EY Strategic Growth Forum™ session highlight
Navigating China – opportunities and challenges
As the fastest growing economy in the world, China offers ample opportunities to foreign companies with cross-border ambitions. In particular, the emerging middle class makes the opportunity so large that there is really a piece of the pie for everyone.
But how can organizations successfully operate, invest and expand in China in a way that stands out from the competition? SGF China guests from five leading multinational organizations shared their top tips for seizing growth opportunities and successfully navigating China.
- Relationships based on respect, honesty and sharing, that are nurtured over time are the backbone of all that you do in China. This applies to relationships with governments and regulators, business partners, local communities, vendors, distributors and employees.
- Joint Ventures are one partner group it’s worth spending up to a third of your time managing. Their local and cultural knowledge, community ties and resources, perspective on the business environment and cooperation are invaluable.
- Talent – a balance of international and local talent will help you create solutions no one can replicate and truly meet the needs of your customers.
- Competitors do not always need to be “competitors” – but can become partners in a mutually beneficial endeavor.
- Don’t assume anything. About anything.
The panel was moderated by Nigel Knight, Managing Partner Advisory Services, EY. The panelists were: Kenneth Chan, CEO and APMEA Division President, McDonald’s China; Herb Kohler, Chairman and CEO, The Kohler Company; Ross Shuster, President, North Asia, United Technologies; Qihua Chen, VP, Caterpillar Inc. Chairman, Caterpillar (China); Steve Roder, Senior Executive VP and CFO, Manulife Financial.