Business executives begin 3-day Fortune forum in China

Asian Economic News, May 16, 2005

BEIJING, May 16 Kyodo

About 650 people met in Beijing on Monday for an annual Fortune magazine-sponsored forum, which lets chiefs of global business and leading thinkers discuss pressing business issues and gives China a chance to showcase its business climate.

The ninth Fortune Global Forum is the second to be held in mainland China, underscoring the importance attached to the Chinese market by conference participants -- mostly chairmen, CEOs, and presidents of major multinational corporations.

Chinese President Hu Jintao, the conference's keynote speaker, is attending along with central government officials. Some 30 city government departments helped organize the three-day event, which is being held under the theme ''China and the New Asian Century.''

The participants will attend sessions that cover various aspects of the economy of China, as well as that of Asia's other emerging powerhouse, India.

Other discussion themes are the future of the auto industry, intellectual property rights and ''understanding what works'' when doing business in Asia.

Officials from Chinese government ministries and executives of major Chinese companies will be session presenters, likewise luminaries from big-name foreign firms.

Monday's highlights were roundtable discussions on culture and sports.

Cultural presenters discussed media, film, the Internet and luxury goods. They shared the view that China's market future looks good but cited unresolved technical issues such as electronic payments for e-commerce and inconsistent approval of films for Chinese viewers.

''I don't want to do underground movies,'' filmmaker Lu Chuan, director of a Tibetan antelope poaching movie that was not mainstreamed in China. ''Movies that win awards at international festivals are not widely shown to mainstream audiences. I want to reach a Chinese audience.''

The sports discussion touched on Beijing's preparation for the 2008 Olympics, forecast more Chinese players in the U.S. National Basketball Association and explained why an estimated 80,000 Chinese high school students spend 1,000 yuan ($120) to 40,000 yuan per year on private sports training.

''Mainland Chinese not only regard sports as a competition, but also as an activity that is leisure-related, enhances physical well-being and entertaining,'' said a statement from the Shenzhen-based Mission Hills Golf Club, citing its recent study on the subject. ''The key driving force behind grassroots level sports development must contain these three elements.''