PHILADELPHIA: China represents a significant investment opportunity for businessmen seeking profitable projects and future opportunities, investors said here on Sunday at a Sino-U.S. conference.
"China has the best infrastructure. Its consumers are very ready to embrace the new technology. It's already the global manufacturing hub and it has a great supply chain," said Mei Gao, partner of IDG Capital, in a discussion at the 2019 Penn Wharton China Summit, reports Xinhua.In addition, the Chinese government is "taking the necessary steps to foster innovation to ensure economic growth," Gao said.
Mitchell Dong, managing director of Pythagoras Investment Management, echoed Gao's view. "When I was a younger person, my mentor said, 'if you want to have good food, go to France and if you want to go on vacation, go to Italy. But if you want to do business, go to China,'" said Dong.
Dong said while the United States is "disinvesting in research and development, particularly in the government level," China is doing the opposite.
"It's investing heavily in basic science and R&D and I think that's the future," said Dong. During the discussion, participants also underlined the necessity of collaboration among nations, particularly between the two largest economies.
"We have to collaborate, from China to the United States, to Middle East, to some of the new Belt and Road Initiative countries," said Bao Yi, founder and chairman of Cedarlake Capital. Calling the next era "an era of collaboration," Yi said it is necessary for China and the United States to collaborate on the application of new technologies, including artificial intelligence and new energy vehicles.