Question" to make relevant interpretations.

China News Service: The theme of the 3rd World Overseas Chinese Business Conference is "Responding to New Challenges, Seizing New Opportunities, and Achieving New Development".

Zhang Yinglong: Challenges contain opportunities, and opportunities contain development. The current trend of economic de-globalization and protectionism are on the rise, endangering the development of the world economy. This undercurrent also affects exchanges and cooperation among countries around the world.

Overseas Chinese businessmen are a diverse group of people with different challenges and opportunities. For Chinese businessmen engaged in international trade and cross-border investment, first, they must avoid strictly controlled economic projects; Second, we must strive to transfer the affected industries to a safe place to avoid becoming the target of "fire at the city gate and fish in the pond"; Third, it is necessary to open up new economic trades.

For the new generation of Chinese businessmen, they should give full play to their own advantages, dare to transform, lead enterprises to catch up with the pace of the digital economy, and achieve new development in the new round of information revolution. For ordinary Chinese businessmen, it is necessary to closely follow the industrial policy and economic development plan of the host country, and strive to seize the development opportunity.

At present, China has become the world's leading country in the invention of advanced technology. Chinese businessmen in developing countries should pay close attention to China's technological progress and technological inventions, and strengthen technical cooperation with China according to the actual needs of the host countries, so as to obtain new opportunities and achieve new development.

In September 2023, at the 9 China International Digital Economy Expo held in Shijiazhuang, Hebei Province, AI virtual anchors introduced the relevant situation of the Digital Economy Expo to the public. Photo by Zhai Yujia

China News Service: Historically, how have overseas Chinese businessmen combined their own business with China's development?

Zhang Yinglong: In modern times, especially since the reform and opening up, overseas Chinese businessmen have actively participated in China's modernization and promoted the development of China's modernization through investment and the introduction of advanced business concepts. China's vast market, abundant human resources, and strong economic development potential provide good development opportunities for foreign enterprises. In the process of investing in China, many Chinese businessmen have achieved a win-win situation for both enterprises and the country.

During the period of the Republic of China, the four major overseas Chinese department stores of Sincere Company, Yongan Company, Daxin Company and Xinxin Company led the new trend of modern Chinese commerce with novel business methods such as non-dual price and special global department stores. The four major overseas Chinese department stores were all founded by overseas Chinese in Australia and have grown in China. Taking Yongan Company as an example, in addition to operating department stores, it also operates banking, insurance, and real estate. In 1922, Yongan Company established a yarn factory in Shanghai, and by 1935, through mergers and acquisitions of other yarn mills, it became one of the top textile enterprises in China. It can be said that the success of the four overseas Chinese department stores interprets the business legend of overseas Chinese businessmen in China in modern times.

Since the reform and opening up, many Chinese businessmen have caught the fast train of China's economic development. In 1979, Thai Chinese businessman Xie Guomin took the lead in investing in the establishment of Chia Tai Kangdi Group in Shenzhen, and obtained the "People's Republic of China Taiwan, Hong Kong and Macao Overseas Chinese Investment Enterprise No. 0001 Approval Certificate", becoming the first foreign enterprise to invest in China after China's reform and opening up. Today, CP has set up more than 600 enterprises in China, employing more than 10,2022 people, with a total turnover of nearly 2000 billion yuan in <>, making it one of the multinational conglomerates with the largest foreign investment scale and the largest number of investment fields in China. CP Group's experience of "taking root in China and growing together with China's reform and opening up" has become the epitome of Chinese businessmen's participation and contribution to China's economic development.

In April 2023, Haikou, Hainan, Thailand's CP Group exhibition area was unveiled at the 4rd China International Consumer Products Expo. Photo by Luo Yunfei

China News Service: What are the unique advantages of overseas Chinese businessmen in promoting the process of Chinese-style modernization, and what role can they play?

Zhang Yinglong: Overseas Chinese businessmen have always been an important group of foreign investors in China, they are not only the pioneers of investment in China, but also the main force of China's foreign investment. Today, with the rise of a new generation of Chinese businessmen, they are becoming more and more closely connected to China's economy. In the process of promoting Chinese-style modernization, overseas Chinese businessmen will continue to play an important role.

First of all, in terms of investment and technology introduction, Chinese businessmen can bring a steady stream of investment and technical cooperation projects to the Chinese market, and at the same time, Chinese businessmen have the advantage of an extensive international business network, which can create more opportunities for Chinese products to go global.

Secondly, in order to achieve common prosperity for all people, overseas Chinese businessmen have actively participated in China's philanthropy for many years, promoting the formation and development of China's overseas Chinese philanthropic culture. By participating in China's philanthropy, Chinese businessmen advocate the concept of common prosperity, which is undoubtedly very important for building a common prosperity modernization.

Third, in terms of promoting people-to-people ties and guiding people of all countries to understand Chinese-style modernization, overseas Chinese businessmen practice the concept of a harmonious society and mutual learning among civilizations, pursue the principle of valuing harmony, and have always lived in friendship with the people of the host countries. The development experience of Chinese businessmen in China vividly illustrates China's path of peaceful development, and these experiences can enable people of all countries to more accurately understand the meaning of Chinese-style modernization.

In August 2023, more than 8 overseas Chinese businessmen from Canada, Thailand, the United States, Poland, Japan and other countries went to Liuzhou to seek business opportunities, inspect Liuzhou's snail flour industry, and "check in" Internet celebrity snacks. Photo by Lin Xin

China News Service: Based on the current situation, how can overseas Chinese businessmen find a new wealth code? What suggestions do you have for helping overseas Chinese businessmen integrate more effectively into the Chinese market and economic development?

Zhang Yinglong: In today's world, scientific and technological progress is very rapid, and new economic models are constantly emerging. A new technology can often subvert a traditional industry and give birth to the emergence and development of a new economy industry. Chinese businessmen should firmly grasp the dynamics of technological progress, obtain new wealth codes from them, strive to transform new technologies into new economic momentum, and rely on scientific and technological progress to drive the new development of related industries.

History shows that it is very important for Chinese enterprises to do solid market research, straighten out various relationships, establish effective process control, and grasp the pulse of economic development. First of all, Chinese businessmen should have an in-depth and detailed understanding of the investment project, and should not be impulsive. Secondly, it is necessary to have full communication with relevant government departments to reduce possible twists and turns in the middle. Third, we must invest time and energy to control the whole process and prevent accidents. Fourth, it is necessary to grasp the development trend of the market economy, keep up with the trend of the times, resolutely upgrade the generation, and maintain the driving force for sustainable development.

We must unswervingly provide high-quality services for Chinese businessmen. On the one hand, foreign investment projects should do a solid and feasible implementation plan to achieve predictability and controllability of the whole process. Adhere to the continuity of various policies, maintain the seriousness of the rule of law, and protect the legitimate interests of Chinese commercial enterprises. On the other hand, we should do a good job in the communication of the economic situation and economic policies on a regular basis, provide sincere service and intimate care, help Chinese businessmen integrate into the Chinese market faster, and keep pace with the pulse of China's economic development.

In the context of the increasingly transparent Chinese market and the higher quality of government services, the development of overseas Chinese businessmen in China will be better and better in the future. (ENDS)

In June 2023, the 6th ASEAN Chinese Chamber of Commerce was held in Kunming, with more than 19 overseas Chinese businessmen and leaders from Thailand, Myanmar, Cambodia, Malaysia and other countries participating in the conference online and offline. Photo by Liu Ranyang

Interviewee Profile:

Zhang Yinglong is a professor at the Institute of Overseas Chinese Studies at Jinan University. Deputy head of the leading group for the compilation of "History of Overseas Chinese in Guangdong" of the People's Government of Guangdong Province and editor-in-chief of the editorial board of "History of Overseas Chinese in Guangdong". Vice President of the Chinese Overseas Chinese Historical Society, President of the Guangdong Overseas Chinese Historical Society. He has long been engaged in the research of overseas Chinese and Chinese people, the study of overseas Chinese affairs, and the study of the hometown of overseas Chinese in Guangdong. He has led many delegations to Southeast Asia, the Americas, Oceania, Europe and Africa to conduct overseas Chinese research, and his newly published papers include "Chaoshan New Business Gang in Ecuador" and "Sea Catchers: Guangdong New Overseas Chinese in Dubai, UAE".