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 Carlyle Head Blasts China Tariff(ZT) |
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youhighness
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作者：youhighness 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Carlyle Head Blasts China Tariff
U.S. venture evangelist delivers sermon before China’s VC/PE industry association.
November 2, 2006
Beijing—Robert Grady, managing director of the Carlyle Group, came out swinging against tariffs on China during a keynote address Thursday at the China Venture Capital Association’s (CVCA’S) 2006 annual general meeting.
Mr. Grady shared lessons from his experience as chairman of the Arlington, Virginia-based National Venture Capital Association with the still relatively young Chinese industry association.
The former George H. W. Bush deputy assistant and Bush/Quayle campaign speechwriter bashed anti-Chinese protectionist sentiment, calling the across-the-board 27.5 percent punitive tariff on Chinese imports proposed by U.S. Senators Charles Schumer (D-NY) and Lindsay Graham (R-SC) “ill-informed and unwise.”
Mr. Grady expressed shock that the bill’s sponsors’ visit to China in March was their first ever to the country whose trade practices they have criticized so vocally.
‘Venture-backed companies outperformed during periods of economic softness.’
-Robert Grady,
The Carlyle Group
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He contrasted this with U.S. Treasury Secretary Hank Paulson, who visited China over 70 times before he left Goldman Sachs, where he previously served as chairman before taking over the Treasury post from John Snow.
Mr. Grady also took a swipe at the regulatory obstacles raised by various Chinese government ministries and agencies, which have frustrated exits by venture-backed exits and stymied venture investment in China in recent years.
The obstacles are interpreted in some quarters as part of an effort to drive IPOs by venture-backed firms onto China’s own Shanghai and Shenzhen bourses.
“What is the best way to get Chinese companies to list on China’s domestic stock markets?” asked Mr. Grady. “Is it to put up barriers to Nasdaq and Hong Kong—or is it to reform [domestic markets] and make them the most natural place to go?”
The Case for Venture
But Mr. Grady also applauded Beijing’s recognition of the crucial role that venture capital and private equity will play in driving innovation—notions now enshrined in China’s 11th Five Year Plan (2006–2010).
“China in a very short period—because of its investments in infrastructure and connectivity—will be the leading beneficiary of all this innovation,” he said.
Mr. Grady cited a litany of statistics on venture’s impact on the U.S. economy. In 2003, he noted, venture-backed companies provided 10.1 million jobs, accounting for 9.4 percent of total U.S. employment and 9.6 percent of total U.S. gross domestic product.
Venture had accounted for nearly 10 percent of the U.S. economy on less than 2 percent of total capital invested since 1970, he said.
“Venture-backed companies outperformed during periods of economic softness,” he said, pointing out that in the downturn between 2000 and 2003, while total private sector jobs had fallen by 2.3 percent, job growth at venture-backed companies averaged 6.5 percent.
Venture-backed U.S. firms also spend twice as much on R&D as non-venture backed firms, he said—notable in light of Beijing’s intention to boost R&D spending as a percentage of GDP to 2.5 percent from its current approximately 1.5 percent by 2015.
Mr. Grady noted that the share of U.S. R&D performed by firms with less than 500 employees rose from about 5 percent in 1984 to 20.7 percent in 2003. “In terms of private sector R&D, that’s almost half,” he said. “And the number of patents per employee is two times the number for non-venture-backed firms.”
Keeping Foreign Talent
Mr. Grady also revealed preliminary results of an NVCA study on the impact of foreign-born entrepreneurs in the United States.
Foreign-born nationals started 40 percent of VC-backed, publicly traded, U.S.-based tech companies, he said, and 47 percent of VC-backed private U.S.-based companies. Fully one-third of foreign-born founders of U.S. companies come from Asia.
The study will provide ammunition for one of the NVCA’s main lobbying efforts—to address the restrictive quotas on H1-B visas issued by the Department of Homeland Security.
“The quota is only 65,000 a year, and those are exhausted on the first hour of the first day of the fiscal year. It’s far too low,” he said. Retention rates of foreign-born tech talent are slipping now, he added, with more and more people returning to their native countries rather than remaining in the U.S.
Meanwhile, China, he said, is graduating 351,000 engineers a year—five times the number in the U.S.
Both countries, he said, have a “major education task” in front of them. But Mr. Grady is convinced, he said, that the U.S. and China will not only be the major drivers of innovation in years to come, but will also prove to be the “prime beneficiaries of a flat, open, and innovative world.”
作者：youhighness 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Carlyle Head Blasts China Tariff(ZT) -- youhighness - (5072 Byte) 2006-11-03 周五, 06:06 (1174 reads)
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