By Li Hongmei
If the 19th century may have belonged to England and the 20 century to the United States, then the 21st century belongs to China, says American investor Jim Rogers.
Rogers, the billionaire co-founder of the privately owned hedge fund Quantum, made the comments on Nov. 16 at an economic forum in Nanjing, the capital of east China's Jiangsu province, according to a report from the China News Service.
During his speech, Rogers said he has strong confidence in China's future development based on his personal experiences over the years.
The 71-year-old said he has toured the world twice, the first time in 1990 when he visited more than 50 countries in nearly two years, and again in 1999 when he visited 116 countries over three years. He said he was certain that the 21st century would belong to Asia - and in particular, China - the first time he visited Nanjing in 1984, when China was undergoing reforms and opening up.
Rogers added that he has two young daughters, both of whom can speak Chinese Mandarin well, and that one day his lifestyle and his US dollars will follow him to China.
Speaking just days after the conclusion of the pivotal Third Plenary Session of the 18th CPC Central Committee, Rogers said he is optimistic about the potential of the Chinese yuan on the international currency market, predicting that it will replace the US dollar as the global reserve currency in the next 10 to 20 years.
As for the mainland stock market, Rogers said he has purchased some, but not a lot of Chinese stocks, though he believes China will become his biggest investment target if it continues its opening up and becomes the world's largest financial state. He revealed that he has not sold any of the Chinese stock he purchased during visits to the country in 1999, 2005 and 2008.
Repeating remarks he made earlier at a forum in Guangzhou, Rogers said he feels China's environmental sector holds a lot of potential as the government will increase expenditure in reducing pollution by 25% over the next five years.
Roger also saw a positive outlook for the agricultural, rail transport and pharmaceutical industries, adding that investment opportunities will follow the focus of government strategies and policies. He said that he will consider buying more gold if prices fall below US$1000 per ounce.
