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Morgan Stanley Dean Witter Eyes China's Capital Market
"China has very good economic policy including fiscal and monetary policies. I believe that China's position in the world's economy will rise," Philip J.
Purcell, chairman and chief executive officer of Morgan Stanley Dean Witer, said in a recent interview with Xinhua.
As the first trip to Beijing, Purcell came here to meet the company's customers and acquaint himself with China's economic reforms.
China has made progress in State-owned enterprise reform, stock- holding ownership and capital market, he said. "The economic growth of many countries has slowed down. The United States is almost posting zero growth. Europe is a little better than the United States. Japan has been involved in problems for many years. China is by far the strongest economy in the world, " he said.
He was deeply impressed with China's involvement in globalization during the current trip to Beijing. The accountant standard, enterprise management and market control are all keeping in line with international practices, he said. "The State Securities Regulatory Commission of China is striving to make markets more open, fair and liquid. No one could complete the transition of this large size so quickly," he said.
Morgan Stanley Dean Witter started to explore the Chinese market in the 1980s. It set up offices respectively in Beijing and Shanghai in 1994 and set up the China International Capital Co. (CICC), the first Sino-foreign investment bank in China, in cooperation with the China Construction Bank in 1995.
In 2000, it arranged IPOs for four Chinese companies, namely the Asiainfo, Sina, China Unicom and Sinopec. It is making preparations for the listing of China Telecom and China Aluminum.
It is also interested in the A-share market, bond market, assets management and enterprises mergers.
Headquartered in New York, Morgan Stanley Dean Witter has 600 offices across the world.
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