Interview Excerpts: Private Equity in China
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David M. Rubenstein
Co-founder and managing director of the District-based Carlyle Group, one of the largest private-equity firms in the world.
[an error occurred while processing this directive]"China is the future of the world's economy. Over the last couple of years, they have been the engine for economic growth throughout the world. If not for China, I think the world would not have had the economic growth we've had.
"China has been growing at 11 percent a year. But even if the economy slows down in China to 8 percent, it's still going to be a great place to invest. People say there is a bubble in China. There are bubbles in every economy that grows. If you were to say where is the greatest potential and you were willing to take some risk, where would you like to have stakes in the economies of the world?
"China is the number one place. If you are looking to the future, you can't see growth prospects of 11 percent in the U.S. in the near future. That's why private-equity groups have been active in China."
Michael Pralle
President of J.E. Robert Cos., a McLean company that specializes in real estate.
"You don't want to jump into China in a big way. We want to go in a measured way. These are new markets, highly fragmented. . . . There is not a fully applied rule of law. The legal system is not as developed in China as it is in the West. There is less transparency.
"But China is going to become, in our lifetime, if not the largest, one of the two largest economies in the world. This century will be China's century in the way that the 20th century was America's century or the 19th century was the United Kingdom's century. China will be the most important economic phenomenon of our generation."
Stephen Schwarzman
