China's role in global economic growth over the next two decades and the opportunities arising from it will be the major themes of the Fortune Global Forum to be held in Beijing from May 16 to 18.

The forum is expected to bring global business leaders, leading Chinese officials and scholars together to address the issue of China's economic growth.

China's leading role as a driver of global growth has been recognized worldwide but new issues have arisen leading to concern among international investors, Rik Kirkland, managing editor of FORTUNE Magazine, said yesterday.

These issues include the need to deregulate the financial sector, develop the capital market, make rules transparent and ensure profitability in an increasingly competitive environment.

Despite the fast growth of local players, the role of multinational companies in the Chinese economy has been acknowledged for providing technology, financing, expertise and the creation of jobs. On the other hand, they have also benefited from China's growth in terms of access to the local market, lower labour costs and increased profits.

"It will be a forum of true dialogue, vigorous exchange of ideas between business leaders and Chinese decision-makers to identify what needs to be done and generate new thinking, better ideas for the benefit of the Chinese and world economy," Kirkland said.

"It will be the opportunity to let them (investors) talk about their problems and their frustrations, have them heard and find solutions."

Kirkland arrived in Beijing on Monday to check on preparations for the forum. He has worked with FORTUNE Magazine for 26 years and is handing over the magazine's top editorial job to Eric Pooley to return to writing and commentating.

"When we brought the forum to China in Shanghai in 1999, multinational players didn't have enough understanding about China," Kirkland recalled. "So it was a 'Welcome to China' forum."

That event, which was held prior to the celebration of 50th anniversary of the founding of the People's Republic of China, helped encourage many multinational companies to invest in the country.

"Today, you don't have to educate them. They are aware of the opportunities here," he said.

Six years ago, international investors were dealing with basic problems, including institutional barriers, pricing autonomy, movement of money and red tape.

Progress has been made in every front, Kirkland said. Opportunities have kept arising in new sectors, which is why the forum includes sports, luxury goods and culture sectors in the roundtable discussions.

He expects China to become a centre of excellence of sports and an attractive market for high-end cars, fashion, premier liquor and jewellery.

"Six years after the Shanghai forum, people like to talk (of these topics), which is indicative of change and opportunities," Kirkland said.

"The China story usually is the first, second and third thing I discuss with CEOs, which is why we brought the global forum to China for the third time," he said. A similar event took place in Hong Kong in 2001.

"Also, China's role is of great interest to my readership and to the people we cover."

He listed the top three China stories his magazine has covered: the rise of China, the challenge of China and the opportunities of China.

FORTUNE China has become the most important and fastest-growing of the magazine's non-English editions.

(China Daily)