Home>Top Issues

Former Sinopec chairman urges update on globalization thinking

Monday,Apr 17, 2017

From: China Daily

 

Fu Chengyu, former chairman of Sinopec. [Photo provided to China Daily website]

 

Chinese enterprises need to become more competitive amid globalization, Fu Chengyu, former chairman of Sinopec, Asia’s largest petroleum refiner, told a roundtable forum host by the Center for China and Globalization.

Here are some of remarks from Fu’s keynote speech, in which he also urged some companies to update their understanding of internationalization which isn’t just about throwing money overseas.

Globalization, when first advocated by the United States, was intended to be an open market that could facilitate investment globally. As a developing country, China joined in and tried to find its say while getting benefits from it.

For multinational companies, globalization per se is in line with improving competitiveness and it also applies to Chinese enterprises who are seeking to develop across the world.

Despite much improvement in the competitiveness of Chinese companies in the past 20 to 30 years, they are still lagging behind their global competitors in terms of innovation and high-end technology.

Globalization, in the end, lies in the competition at a national level and enterprises’ level worldwide. Therefore, at the current stage, the priority for Chinese enterprises lies in the elevation of their own competitiveness among their global counterparts.

To improve competitiveness, the first step for Chinese companies is to build up a world-recognized management, execution and operation system from within.

On the other hand, Chinese enterprises should restrain their desire to be a leader or a rule-maker of global trade, instead, we need to participate in the global market first. It would take decades for Chinese enterprises to set up a complete governance system over globalization, which could be a target in the long run.

In the future, Chinese enterprises might encounter more difficulties for investment and trade in the US. That’s not because the US is giving up on globalization for protectionism. In fact, they still need overseas markets for their enterprises to expand, but the risk for Chinese enterprises is that the US market would be more unfriendly for foreign enterprises.(By Zhao Manfeng)

From China Daily, April 2017

 

 

  • US and China Can Work Together on Asia Pacific Trade Arrangement

    As the only representative of think tank from China, CCG(Center for China and Globalization) President Wang Huiyao delivered a keynote speech and participated in the dialogue about the prospect of free trade agreements in Asia Pacific.

  • The long march abroad

    The extraordinary outflow of people from China is one of the most striking trends of recent decades. Since the country started opening up in 1978, around 10m Chinese have moved abroad, according to Wang Huiyao of the Centre for China and Globalisation(CCG), a think-tank in Beijing.

  • 2017 “Global Go To Think Tank Index” Report Released; CCG Ranked among World’s Top 100 Think Tanks

    On Jan. 30, 2018, the 2017 Global Go To Think Tank Index Report (GGTTI), the most internationally influential think tank ranking system by the Think Tank and Civil Societies Program (TTCSP) at the University of Pennsylvania, was launched in turn by more than 170 institutions in over 100 cities around the world.

  • More overseas Chinese students lured by China’s economic strength

    China’s economic might is attracting more overseas Chinese students home, with over 2.6 million having already returned and their numbers still growing, government data shows.

  • On Trump’s inauguration

    World Insight Studio make a discussion on the Trump’s inauguration, Dr. Wang Huiyao, the President of the Center for China and Globalization (CCG) , Tom McGergor, the Geopolitical Analyst, David Woodard, Political Professor from Glemson University and Parag Khanna, global strategist from Naitonal Univeristy of Singapore, to sharing their opinions.