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China firms look abroad to expand
 It is not just about exporting the "Made in China" label, it is about competing at a global level. QUICKVOTEOTHER NEWSGLOBAL OFFICE
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BEIJING, China (CNN) -- While international companies scramble to tap into China's booming markets, some corporations in the Middle Kingdom are looking the other way. The chairman of one of China's largest providers of management and accounting software, Wang Wenjing from UFIDA Software, has his eyes set far beyond his office in the capital's "Silicon Alley." UFIDA plans to become Asia's leading software vendor by 2006. It already has offices in Hong Kong and Japan, and later this year it will launch branches and joint ventures in other Asian countries. "This is a global market full of international competition. We need to build up our ability to compete internationally. And we need to be able to further expand both our business and markets," Wang told CNN. To do this Wang is calling on American know-how to help take his UFIDA software global. He hired Richard Stewart, who used to work for Germany's Siemens -- he knows China, its markets and is fluent in Mandarin. "There are some things that we will have to overcome, in terms of reputation and in terms of acceptance of a product from a Chinese company. But I think it is slowly changing," says Stewart. China's oil firm CNOOC and its bid for the U.S. firm Unocal highlights the fact that Chinese firms are not just interested in exporting, they are also interested in buying overseas assets, growing brands and competing at an international level. And the Chinese government is encouraging them to do so, but even major players often lack international experience -- this is where international firms come in. UFIDA sent Stewart to a seminar in Beijing by U.S. law firm White and Case to find out about getting government approval for overseas expansion and how to pay taxes in other countries. "Chinese companies are learning that having a good team of advisors, not just lawyers, but accountants, bankers and public relations people, can be invaluable," says John Leary from White and Case. "That is because it is not simply a matter of contracts, but there is also a lot of strategy." CNOOC found out that its overseas aspirations had as much to do with politics as business. (Full Story) Wang hopes that when UFIDA is ready to make a bid for a U.S. company, it will be in a less politically charged atmosphere. "I like to say business is business. It is a benefit for both of us," says Wang. It is not just about having the "made in China" label on the shelf, it is also about having a global headquarters based in China. -- CNN's Tara Duffy contributed to this report 
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