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Saturday, March 23, 2019

CEIBS Hosts Beijing Executive Forum on Globalisation

March 23, 2019. Beijing – The latest CEIBS Executive Forum was held today at the CEIBS Beijing Campus on the theme of Globalisation: Integration, Divergence and the Future. CEIBS Vice President and Dean Ding Yuan presided over the event, which also featured for French Prime Minister and CEIBS Distinguished Professor Dominique de Villepin and former ICBC Chairman and CEIBS Adjunct Professor of Finance Jiang Jianqing.

Speaking about the process of Chinese companies going global, Prof. de Villepin highlighted the importance of building credibility in an all-round manner and also emphasised several lessons Chinese companies could draw from past practice. According to Prof. de Villepin, when entering an overseas market, a company needs to have a clear understanding of the local political and cultural environment and regulatory policies. It is also critical to ensure transparency and inclusiveness of investment. The company should adopt a strategic long-term vision and work with stakeholders in a mutually beneficial way to achieve win-win results. He further suggested that Chinese companies set up an international advisory committee or collaborate with local universities and think tanks to formulate a more effective overseas strategy and facilitate the implementation of overseas projects.

During his speech, Prof. Jiang said, “In a world knit so closely together, any attempt to cut off commodity flow, capital flow, and information flow from each other will be as futile as separating the hydrologic cycle from atmospheric circulation.” Prof. Jiang went on to illustrate the importance of coordinating through global political and financial policies by referencing the 2008 global financial crisis. He added that, “problems arising from globalisation can only be addressed through enhanced global governance in the context of global development.” Chinese companies are bound to encounter scepticism along their path to going global – a fact which necessitates better communication with other countries and foreign businesses. To ensure the sound momentum of economic globalisation, governments, companies, and communities across the world should join hands to build and preserve an open and inclusive global economy for common prosperity.

Finally, Prof. Ding hosted a roundtable discussion on Arts and Business in the Global Context, during which all three exchanged ideas on the financial mechanism of the art market and how to build brands featuring Chinese cultural icons. They also took questions from CEIBS alumni in the audience. According to Prof. Jiang, value, authentication, appraisal, and circulation of artworks are essential for the art market and a set of matching rules and regulations should be put in place. He stated that he believes China’s art market must still be improved and that the country has a long way to go to build a sophisticated financial mechanism for works of art. Prof. de Villepin also put particular emphasis on the need to ensure the quality of artwork and brands and that brands can only become globally recognised after their quality has stood the test of time and the international market.

Michael D. Thede