When asked to name an American state, most people would refer to California, which is famous for Hollywood and Governor Arnold Schwarzenegger. Zhang Handong, director of the Zhejiang International Economy and Trade Research Center, said that companies that attract international attention can also bring more recognition to the region in which they are located.

The global economic crisis is providing companies in Hangzhou province an opportunity to enhance their international status by purchasing world-famous corporations, he said.

Geely's recent purchase of Volvo is one example Zhang cited. While Volvo was more famous than Geely before the purchase, the deal will now attract people's attention to the company that brought Volvo, he said, adding that it will also attract attention to the location of the purchasing company, Hangzhou.

The internationalization of companies in Hangzhou also enhances their management strengths in a global environment, he said.

In addition, the global purchasing activities of companies in Hangzhou province will further increase the popularity of this city. Moreover, the "low price, low quality" image of "made in Zhejiang" will be changed through the world-famous brands, he said.

According to the World Competitiveness Yearbook 2009, published by the International Institute for Management Development, the city of Zhejiang was singled out for study as a representative of China.

By Hu Yanxiang

Editor: Lency