(Yicai Global) Sept. 28 -- Chinese investors are welcome to enter the American market, Michael Bloomberg, former New York mayor and one of the most influential people in the US, told Yicai Global in an exclusive interview during the recent Bloomberg Global Business Forum in New York.
China and the US should work together on the North Korean issue, Bloomberg said at the event, which brings together leaders and CEOs from around the globe to discuss major issues facing the world today.
The following are highlights from Yicai Global's interview with Mr. Bloomberg:
Yicai Global: Let's talk about China, a lot of companies including media and tech firms, have made it their aim to become China's Bloomberg, what do you say to them ?
Bloomberg: It is very flattering. I don't know what that means but it is very flattering.
Yicai Global: So you don't have any suggestions or advice for them ?
Bloomberg: Yes, I think they've got to work hard, and they need to find a product that people want to buy. There are certainly examples in China, like Jack Ma, who talked earlier today. He's got an enormous company and what did he do? He came up with an idea that maybe copied others a little bit, but we all copy each other. But he executed it, and he built it in a way that the customers he was going after were comfortable in using. If he'd done for a different country, a different group of people, he might have done it somewhat differently, but he had something people wanted to buy, he found a way to monetize it, and he found a way to protect it.
Yicai Global: A lot of Chinese companies and investors want to invest here in New York and the United States, do you think they have more opportunities here or is it more difficult to invest here ?
Bloomberg: Look, if you want to sell to the world, New York is where the world is, and for a foreign company, I think New York is probably easier for them. It's easier for you to understand the culture of New York City, rather than a small town in the Midwest, because you live here, you raise your kids here, it's very diverse.
Yicai Global: But do you think Chinese money is welcome here?
Bloomberg: Yeah, a dollar is a dollar, a yuan is a yuan, of course it is.
Yicai Global: A lot of people are worried about the direction of the China-US relationship, are you worried ?
Bloomberg: Well, that is something to worry about. It's not good if America and China are not working together. North Korea is an example, the only solution to somebody with nuclear bombs is to work together. We buy enormous quantities of Chinese goods, and China buys a lot of stuff from us. Our president says it isn't fair that we buy a lot more than we sell to you, I think there's something to what he says, I think that some American companies can't do things in China that we allow Chinese companies to do in America, and what our president should do is say come on, we are going to do it the same way, anything you do, we will allow you to do as long as you allow us to do it. And then we can compete, if you can compete on a fair, level playing field, I think America will do just fine.