March 23, 2019. Wenzhou – As the Chinese economy gears up with new growth engines, the international market continues to be plagued by anti-globalisation sentiments. Faced with new changes in a new era, how should Chinese private business executives keep pace with the latest trends and blaze new trails? The first CEIBS Innovation Forum of 2019 was held in Wenzhou today, where CEIBS Professor of Economics and Finance, Wu Jinglian Chair in Economics, and Associate Dean Xu Bin exchanged ideas with business leaders on how to get China’s private businesses out of their current dilemma and back on the track of growth.

Deputy Secretary General of Wenzhou Municipal Government Dai Xuqiang and CEIBS Assistant President Dr. Snow Zhou delivered the welcome speeches at the event. In his address, Mr. Dai stressed the significant role of the CEIBS alumni community in promoting China’s economic development.

Prof. Xu Bin then analysed China’s domestic and global economic climate at the macro level and proposed his “3S advantages” – scale, scope and speed – for the country’s economic growth. He also pointed out that China’s previous capital-driven model is likely to be unsustainable due to a diminishing marginal driving force. In order to maintain a medium-to-high pace of growth, he said, China must improve its overall productivity and transition to an efficiency-driven economy.

In his speech, Zhejiang Semir Garment Chairman Mr. Qiu Guanghe (CEIBS CEO 2008 Class) called for a new way of thinking as a way out for private businesses. He further summarised four lessons from Semir’s own transition:

1. Respect the market and consumers, promote supply-side reform, and accelerate the globalisation of the industry chain;
2. Focus on what you are good at, such as R&D, branding, or IT-based development, instead of trying to do everything;
3. Aim for long-term development with strong determination, confidence, patience, sincerity, and willingness; and,
4. Put people first and strengthen incentive mechanisms.

In addition, he stated that, “Despite current challenges, I still believe the future of private businesses is firmly in the hands of private entrepreneurs themselves.”

Finally, Prof. Xu Bin hosted a roundtable discussion on The New Way Out for Wenzhou Private Enterprises, during which Zhejiang Dusto Shoes Co., Ltd. Chairman Chen Guangmin, Hangzhou Hisazumi Technology Industry Co., Ltd. Chairman Saburo Hisazumi, Shinyway International Founder and Chairman Ma Yawei (CEIBS EMBA 2004), 365 Investment Group Chairman Wang Zhonghui (CEIBS EMBA 2012), and Kris Xu fashion brand Founder and Chief Designer Xu Kun (CEIBS EMBA 2008) shared various insights.

CEIBS Innovation 2019 Forums will also be held in Chengdu, Wuhan, Zhengzhou, and Nanjing, where they will provide a platform for CEIBS professors and well-known entrepreneurs to discuss and interpret the new business thinking in the internet era.