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Doing business the Wenzhou way
http://www.sina.com.cn 2003/04/11 11:35  Shanghai Daily

  Wenzhou native Wang Yingyue is frequently asked by customers if her company is state-owned?

  "Of course not," she replies loudly and proudly.

  The 30-something, under-standably, has a right to be proud as she set up her own import-export textile company in Wenzhou several years ago when the coastal city was gaining a reputation as "a paradise for private business" in China.

  With a start-up investment of 500,000 yuan (US,200), she built up the business to the pointswheresit now has several million yuan in assets and clients in more than 10 countries and regions.

  "People in China have the mentality that only state-owned or multinationals are creditable and only that they can provide high-quality products," Wang said. "But that's not the case in Wenzhou."

  That can-do attitude held by Wang and several thousand other ambitious private entrepreneurs in Wenzhou has contributed greatly to the city's economic development.

  It is perhaps the only city on the mainlandswheresthe private sector has outpaced state-owned enterprises in contributions to local economic development.

  "Compared with SOEs, private firms play a more important role in Wenzhou's economic growth," said Zhang Zuxin, an official of the Wenzhou Municipal Development Planning Commission.

  "The local government has plans to further boost the private sector so it is hard to tell which is more important for the local economy, the private sector or the state-owned division?"

  Last year, approximately 77,000 private companies in Wenzhou contributed about 80 percent of the city's 105 billion yuan gross domestic product, according to the Industrial and Commercial Administration Society of Zhejiang Province Wenzhou Office.

  Currently, the city has about 90,000 enterprises, most of them private firms producing labor-intensive clothing, shoes, lighters and electrical appliances.

  "Though all these products are technologically low-end, if we can acquire a majority share in the global market, why not continue enlarging the production base?" Zhang asked.

  Currently, Wenzhou enterprises occupy more than 60 percent of the domestic manufacturing market for shoes, lighters and some electric switches, said a director of the office.

  The flourishing private business has been supported and encouraged by the Wenzhou government as only about 2 percent of local businesses are state-owned.

  "Wenzhou's economic development has to rely on the private sector," said Wang Junyao, chairman of Junyao Group, a local company involved in aviation, dairy and real estate.

  "Private entrepreneurs provide considerable tax revenue for the local government."

  Many industries in Wenzhou, such as public transportation and finance, those which are often fully state-owned in other cities and provinces, have already been opened to the private sector.

  "Wenzhou business people, which have a combined free capital of around 100 billion yuan, are always looking for ways to invest," Zhang said.

  Under the local government's "tenth five-year-plan (2001-2005)", the construction of a port, with an annual throughput of 50 million tons, and a second airport will include the participation of private capital.

  However, the workshop-like firms that has been so successful for Wenzhou in the past, have had to break with the traditional family-con-trolled business model.

  In recent times, they have had to move toward a more modern corporate structure in a bid to become more competitive in the global market, Zhang said.

  "Wenzhou has had a long run of success but the economic times are changing. More independent directors and professional business consulting practices need to be introduced to those private firms to nurture and develop their growth for future expansion."




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