World Economic Forum to open office in China

BEIJING: Recognising China's growing economic might, the World Economic Forum (WEF) has decided to open a representative office in the booming communist nation, the first outside Europe.
An agreement to this effect has been signed between the National Development and Reform Commission (NDRC), China's top planning body and the WEF in Davos, Switzerland.
The WEF office in China will be the "hub" for the Forum's new programme to identify and develop Global Growth Companies, as well as to lead in the development of a Global Industry Summit that will serve as the Annual Meeting of Global Growth Companies, the WEF said in a press release.
A Memorandum of Understanding (MoU) was signed by the Vice-Chairman of NDRC Zhang Xiaoqing and Professor and Founder and Executive Chairman of the WEF, Klaus Schwab.
The MoU further strengthens the Forum's long-standing engagement in China and sets the path to open the Forum's first office in Asia and launch the Global Industry Summit in China as of 2007.
"The establishment of the Forum's representative office in China will promote the comprehensive cooperation between China and the Forum," Zhang said, adding that it will also actively facilitate communication and cooperation between Chinese enterprise and global companies.
"We have chosen China for our Global Industry Summit because we believe that China is well positioned to serve as a global hub for working with the next generation of corporate champions," Schwab said.
The WEF is an independent international organisation committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.