The fu­ture ahead

ChinAfrica - - Business -

China en­deav­ors to adapt to the lat­est global tech­nol­ogy and in­dus­trial revolution, push for­ward the shar­ing econ­omy, strive for op­ti­mal al­lo­ca­tion of re­sources, re­duce over­ca­pac­ity and fos­ter growth mo­men­tum, ac­cord­ing to the State Coun­cil Ex­ec­u­tive Meet­ing in late June.

Pre­mier Li men­tioned in his speech at the 2017 Sum­mer Davos that China will fur­ther ex­pand mar­ket ac­cess in the ser­vice and man­u­fac­tur­ing sec­tors, re­lax re­stric­tions on for­eign own­er­ship, and treat do­mes­tic and for­eign com­pa­nies on an equal ba­sis.

China’s adap­tive gov­er­nance is wel­comed by busi­ness lead­ers. More than 90 per­cent of Chi­nese CEOS are con­fi­dent in the growth out­look of their com­pa­nies, a higher per­cent­age than their global coun­ter­parts, ac­cord­ing to a KPMG CEO sur­vey, ti­tled 2017 China CEO Out­look - Dis­rupt and Grow, pub­lished on June 27. The sur­vey gath­ered re­sponses from 1,261 CEOS world­wide, in­clud­ing 125 from China.

It shows that over the next three years, two thirds of Chi­nese CEOS are pre­dict­ing top-line growth of 2 per­cent or more, while over the next year, 97 per­cent plan to in­crease their head­count, both ahead of their global peers.

KPMG China Chair­man Benny Liu said that China’s re­struc­tur­ing process and in­creas­ingly so­phis­ti­cated con­sumers are lead­ing to both chal­lenges and op­por­tu­ni­ties. CEOS are re­spond­ing to this by em­brac­ing tech­no­log­i­cal dis­rup­tion to in­no­vate their pro­duc­tion and dis­tri­bu­tion mod­els, as well as to cre­ate new prod­ucts.

“The process of China’s con­tin­ued re­form and open­ing up needs par­tic­i­pa­tion from for­eign cap­i­tal, for­eign busi­nessper­sons and for­eign wis­dom,” Pre­mier Li said. “We wel­come for­eign busi­nesses to carry out merg­ers, ac­qui­si­tions and re­or­ga­ni­za­tions in China. China will fur­ther ex­pand mar­ket ac­cess for them, ap­ply the neg­a­tive list ap­proach and treat them the same way as do­mes­tic firms.”

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