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Despite the uncertainties surrounding China-US trade relations and rising protectionism in the world, Robert E. Moritz, chairman of the PricewaterhouseCoopers International Network, said he still sees positive trends that will fuel the global economy’s steady and more inclusive growth.
The head of the Londonbased accounting and consulting firm believes that the rise of the middle class and the need for urbanization in regions such as Asia Pacific will continue to create demand for more goods and services, which is critical for continuous growth.
In particular, China’s pursuit of higher-quality growth driven by technology, services and consumption, as well as the Belt and Road Initiative will provide huge business opportunities for multinational companies, not only within the country but also across the regions involved in the initiative, Moritz said.
PwC is well-positioned to benefit from the next round of China’s reform and openingup. The firm hopes to tap into opportunities related to Chinese companies’ going abroad and need to better understand their investment destinations.
Meanwhile, data-related technology is transforming PwC’s business, as Moritz sees the company transforming from a solely people-driven business, also becoming digital enterprise.
In an interview with China Daily, Moritz talked about his views on the global economy, PwC’s future operations and how his experience in Asia and China has influenced his career.
Despite the uncertainties around China-US trade, what are the positive trends that underpin global growth?
First of all, it is the first time in a long time that just about every region around the world is experiencing economic confidence and growth. Previously, we would see one or two regions stumbling or having problems. I think there will be positive momentum going forward.
Second, macro trends remain fundamentally sound. There are many people experiencing rising living standards, especially in terms of the rising middle class and their ability to participate in the economy not only as workers but also as consumers. That creates the demand for goods and services.
Third, there is a need for urbanization, particularly in Asia Pacific and Africa. The movement of people requires infrastructure support and other necessities as part of that urbanization.
All of these megatrends could continue to fuel highquality and inclusive economic growth for many years to come. become clear that the role of a chairman or a CEO is to interact with many stakeholders to determine the best course of action for an organization and to respond to those stakeholders’ needs.
That means engaging with clients, the investing public, regulators, academics, potential recruits and existing employees. It is important to be inclusive and intellectually curious about what is important to them. This helps you to determine what your strategy should be and what you should prioritize.
The second key aspect is creating a great leadership team. It is about making sure you have the right and equally weighted resources that demonstrate the values of an organization.
The third is open communication. You always have to be talking not only about what you are doing but why you are doing it.
Those three factors are very important lessons as we think about leading our organizations today, leading them through changes and enabling them to succeed going forward.
How has your experience in China and Asia influenced your career?
I had experience in Asia early on in my career. It not only helped me to be more intellectually curious about countries like China, but also to be more appreciative of it. Spending time in Asia in the early 1990s was a great opportunity for me to experience a different part of the world. It was the first time I had traveled overseas and the first time I had a passport. It allowed me to interact with many people in many different countries.
A chance to go to Hong Kong and the Chinese mainland was great from a personal perspective as well as from a professional perspective. I think that is important as you think about the appreciation of different points of view and that each country has a different way of working. It is important to put yourself in the shoes of the people living in those countries before you try to dictate what you expect of them.
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