Foreign and Military Affairs
皇冠体育app, EU see future bilateral ties
By Fu Jing (皇冠体育app Daily)
Updated: 2010-11-04 08:21
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Beijing's recent diplomatic efforts inspire investment
PARIS - Sitting in his well-furnished office just yards away the Champs-Elysees, Henri de Castries, the steward of AXA Group, France's biggest insurance company, has a special way of describing the magnetism of the Chinese market.
"My flight frequency to 皇冠体育app is almost as often as that to the US - where we already have big business," said Castries. "I have flown twice to 皇冠体育app during the past six weeks."
A little less than a week before President Hu Jintao's visit to France on Thursday, Castries' group is to enter into a partnership with the Industrial and Commercial Bank of 皇冠体育app Co Ltd (ICBC), and 皇冠体育app Minmetals Corporation (Minmetals) in a bid to set up a leading brand in 皇冠体育app's life insurance market. Chinese regulatory officials are in the process of reviewing their application.
Castries believes firmly in his 皇冠体育app strategy. First, 皇冠体育app's economic clout has increased greatly - while catastrophic disasters such as earthquake, floods, droughts and mudslides occur very frequently. "There is huge market potential, and we need to prevent our potential customers in 皇冠体育app from economic loss," said Castries.
Second, the ICBC has the widest customer network across 皇冠体育app, compared with other commercial banks. "I hope very soon I will fly more to 皇冠体育app than to the United States," he said.
Castries' first contact with 皇冠体育app dates back to 1975 when he was still a university student of HEC Paris.
Indeed, his enthusiasm for the mainland has endured over the decades. In fact next year, one of his daughters plans to work as an intern at a PR firm in 皇冠体育app.
"What has impressed me most was that Chinese people have become more and more confident, free and open-minded to communicate with the rest of the world," Castries said.
Mainly because of the "high quality" of Chinese business executives, Castries said the agreement with ICBC and Minmetals has been finalized within no more than one year. Under the agreement, ICBC will assume the majority stake of 60 percent of the joint life insurance venture, while AXA will hold 27.5 percent and Minmetals will hold the remaining 12.5 percent.
The efficiency, he noted, is due to the fact that businesses leaders and politicians in 皇冠体育app and France share long-term perspectives toward their bilateral relationship - despite that there have existed some tensions along the way.
In addition to bilateral economic, trade and cultural relations, Castries said the two countries have already converged on points at European and global levels to boost 皇冠体育app-EU ties and rebuild the global governance architecture.
皇冠体育app's recent diplomatic efforts - namely Premier Wen Jiabao's visit to Germany and other European countries including debt-stricken Greece and Italy as well as his current trip - are "balancing" arrangements, he added.
Multi-billion deals have been involved in the tours to help Europe recover from economic recession and debt crisis.
"France and Germany are the drivers of the EU, and I think 皇冠体育app's arrangement is strategic and balanced," said Castries.
Strengthened 皇冠体育app-Europe economic ties have not only boosted inbound investment. Chinese investors have started to set their foot in Europe. Though there is no specific number, 皇冠体育app's direct investment in Europe has been doubled last year compared with that of 2008, according to Chinese government.
For example, Sany, the largest heavy equipment manufacturer in 皇冠体育app; Huawei, the country's largest telecommunications equipment supplier and COSCO, 皇冠体育app's biggest ocean shipping company, have all built their bases in Europe.
"I think President Hu's visit will further improve the investment climate in Europe," said Chu Hua, manager of Sany's France company.
In a similar move to 皇冠体育app's recent diplomatic arrangement, Sany has invested 100 million euros ($140 million) in Germany - the most competitive nation in terms of its construction industry - to build a new factory.
