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A
word change in the draft amendments to the Constitution
submitted to the second annual session of the Tenth National
People's Congress (NPC)
has won approval from foreign business people in China.
In the draft amendments, the original provision that "the
Stateprotects the lawful rights and interests of the private
sector of the economy and exercises guidance, supervision and
control over the private sector of the economy" is proposed
to be revised as "the State protects the lawful rights and
interests of the non-public economy and encourages, supports and
guides the non-public economy."
"The difference between the private sector of the economy
and the non-public economy is only one word in Chinese, but the
difference in meaning is significant as the rights and interests
of foreign capital hereby get constitutional protection,"
said Wang Maolin, vice-chairman of the Law Committee of the NPC.
As a businessman from China's Taiwan,
Zhao Shichong, president of Shanghai
Yishi Business Consulting Co. ltd. is encouraged by this change.
"The one-word change brings all foreign capital and capital
from Taiwan under the protection of the constitution, which
reassures me for a long-term investment," said Zhao.
Investing in Shanghai for over 10 years in several fields
including restaurants, entertainment and business consultation,
Zhao has become a symbol of successful businessmen in this
easternmunicipality marked by its booming economy.
"China's mainland has offered golden opportunities for the
rapid development of Taiwan-invested enterprises. The
improvement of the law environment will help to maintain such a
trend," said Zhao.
Xian Jiang, general manager of GTJA-Allianz Funds who has had an
11-year career of foreign capital management, made a careful
study of the provision on the non-public economy.
"Since the 1980s, China has witnessed soaring investment
from overseas, which has boosted the economic development of the
country. Now China's move in writing the protection of foreign
investment into the Constitution will promote more capital from
overseas to flow into China," said Xian.
Such a change has drawn close attention from foreign
investors.Dr. von Canstein, general president of Allianz Dazhong
Life Insurance Co. ltd., considers that the change signals
another great move in the sustaining improvement of China's law
environment.
"It is undoubtedly good news for us foreign
investors," said von Canstein.
Seeing the business of Allianz-Dazhong in China increasing
tenfold each year since it opened five years ago, von Canstein
hasextended his working term in China.
"China has not only fulfilled its promises on entering the
WTO but also made amendments to the Constitution to provide
guaranteesfor foreign capital, that's why I continue my term in
China," saidCanstein.
Source: Xinhua
By
People's Daily Online
http://english.peopledaily.com.cn/200403/14/eng20040314_137415.shtml
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