Chrysler Corp. Chairman Lee Iacocca brought his message of capitalism to communist cadres Saturday, urging them to boost entrepreneurship and announcing an expansion of investment in Chrysler's auto ventures in China.
Addressing some 200 Chinese officials and journalists in the Great Hall of the People, the American entrepreneur and best-selling author conceded China's strict foreign currency regulations have hurt profits at Chrysler's main joint venture, Beijing Jeep Corp."Foreign exchange is always a problem. Repatriation of profits, remittance of any profits is always a problem," said Iacocca, who earlier met with senior government officials.
"We'd like to work with the government over time to see what we can do," he said.
In his half-hour speech, Iacocca offered advice to the Chinese on improving the ecconomy.
"Do everything possible to encourage entrepeneurism," he said, reiterating the message of his two books, "Iacocca" and "Talking Straight".