Chinese Businesses Face Competing Tensions on Fast Track to Globalization

Chinese Businesses Face Competing Tensions on Fast Track to Globalization
Vivian Yang, Senior Media Manager, Tel.:+86 (10) 6599 9595; Email: vivian.yang@weforum.org中文To achieve global success, Chinese businesses must address competing tensions, or polaritiesGlobal operating models must focus on culture, governance, processes and peopleReport offers six examples of best practice from China’s globalization championsRead the report and executive summary and watch introductory video on the reportBeijing, People’s Republic of China, 16 April 2014 – Chinese companies with active globalization strategies often fall short of growth targets in their international operations because they fail to observe three basic considerations, according to a new report, Emerging Best Practices of Chinese Globalizers: Tackle the Operational Challenges, released today by the World Economic Forum in collaboration with Strategy& (formerly Booz & Company).In exploring the challenges facing Chinese businesses as they build their global operations, the report identifies three competing pairs of tensions or polarities that contribute to failure to meet growth expectations. These are: Home Country & Host Country: Building globally unified cultures, governance structures and systems, while making commitments to local countries communities and business practicesConsistency & Innovation: Maintaining consistency and standardization across global operations, while seeking to innovate in products, services and operating modelsControl & Empowerment: Maintaining necessary and effective management controls, while empowering local teams for operational efficiencyThe conclusion was drawn through a series of comprehensive interviews and surveys of 125 Chinese globalizing companies conducted over the past 12 months. Most of the surveyed companies are regarded as globalization champions within China that have outpaced their peers in establishing global presence. These champions are most likely to claim that they have “systematic and comprehensive strategies concerning when, where and how to play in the global marketplace”. Even these companies on the fast track to globalization, however, report tensions and competing demands in overseas operations.According to the report, the key to overcoming these tensions and growing successfully overseas is effective execution of a balanced and sustainable global operating model that addressesCulture – Developing globally consistent values and behaviours, making strong local commitments and inspiring innovationthe three polarities in four key areas:Governance – Empowering overseas managers and building channels for rapid communicationProcesses – Pushing for global standardization, controlled flexibility and rigorous risk controlsPeople – Developing global teams from the very top, hiring and incentivizing local talent and providing development and deployment opportunities for expatriates“Today, the question is not either/or: Chinese globalizers really must find the right balance between these three polarities. Achieving this means developing global operating models that manage these four areas on both the strategic and the executive levels,” said Olivier Schwab, Executive Director, China, World Economic Forum Beijing Representative Office. “A number of good practices in this regard emerged in our survey and we selected six case studies in this report to showcase successful stories of Chinese companies going global,” he noted.Steven Veldhoen, Partner, Greater China, Strategy&, and co-author of the report, said, “Today’s Chinese globalizers are facing enormous opportunities and they clearly have the ambition and intent to expand not only geographically, but also on establishing technologies, manufacturing and R&D capabilities outside China. However, they must realize that the global market is complex and varied. It is important for globalizing companies to adopt a holistic approach to recognize their own challenges and implement the full range of managements to address them.”The report’s survey shows that, in the next five years, geographically, the United States (71%) and South-East Asia (61%) are the most commonly cited target areas for Chinese globalizers’ future expansion. Over 40% of the surveyed companies plan to expand in Europe or Latin America, with the Middle East and North Africa, sub-Saharan Africa and North East Asia also claiming significant attention. In addition, 80% or more of these companies plan to establish or expand sales and marketing and/or service operations overseas. Meanwhile, the 60% that plan to move R&D and/or production overseas in the next five years represent roughly a doubling of the number of Chinese companies that are currently siting these functions abroad. Read more.Notes to EditorsFind more information about the project at http://wef.ch/cgr2014Watch Forum videos on YouTube at http://wef.ch/youtube or Youku at http://wef.ch/youkuBecome a fan of the Forum on Facebook at http://wef.ch/facebookFollow the Forum on Twitter at http://wef.ch/twitter and http://wef.ch/livetweetRead the Forum Blog at http://wef.ch/blogRead Forum reports on Scribd at http://wef.ch/scribdUpcoming Forum events at http://wef.ch/eventsSubscribe to Forum News Releases at http://wef.ch/newsThe World Economic Forum is an international institution committed to improving the state of the world through public-private cooperation in the spirit of global citizenship. It engages with business, political, academic and other leaders of society to shape global, regional and industry agendas.Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is independent, impartial and not tied to any interests. It cooperates closely with all leading international organizations (www.weforum.org).Share this:Share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on WhatsApp (Opens in new window)

China’s Economy Is Healthy, Despite Debt and Slower Private-Sector Investment Growth

China’s Economy Is Healthy, Despite Debt and Slower Private-Sector Investment Growth
Fon Mathuros, Head of Media, World Economic Forum, Tel.: +41 79 201 0211, Email: fmathuro@weforum.org · China’s economy has made significant progress in shifting to a consumption-based model and promoting new drivers of growth, the National Development and Reform Commission (NDRC) chairman said · While public debt is “manageable”, the Chinese government is considering measures to reduce corporate debt · The Annual Meeting of the New Champions 2016 is taking place in Tianjin, People’s Republic of China, from 26 to 28 June · Follow the Annual Meeting of the New Champions 2016 (#amnc16) at http://wef.ch/amnc16 Tianjin, People’s Republic of China, 26 June 2016 – While China’s economic growth slowed slightly to 6.7% in the first quarter of this year and the growth of private-sector investment has slowed, “the economy is healthy, stable and sustainable,” Xu Shaoshi, Chairman of the National Development and Reform Commission, the Chinese government’s macroeconomic management agency, told participants in the Annual Meeting of the New Champions 2016. Xu asserted that China, which now accounts for a quarter of total global growth, has made significant progress in shifting the economy to a consumption-based, services-led model, with growth driven more by innovation and technology. “Consumption has now exceeded investment,” he reported. “With emerging business models and new industries, everybody is engaged in innovation and the new drivers are enjoying very good growth.” There are significant challenges ahead, including the need to address over capacity and to pursue further structural reforms over the next five years to enhance entrepreneurship, innovation and the adoption of productivity-enhancing technologies, Xu explained. Recognizing concerns about China’s debt levels, he argued that “the debt is all controllable and manageable, unlike how some media claim. It is significant that we are dealing with this issue – and the government is considering measures to reduce the corporate leverage ratio prudently and proactively.” Tianjin is an example of where innovation and technology in China have enhanced growth performance, Yan Qingmin, the municipality’s Vice-Mayor, told participants, remarking that the city’s economy is expanding at 9%, thanks largely to new industries such as aerospace. Lei Jun, Founder, Chairman and Chief Executive Officer of tech company Xiaomi, who is a Co-Chair of the Annual Meeting of the New Champions 2016, confirmed that the landscape for entrepreneurs in China had changed significantly over the past 20 years, with scores of innovative companies emerging. “Angel investment is still lacking,” he lamented, but tax reforms could address that problem. China is engaged in an enormously difficult transition, Feike Sijbesma, Chief Executive Officer and Chairman of the Managing Board of Dutch multinational Royal DSM, which over its 115 years in business has shifted from coal mining to the health, nutrition and materials sectors. Drawing lessons from his company’s transformation, Sijbesma suggested that the most difficult part of China’s transition is implementing the necessary leadership and competencies needed to change the culture to support innovation and the development of a services economy and global brands. “The fundamentals are very good in China,” he noted. “The middle class is growing, the capital is there, the infrastructure is there, and the technical expertise is there.” China’s advantage is its openness to collaboration and partnerships, as well as the government’s commitment to focus on improving the rule of law, including the protection of intellectual property rights, and infrastructure, reckoned Hugh Martin, Chief Executive Officer of Sensity Systems in the US, which provides sensor-based lighting solutions for cities. Sensity recently announced a partnership with the Chinese Academy of Sciences for a joint venture in Guangzhou that would create technology specifically developed for Chinese urban areas. The systems would be “compatible with world-class software,” Martin said. The World Economic Forum’s 10th Annual Meeting of the New Champions is taking place on 26-28 June in Tianjin, People’s Republic of China. Convening under the theme, The Fourth Industrial Revolution and Its Transformational Impact, more than1,700 business leaders, policy-makers and experts from over 90 countries are participating in more than 200 sessions over the three days of the meeting. Notes to Editors: Follow the Annual Meeting of the New Champions 2016 (#amnc16) at http://wef.ch/amnc16 Follow the Forum in Chinese on Sina Weibo at http://t.sina.com.cn/davos Watch sessions on demand on YouTube at http://wef.ch/youtube Watch sessions on demand in Chinese on Youku at http://wef.ch/youku View the best Forum Flickr photos at http://wef.ch/pix Watch live webcasts of sessions at http://wef.ch/live Become a fan of the Forum on Facebook at http://wef.ch/facebook Follow the Forum on Google+ at http://wef.ch/gplus Follow the Forum (#WEF) on Twitter at http://wef.ch/twitter and http://wef.ch/livetweet Read the Forum Agenda at http://wef.ch/agenda View upcoming Forum events at http://wef.ch/events Subscribe to Forum news releases at http://wef.ch/news Subscribe to the Forum Agenda RSS feed at http://wef.ch/rss

Phones Of Five French Ministers Infected By Pegasus Malware- Report

Phones Of Five French Ministers Infected By Pegasus Malware: Report
Paris, France: The mobile phones of at least five French ministers and a diplomatic advisor to President Emmanuel Macron were infected by the Israeli-made Pegasus spyware, sources told AFP on Friday, confirming a report by the Mediapart investigative website.French security services detected the software while inspecting the phones, with the intrusions believed to have taken place in 2019 and 2020, according to the report from Mediapart on Friday.Pegasus, made by the Israeli firm NSO Group, can switch on a phone’s camera or microphone and harvest its data, and was at the centre of a storm in July after a list of about 50,000 potential surveillance targets worldwide was leaked to the media.The media consortium behind the revelations, including The Washington Post, The Guardian and France’s Le Monde, reported at the time that one of Macron’s phone numbers and those of many French cabinet ministers were on the leaked list of potential targets.French authorities declined to comment on Friday.The five ministers targeted are Education Minister Jean-Michel Blanquer, Territorial Cohesion Minister Jacqueline Gourault, Agriculture Minister Julien Denormandie, Housing Minister Emmanuelle Wargon and Overseas Territories Minister Sebastien Lecornu, Mediapart said.Two French sources with knowledge of the investigation confirmed the veracity of the report, while asking not to be identified by name because they were not authorised to speak to the media.”My phone is one of those checked out by the national IT systems security agency, but I haven’t yet heard anything about the investigation so I cannot comment at this stage,” Wargon told the L’Opinion website Friday.One of her aides told AFP that “the minister doesn’t have access to any state secrets, so we can’t really see the point of spying on her.”In July, Le Monde reported that evidence of an attempted hacking was found on the phone of the former environment minister and close Macron ally Francois de Rugy, with the attempt allegedly originating in Morocco.PromotedListen to the latest songs, only on JioSaavn.comMorocco’s intelligence services were also accused of being behind the hacking of journalists in France, but the kingdom’s government has denied the claims and launched legal action alleging defamation.(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Paris Blockchain Week Summit Announces Its 2020 Speaker Lineup

Paris Blockchain Week Summit Announces Its 2020 Speaker Lineup
Paris Blockchain Week Summit Announces Its 2020 Speaker LineupFollowing a Successful First Year, Global Conference to Feature Prominent Speakers in Politics, Technology, Business and Finance, with support from Bruno Le Maire, French Minister for the Economy and FinanceParis, France – January 16th, 2020 – Paris Blockchain Week Summit (PBWS), the first international conference held in France dedicated to professionals in the blockchain and crypto-assets space, has announced the primary speaker lineup for its upcoming event on March 31 – April 1, 2020.Following a successful first edition last spring that attracted more than 1,700 attendees from 57 different nationalities, more than 100 media figures, and featured 130+ speakers, PBWS 2020 will take place at Station F, the world’s largest start-up campus and incubator. PBWS will once again feature the most renowned figures in the emerging technology space, with this year’s event expected to attract 2,500 French and international industry professionals. Organized byWoorton, Chain Accelerator and Datalents, the event will be opened and supported by Bruno Le Maire, French Minister for the Economy and Finance.Michael Amar, Co-Host of Paris Blockchain Week Summit, commented: “Recently, the PACTE Law came into effect in France, which represents an immense opportunity for innovative companies operating in the sector. PACTE outlines an action plan for business growth and transformation, providing a regulatory framework for the crypto economy that brings much needed legal certainty. Our goal with PBWS 2020 is to bring a world-class event to France, and foster the growth of the ecosystem as a whole. We look forward to welcoming our international speakers, partners and attendees to take part – and stay tuned for more details on what to expect in March!”PBWS will showcase the French regulatory framework and ecosystem, while fostering the ongoing development of the blockchain space. Renowned speakers from the most prominent blockchain and crypto-asset organizations will take the main stage to present the latest advances in the industry and their sentiment in four tracks: Tech Builders, Open Finance, Enterprise Blockchain and Public Policy. Some key topics addressed on stage include stablecoins, crypto lending platforms, DAOs, governance, developer communities, collectibles and decentralized mobility.More than 100 international speakers from varied sectors including politics, technology, business and finance will present at the event, including: Bruno Le Maire, Minister for the Economy and Finance; Cédric O, Secretary of State for Digital Affairs; Dr. Jutta Steiner, Founder & CEO of Parity Technologies; Ryan Selkis, Co-Founder and CEO of Messari; Bertrand Perez, President of Libra Association; Meltem Demirors, Chief Strategy Officer atCoinShares; Paul Brodsky, Partner at Pantera Capital; Kathleen Breitman, Co-Founder of Coase; David Rutter, Founder and CEO of R3 and Arthur Breitman, Co-Founder of Tezos.Wei Zhou, CFO of Binance and Speaker at PBWS 2019, concluded: “PBWS is doing an amazing job at galvanizing our industry in France.”Furtherdetailsontheotherspeakersannouncedtodaycanbefoundatpbwsummit.com/speakers.###Michael Amar, Co-Host of Paris Blockchain Week Summit, is available for interviews.About Paris Blockchain Week SummitThe second annual Paris Blockchain Week Summit (PBWS) will be held at Station F in the French capital on March 31 – April 1, 2020. First launched in April 2019, PBWS was the first international conference held in France dedicated to professionals in the blockchain and crypto-assets space. The event is organized by leading emerging technology companies and organizations: Chain Accelerator, Woorton and Datalents. Supported by some of the leading figures in tech and politics, PBWS will accelerate the growth of blockchain and digital assets in France and beyond. The first confirmed event partners are La French Tech, Digital Currency Group, Tezos, Cognizant, Web3 Foundation, Algorand, PwC, Chainalysis, Bitpanda, KPMG, Nomadic Labs, Celsius Network, ZenGo, Blockchain Chamber of Commerce, BitCherry, Neokids, New York Exchange Coin, Orbit Network, PRIViLEDGE, Medwish, MyReflet, Sullivan & Worcester LLP, Just Mining, Globitex, NLV8, La Parisienne Assurances, Feel Mining.Media Contact:Eoin McGinleySenior Consultant // Wachsmaneoin.mcginley@wachsman.com // +353 (87) 344 4938