“China’s Economy: Seeking Momentum for New Growth”
Some notes from the ideas of the panelists:
‘From GDP to productivity’; ‘financial efficiency’; ‘new energy’; ‘internal momentum => activity and creativity of our people = innovation’; ‘human resources competition => education (first priority) = invest in future’; ‘equality versus efficiency’.
‘Concern and complain in Africa because Chinese companies don’t create local labor. They bring their own labor’; ‘importance of communication. Chinese companies are not aware of it’.
‘Multi-party democracy even for China’s diversity’; ‘meritocracy’; ‘development of civil society’; ‘wages going up 20% => losing competitiveness in some areas’; ‘low cost labor = export machine’; ‘developing a large middle class => very difficult transition to manage’.
‘Values that China can share with the rest of the world’; ‘idea of harmony’.
‘Be sure that banks are managed properly’; ‘fiscal and monetary policy to smooth economy cycles’; ‘importance of innovation => get more from people; stimulate individual creativity’.
‘If you are growing and your debt is for an investment purpose, it’s easy to finance your debt’; ‘better regulation to control bubbles’; ‘improve the allocation of financial resources’.
‘Emerging economies are more resilient’; ‘economic cake is bigger, not smaller now’; ‘companies need to be open’; ‘lack of growth in the West => the need of someone to blame’; ‘currency must be adjusted’; ‘China doesn’t innovate enough’; ‘it must take bigger role in G-20 by addressing global issues. Issues of global interest, not just internal’; ‘investment in soft infrastructure = skilled education/institutional infrastructure’.
‘Challenges = pool of leaders, distribution channels and communication’; ‘[we must] integrate resources across the world; cooperate with overseas partners = increase capacities’; ‘low cost manufacture gradually diminishing => no longer an advantage => reduction of competitiveness => export of capital through investment = manufacturing in other emerging countries’; ‘be open minded and cooperative’; ‘don’t take too many risks’; ‘integrate with local society’.
‘Markets are local’; ‘as entrepreneurs, we are very ambitious in going out to the global market => brand, land, labor, mind = better and cheaper resources ’; ‘don’t go behind something that is beyond your capabilities at this stage’; ‘top professionals from China usually work for foreign multinationals => lack of global leaders in Chinese companies’; ‘being able to buy is different to being able to manage => high profile talent’, ‘good strategy doesn’t mean good outcome’; ‘globalization is a journey’; ‘match your strategy with your capability’; ‘more flexible, more complicated organizations are needed’.
‘Awareness of the brand in the internet market. How good is it? => brand building effort. China doesn’t have any global brand among the top’; ‘there are only three global brands linked [in their name] to the country of origin within the top 100. That’s because you can’t be global referring your local country’; ‘Chinese doesn’t know how to communicate’; ‘do something innovative to become global = I+D’; ‘approach emerging economies before the Western ones’; ‘a high level of confidence and cash is needed to face developed markets = being a worthy competitor’.
‘Ability to adapt to the new markets’; ‘I don’t know if it is a success history yet, but we have a consistent guideline’; ‘be clear about what your competitive advantage is and what you must acquire’; ‘balance between strong company and big company’; ‘unions can make a huge difference’.