Boao Forum for Asia (BFA) Annual Conference 2019
MNCs in Competition forged by new technologies
Deloitte supported the "CEO Roundtable: MNCs in China" on the second day of Boao Form for Asia Annual Conference 2019.
The roundtable focusing on "repositioning amid Industry 4.0" was moderated by Deloitte China Chief Economist and Partner Sitao Xu. Special guests included Chairman of Johnson & Johnson China Will Song, President of Tata Sons Limited China James Zhan, President of Ericsson (China) Communications Co., Ltd. Juntao Zhao and General Manager of Mars Foods (China) Co., Ltd. Yinghua Niu. Deloitte Asia Pacific CEO Cindy Hook, Deloitte Asia Pacific Clients and Industries Leader and Deloitte China Vice Chairlady Vivian Jiang, and Deloitte China CFO Program and MNC Sector Leader Jens Ewert also attended the event.
Attendees believe that, as trade protectionism is being disrupted by technologies under the wave of Industry 4.0, major economies are repositioning themselves across the value chain. Meanwhile, MNCs are also accelerating their integration into Chinese market and seeking breakthroughs by working with local companies. Apart from revenue growth, businesses should also consider what societal impact will be brought by technological innovation.
Most attendees expressed optimism about the prospect of China-US trade relations, believing that the impact of uncertainties around the frictions is still within a controllable range. Given China's large consumption market, they will continue to implement the "In China for China" strategy to minimize the operational impact of tariffs. In addition, they will mitigate risks by exploring new trade models and optimizing the supply chain. The improved economic structure and further opening-up of market is likely to bring more opportunities to MNCs. The newly launched Foreign Investment Law will encourage foreign investors to join in areas such as intelligent manufacturing, finance and technology through competitive cooperation with local companies.
"Exposed to both challenges and opportunities, MNCs will make strategic decisions with a long-term vision. They are optimistic about the vitality and outlook of China's economy, seeing the booming new economy and technical innovation in the country," commented Deloitte Asia Pacific CEO Cindy Hook at the end of the event.
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