China Makes a Pitch to Western Capitalists
The head of China’s Communist Party urged top Western capitalists on Tuesday to invest--and even buy land--in a special economic zone being created on China’s southern Hainan Island.
General Secretary Zhao Ziyang, speaking by a direct satellite television link from the Great Hall of the People in Peking to the World Economic Forum, said: “Our preparations are under way for opening the island to the rest of the world.”
Since China first opened its doors to Western business investment nine years ago, industrial companies around the world have been trying find ways into the Chinese market. But after the initial enthusiasm, many businessmen became disillusioned, first at the small scope of investment allowed by China and then with a clampdown last year on the trend toward Westernization that saw several reform-oriented Politburo members removed.
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