Home>Top Issues

How Can China Build World-Class Multinational Corporations?

Thursday,Sep 07, 2017

From: NewsChina

 

August 30, the Beijing-based Center for China and Globalization invited Lady Barbara Judge, the first female chair of the UK’s Institute of Directors, to share her views about successful corporate governance among her nation’s top firms.

Lady Judge offered some practical tips on how Chinese companies can achieve success abroad.

Transparency and trust were the two factors crucial to the success of any international business, Lady Judge said. Chinese enterprises, as relative "latecomers" to global markets, needed to focus on two areas. The first was corporate governance. Good corporate governance enhances a company’s trust and transparency, both crucial for the success of a global push. The second was cultural sensitivity, something that must start at the very top of the company. Strategy and management must be integrated in any corporation seeking to do business worldwide. An advisory board with an international outlook and local experience is a great way to strengthen understanding and mutual trust.

Though Chinese firms are learning to adapt to local environments and work with local partners and stakeholders effectively, much more needs to be done, she said. Cross-border enterprises cannot overlook the significance of stakeholder mapping that goes beyond one-way engagement in countries outside of China. It must be a comprehensive system that analyzes all the stakeholders based on impact and influence. And Chinese businesses must persuade those outside China that doing business together will lead to mutual gain and added value.

Lady Judge said official and governmental support was necessary, but corporations needed  to take the initiative and seek partnerships with foreign multinationals to in order to achieve worldwide success.(By Zhang Qingchen)

From newschina,2017-8-31

 

  • China should be cautious with financial globalization

    Discussions about globalization in the Chinese mainland are quite different from those in the US. In the mainland, the discussion basically focuses on the real economy or manufacturing.Talking about innovation, it must be noted that China cannot and should not innovate in financial globalization.

  • Thriving sharing economy faces uncertainties

    Bicycles, umbrellas, chargers and even the gym… more and more daily necessities are being introduced to the Chinese market for sharing. In early July, a nap capsule popped up in office buildings in Beijing, Shanghai and Chengdu and soon gained a following of committed nappers.

  • Ottawa looks to reclaim ‘lost opportunity’ in Beijing bank

    The Asian Infrastructure Investment Bank will soon begin accepting applications for countries that want to join its 57 existing members. The Beijing-based bank has set Sept. 30 as a deadline, a date that matches with a planned visit to China by prime minister Justin Trudeau in early September.

  • Shanghai ranked as the most attractive place in China for expats

    To literally no one’s surprise, Shanghai has once again topped yet another ranking of the most attractive places in China for expats to live and work.

  • Wang Huiyao: How a Xi-Trump summit could yield progress

    The first meeting between Xi Jinping, China’s president, and Donald Trump, his US counterpart, has generated intense interest across the Pacific. Mr Trump’s invitation to Mr Xi came earlier than expected but the US president has already toned down his rhetoric against the country that he believes has caused huge trade deficits and job losses for the US.