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Chinese in Europe return home

11-30-2011 14:14 BJT

The fallout from Europe's debt crisis has reached China. Many Chinese with businesses in Europe are struggling, alongside their European counterparts. And some are considering whether it’s time to return home. In one village in China’s Anhui province, many entrepreneurs have decided to return and invest in the domestic market.

Bao Lihong has set up a company providing building materials in eastern China’s Anhui province. His brother-in-law, Wang Zhen, invested 50 million yuan in this company. Most of the money comes from Wang Zhen’s restaurant in Spain. But after 10 years working overseas, he’s decided to channel his capital back home.

Bao Lihong said: "Wang Zhen has been running his own restaurant and supermarket in Spain since 2003. However, the eurozone debt crisis has been affecting business since 2007. As a result, he’s since sold the supermarket. After that, he decided to come back to China."

Meanwhile, Zheng Shiyi has recently returned from Italy, and started a successful textiles factory. The amount of investment has reached more than 100 million yuan. Like Zheng Shiyi, more and more overseas Chinese have decided to come back to Huaitang village.

Businessmen Yang Hongyi said: "Some of my friends working overseas have told me they want to come back. The eurozone debt crisis is the main reason, as businesses and living conditions are being hardest hit. Most overseas Chinese prefer to start their business in China, especially in high tech industries."

In order to welcome the large number of returning investors, a so-called "overseas Chinese village" is under construction, east of Huaitang village. This new area can accommodate more than 200 units and it will be finished next year.

Official Fang Shengguo from Anhui Foreign Affairs Office said: "This new area provides more houses for these overseas investors. Therefore, it can set a solid foundation for economic development in Huaitang village."

With the worsening eurozone debt crisis, Chinese and foreign investors alike are venturing into China’s rapidly-expanding market. Analysts say the boom in domestic investment will accelerate the country’s economic development, and the global economic recovery.

 

Editor:Zhang Rui |Source: CNTV.CN

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