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CEO Survey : le point de vue des dirigeants chinois (2012)
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L’étude globale CEO Survey de PwC a été réalisée sur la base de 1258 entretiens avec des chefs d’entreprise issus de 60 pays, entre septembre et décembre 2011. ...

L’étude globale CEO Survey de PwC a été réalisée sur la base de 1258 entretiens avec des chefs d’entreprise issus de 60 pays, entre septembre et décembre 2011.

L’étude CEO Survey – Point de vue des dirigeants chinois est un extrait de cette étude, faisant un focus particulier sur le marché chinois. Elle a été réalisée sur la base d’interviews de 160 dirigeants, dont 122 sont basés en Chine continentale et 38 à Hong Kong.

Retrouvez toutes nos publications : www.pwc.fr/publications

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CEO Survey : le point de vue des dirigeants chinois (2012) Document Transcript

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  • 4. 8;: 51% of China CEOs are very confident of their revenue growth prospects in 2012, compared with 40% globally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http://news.bandao.cn/news_ html/201202/20120210/news_20120210_1798817. C:$2>%:*>%*<=+<F*>%$20C>%B*,X`*&A*)56@* shtml?i|146707:2 >%*1>%21%C*).>%1*1%C*Y&%B*Z&%B** a@::*N>B08:*+b"* Figure 1: More than half of China CEOs believe the global economy will decline in 2012 (%) Q: Do you believe the global economy will improve, stay the same, or decline over the next 12 months? 4 15 Global 4 27 China & 48 56 Hong Kong 14 34 Improve Stay the same Decline Don’t know Base: All respondents (1,258); China and Hong Kong (160) Source: PwC 15th Annual Global CEO Survey 20124 (!)*+,-.*/%%012*32&412*)56*7089:;*<=+<*
  • 5. H.>@*#:@@>>@*.1@*C>@80#-:C*-.:* H.:*#8&@#:$-*&A*@2&!:8*B8&!-.*.1@* #:8$:%-1B:*&A*)56@*!.&*18:*^9:8;* f<`*&A*).>%1*)56@*!:8:*^9:8;* #8&@#:$-@*>%*-.:*$&>%B*+<*&%-.@*A:22* ).>%1*)56@*18:*@->22*&#->>@->$*14&0-* A8&*cd`*21@-*;:18*-&*c=`*-.>@*;:18"*H.>@* :$.&:@*1*A122*>%*-.:*B2&412*B8&!-.*81-:* B:%:81->%B*B8&!-."*3&9:8%:%-* A8&*e"d`*>%*<=++*-&*1*A&8:$1@-*e"e`*>%* #8&B81:@*-&*:%$&081B:*C&:@->$* <=+<"<* $&%@0#->&%*1%C*).>%1K@*@-8&%B*-81C:* ).>%1K@*B8&!-.*A&8*<=+<*>@*A&8:$1@-*1-* f",`e*M*&8:*-.1%*C&042:*-.:*B2&412* 81-:"*H.>@*81-:*>@*@->22*2&!:8*-.1%*-.:* B8&!-.*1$.>:9:C*C08>%B*-.:*!&8@-*&A*-.:* 2 IMF World Economic Outlook Update, January 2012. 3 Fifth session of the Eleventh National People’s Congress, 5 March 2012.Figure 2: Confidence has fallen, but a majority of CEOs are still very confident in China (%)Q: How confident are you about your company’s prospects for revenue growth over the next 12 months? Yearly comparison of CEOs who are ‘veryconfident’.75 72 68 73 60 51 5050 52 48 40 29 3125 21 China and Hong Kong Global0 2007 2008 2009 2010 2011 2012Base: All respondents, China and Hong Kong (2012 =1,258, 160; 2011=1,201, 46; 2010=1,198, 60;2009=1,124, 63; 2008=1,150, 52; 2007=1,084, 47)Source: PwC 15th Annual Global CEO Survey 2012 ).>%1?*-81%@A&8>%B*9120:*A&8*B8&!-.* 5*
  • 6. /@*!>-.*-.:>8*$&0%-:8#18-@*&9:8@:1@F* )56@*>%*).>%1*$&%@>C:8*0%$:8-1>%*&8* 9&21->2:*:$&%&>$*B8&!-.*1@*-.:*4>BB:@-* -.8:1-*-&*-.:>8*B8&!-."*H.:;*12@&*#21$:*1* 218B:8*!:>B.-*-.1%*-.:>8*$&0%-:8#18-@*&%* #8&-:$->&%>@*1@*-.8:1-@*-&*B8&!-.F*!>-.* 2:@@*:#.1@>@*&%*&9:8I8:B021->&%F* !"#$%&()*+,-"(#$(.+$-/0- 7.&02C*!:*$&%@>C:8*f",`*B8&!-.*1%* 0%:G#:$-:C*@2&!C&!%*&8*1*#&!:8A02* :%B>%:*&A*B2&412*B8&!-.g*W-K@*1*4>-*&A* 4&-.F*&A*$&08@:"*H.1-*B8&!-.*81-:*>@* :G#:8>:%$:C*>%*<=+=*1%C*!&02C*4:* -.:*@2&!:@-*:G#1%@>&%*@>%$:*).>%1K@* 1$$:@@>&%*-&*-.:*S&82C*H81C:* 68B1%>@1->&%*>%*V:$:4:8*<==+"* P0-*>-*>@*12@&*&8:*-.1%*C&042:*-.:* B2&412*B8&!-.*81-:F*1J>%B*).>%1* -.:*A1@-:@-*B8&!>%B*1L&8*:$&%&;* >%*-.:*!&82C"* D",10A32E,$*#A2)?F8: .),3("%$1$2GH2E(2A 6%:*!1;*&A*9>:!>%B*>-*>@*-&*2&&J* *0,3A,3$,)%H,32)+10 1-*).>%1K@*+<-.*N>9:IO:18*(21%F*A&8* <=++I+,F*!.>$.*$122@*A&8*f`*1%%012* 2$.#$2,+.0,6%0.),3("I B8&!-.*-.8&0B.*-&*<=+,"*7::%*>%* -.1-*2>B.-F*f",`*>@*8:21->9:2;*.:12-.;F* #18->$02182;*1B1>%@-*-.:*.:1C!>%C@* &A*1*B2&412*:$&%&>$*@2&!C&!%"* /%C*-.:*+<-.*N>9:IO:18*(21%* #8&9>C:@*9120142:*$&%-:G-*A&8* 0%C:8@-1%C>%B*-.:*#21%@*&A*).>%1K@* 40@>%:@@*$&0%>-;"*H.:*!:>B.-* &A*).>%1K@*#&2>$;*>@*2>J:2;*-&*@.>A-* -&!18C@*@0##&8->%B*-.:*B&12@* >%$20C:C*>%*-.:*#21%F*1@*!:*.>B.2>B.-* >%*-.>@*8:#&8-F*1%C*$&#1%>:@* &#:81->%B*>%*).>%1*18:*#1;>%B*$2&@:* 1--:%->&%"6 (!)*+,-.*/%%012*32&412*)56*7089:;*<=+<*
  • 7. JK"2)2%)2*(#000%).2),,-*+,)#-H),/2-2$(,$("2 32&412*40@>%:@@:@*1%C*).>%:@:*0#/#$.*(%$A%)A*,+-,*(,+("2!"#$2*2H,H10%(#,$F 02->%1->&%12@*$&%->%0:*-&*-08%*-&!18C@*L2"%/2$,(72()2%E"2A%6%0%$E2H,#$(,$("#*5*, ::8B>%B*18J:-@*-&*C8>9:*B8&!-."*("#*3#00E,$*(#(1(2%*(),$.A)#/#$.+,)E2+,)+1(1)2 H.:*8>@:*>%*>%9:@-:%-*1%C*$&:8$:*A,-2*(#EE,$*1-H(#,$.),3("FM -&*1%C*A8&*::8B>%B*:$&%&>:@*M* &8:*#8&%&0%$:C*-.1%*>%*1%;*#:8>&C* ).:0%B*O1%F*).1>821C;*&A* * Q>%:*V81B&%@*(1#:8*aY&2C>%Bb*[>>-:C &9:8*-.:*#1@-*C:$1C:*M*$8:1-:@*91@-* 18J:-*#&-:%->12"*Y12A*&A*)56@*41@:C*>%* C:9:2&#:C*18J:-@*4:2>:9:*-.1-*::8B>%B* :$&%&>:@*18:*&8:*>#&8-1%-*-&*-.:>8* $&#1%;K@*A0-08:F*1@*C&*Xe`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h120:* B&:@*&%" #8&#&@>->&%@*18:*@.>A->%B*A8&*2&!*$&@-* -&*.>B.*C:@>B%"* 6A*$&08@:F*-.:*D7*1%C*508&#:1%*D%>&%* 8:1>%*).>%1K@*218B:@-*18J:-@"*P0-* V:9:2&#>%B*-12:%-*1-*^).>%1*@#::C_g* :G#&8-I&8>:%-:C*$&#1%>:@*18:*:G#2&8>%B* R&8:*A&$0@*&%*C:9:2&#>%B*-.:*8>B.-* &##&8-0%>->:@*$2&@:8*-&*.&:F*!>-.*).>%1* -12:%-F*81-.:8*-.1%*L0@-*.>8>%B*-12:%-"* )56@*:G#:$->%B*-&*B8&!*&#:81->&%@*>%* Y&!:9:8F*40@>%:@@:@*1;*4:* 7&0-.I51@-*/@>1*af,`b*1%C*&-.:8*#18-@*&A* C>@$&9:8>%B*-.1-*-.:*-12:%-*18J:-*C&:@* 51@-*/@>1*afX`b"*P;*$&%-81@-*&%2;*A&08*>%* %&-*;:-*.19:*1*^).>%1*@#::C_" +=*:G#:$-*B8&!-.*>%*S:@-:8%*508&#:*1%C* ,+`*>%*-.:*D7*a@::*N>B08:*eb"* ).>%1?*-81%@A&8>%B*9120:*A&8*B8&!-.* 7*
  • 8. (2)-*,+-2A#E%0*2)/#E2*52$A,3-2$(%$A 2A1E%(#,$5("2A2/20,H-2$(,+A,-2*(#E A2-%$A-%762$1)(1)2A-,)2 2++2E(#/207FM O1%B*O01%>%BF*).1>81%*1%C*)56*&A*[:%&9& Figure 3: Three-quarters of businesses in China and Hong Kong expect growth in their South-East Asian and East Asian operations Q: In the next 12 months do you expect your key operations in these regions to decline, stay the same or grow? Percentage of CEOs who have key operations in the region and who responded ‘grow’. Region of operations Company headquarters Western North Middle Latin South-East Europe America East America CEE Australasia South Asia Asia East Asia Africa China and Hong Kong 43% 51% 49% 66% 57% 57% 67% 75% 76% 47% Global 36% 55% 67% 77% 60% 57% 80% 83% 77% 75% Base: All respondents (1,258); China and Hong Kong (160) Source: PwC 15th Annual Global CEO Survey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h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aY&2C>%Bb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e`*&A*)56@*>%*]1#1%F*,X`*>%* /0@-812>1F*cd`*>%*-.:*D7*1%C*c,`*>%* $&%@0:8*#8&42:@*-.1-*18:*%&-*4:>%B* /@@&$>1->&%*&A*7&0-.I51@-*/@>1%*Q1->&%@* :-*!>-.*:G>@->%B*#8&C0$-@"c a/75/Qb"*).>%1*>@*-.:*-&#*-81C:*#18-%:8* A&8*]1#1%F*/0@-812>1*1%C*/75/Q* aA1$-&8>%B*>%*:G-:8%12*-81C:*&%2;bF*1%C*>@* -.:*@:$&%C*218B:@-*-81C:*#18-%:8*A&8*-.:* 4 PwC, ‘Profitable growth for the next 4 billion’ (forthcoming 2012). D7"*8 (!)*+,-.*/%%012*32&412*)56*7089:;*<=+<*
  • 9. ^6%*40@>%:@@*C:9:2&#:%-F*!:*!&02C*-81C>->&%122;*@-18-*!>-.*1*@-1%C18C*#8&C0$-*@:-*1%C*1C1#-*>-*-&*-.:*2&$12*%::C@F_*@1>C*[iE18&*)&#&@F*)56*&A*7SWNHF*41@:C*>%*P:2B>0"*^P0-*>%*W%C>1*1%C*).>%1*;&0*%::C*-&*A&8B:-*-.:*#8&C0$-@*-.1-*;&0K9:*B&-*1%C*@-18-*A8&*@$81-$."*7-18-*A8&*!.1-*>-*>@*-.:;*%::C*1%C*40>2C*A8&*-.:8:"_*/2&%B*@>>218*P81%C@j*W%$"F*.1@*1*:%0*>%*).>%1*-.1-*%&!*>%$20C:@*%&-*&%2;*>-@*-81C>->&%12*A8>:C*$.>$J:%F*40-*12@&*4::AF*@:1A&&C*1%C* /@*1*8:@02-F*1%;*).>%:@:*:%-:8#8>@:@*18:*8>$:*C>@.:@F*A8:@.*9:B:-142:@F*@&0#@*1%C* &9>%B*1!1;*A8&*1*@&2:*:#.1@>@*&%*48:1JA1@-@*-.1-*1##:12*&8:*-&*2&$12* 2&!*$&@-@F*-&!18C@*>%$8:1@>%B*-.:*).>%:@:*-1@-:@" 9120:I1CC:C*$&%-:%-*&A*-.:>8*#8&C0$-@* 1%C*@:89>$:@"*W%*).>%1F*df`*&A*)56@*#21%* ]0@-*1*A:!*;:18@*1B&F*).>%1*!1@*J%&!%* -&*$.1%B:*-.:>8*TUV*1%C*>%%&91->&%* 1@*-.:*^1%0A1$-08:8*-&*-.:*!&82C"_* $1#1$>-;*>%*<=+<*1%C*fd`*#21%*-&*$.1%B:* W%C::CF*>%*<=+=F*).>%1*@08#1@@:C*-.:*D7* -.:>8*-:$.%&2&B;*>%9:@-:%-@*M*1J>%B* 1@*-.:*!&82CK@*218B:@-*1%0A1$-08>%B* -.:*-.:*-!&*4>BB:@-*1B:%C1*>-:@*A&8* %1->&%",**O:-*1%;*).>%:@:*$&#1%>:@* 40@>%:@@*2:1C:8@"*W%*1CC>->&%F*ed`*&A* 1>*-&*#0-*-.1-*214:2*4:.>%C*-.:F* )56@*>%*).>%1*4:2>:9:*%:!*#8&C0$-@*1%C* 8:$&B%>@>%B*-.1-*$&#:->->9:%:@@*41@:C* @:89>$:@*M*-.:*:%CI#8&C0$-@*&A*1%;* @&2:2;*&%*2&!I$&@-*1%0A1$-08>%B*$1%*4:* >%%&91->&%@*M*!>22*4:*-.:*#8>18;*C8>9:8* :8&C:C*4;*8>@>%B*!1B:@*1%C*2&!:8I$&@-* &A*B8&!-.F*$&#18:C*-&*<d`*&A*)56@* $&#:->-&8@*&9:8@:1@"* B2&4122;*a@::*N>B08:*cb" H.:*B&9:8%:%-*.1@*8:$&B%>@:C*-.>@* B8&!>%B*8>@J"*W-@*+<-.*N>9:IO:18*(21%*.1@* 5 Peter Marsh, ‘China noses ahead as top goods 1*1L&8*A&$0@*&%*#8>91-:I@:$-&8* producer’, Financial Times (13 March 2011). >%$8:1@:@*>%*TUVF*1*@.>A-*-&!18C@* J%&!2:CB:*>%C0@-8>:@F*1%C*1%*:G#1%@>&%* &A*).>%:@:*481%C@*4&-.*1-*.&:*1%C* &9:8@:1@"* Figure 4: The importance of new products and services has risen sharply for CEOs in China and Hong Kong (%) Q: Which one of these potential opportunities for business growth do you see as the main opportunity to grow your business in the next 12 months? Responses from mainland China and Hong Kong 40 30 New geographic markets New product or sevice development Increased share in existing markets Mergers and acquisitions 20 10 0 2007 2008 2009 2010 2011 2012 Base: All respondents, China and Hong Kong (2012 =1,258, 160; 2011=1,201, 46; 2010=1,198, 60; 2009=1,124, 63; 2008=1,150, 52; 2007=1,084, 47). Responses of ‘new joint venture and/or strategic alliances’ excluded. Source: PwC 15th Annual Global CEO Survey 2012 ).>%1?*-81%@A&8>%B*9120:*A&8*B8&!-.* 9*
  • 10. k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`*>%*<=+<F*9:8@0@*<d`* >@*A18*A8&*04>0>-&0@*>%*).>%1"*/%* B2&4122;"*P0-*@>G*>%*+=*40@>%:@@*2:1C:8@*>%* 8:-&&2:C*1%C*#8&C0$->&%*81#:C*0#"*W%* :$&@;@-:*&A*>%%&91->&%*%::C@*A08-.:8* ).>%1*M*+X*#:8$:%-1B:*#&>%-@*.>B.:8* A:!*$&0%-8>:@*.19:*40@>%:@@:@*4::%*142:* C:9:2&#:%-"*H.>@*>@*%::C:C*!>-.>%* -.1%*-.:*B2&412*19:81B:*a@::*N>B08:*,b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igure 5: The majority of CEOs in China and Hong Kong see hiring in their industry 6 ‘Haier: A Chinese company that innovates’, becoming more difficult (%) Forbes (17 June 2010), http://www.forbes.com/sites/ china/2010/06/17/haier-a-chinese-company-that- Q: In general, has it become more difficult or less difficult to hire workers in your industry, or innovates/ is it unchanged? 1 12 Global 1 9 China & 44 31 Hong Kong 59 43 More difficult Unchanged Less difficult Don’t know Base: All respondents (1,258); China and Hong Kong (160) Source: PwC 15th Annual Global CEO Survey 201210 (!)*+,-.*/%%012*32&412*)56*7089:;*<=+<*
  • 11. 59:%*-&C1;F*-.:*-12:%-*$80%$.*>@*.19>%B*1* 1%C*8:-:%->&%*$.122:%B:*A&8*.12A*&A**).>%1* )56@F*9:8@0@*&%2;*&%:I-.>8C*B2&4122;"* H.>@*>@*&%:*8:1@&%*!.;*)56@*B2&4122;*18:* $&@-@*18:*#18-*&A*-.1-*:01->&%?*<f`*&A* 2&&J>%B*-&*40>2C*1%0A1$-08>%B*$1#1$>-;* -.:*)56@*!.&*.19:*A&0%C*.>8>%B*&8:* >%*1*!>C:8*918>:-;*&A*$&0%-8>:@"*W%*A1$-F* -.:;*!:8:*&8:*2>J:2;*-&*4:*B8&!>%B* :G#:$-1->&%@" $1#1$>-;*>%*P81E>2F*T0@@>1F*1%C*W%C>1*-.1%* >%*).>%1*a@::*N>B08:*Xb" $&#:->->9:*>%*@&:*@:$-&8@F*@0$.*1@* >%C0@-8>12*1%0A1$-08>%B"*7J>22:C* #8&C0$->&%*!&8J:8@*18:*1*8:$80>-:%-*Figure 6: Growing customer bases is far from the only objective of CEOs in their key overseas markets (%)Q: Which of the following objectives do you hope to achieve in the next 12 months? (The top 10 countries mentioned by CEOs in ‘Whichcountries, excluding the one in which you are based, do you consider most important for your overall growth prospects over the next 12months?’)China USA Brazil India Germany 55 61 61 46 32 46 55 54 27 26 30 22 31 24 32 79 71 83 79 72 30 23 33 38 10 14 17 11 12 16 19 34 31 31 14Russia UK France Japan Australia 53 47 49 42 44 19 49 36 15 29 34 36 22 38 19 87 78 76 81 85 31 9 21 12 12 11 10 10 16 17 26 5 6 21 19 Build R&D/innovation capacity or acquire intellectual property Build internal service delivery capacity Build manufacturing capacity Access local talent base Access raw materials or components Grow your customer base Access local source of capitalBase: China (383); USA (275); Brazil (188); India (176); Germany (152); Russia (101); UK (81); France (66); Japan (62); Australia (53)Source: PwC 15th Annual Global CEO Survey 2012 ).>%1?*-81%@A&8>%B*9120:*A&8*B8&!-.* 11*
  • 12. (:8.1#@*&A*B8:1-:8*$&%$:8%*>@*-.1-*,c`*&A* ).>%1*)56@*4:2>:9:*-12:%-*$&%@-81>%-@* .19:*#8:9:%-:C*-.:*A8&*>%%&91->%B* :AA:$->9:2;"*H.1-K@*$&%@>C:8142;*.>B.:8* W%*-.:*A0-08:F*).>%1*)56@*!>22*%::C*-&* -.1%*-.:*B2&412*19:81B:*&A*e+`*a@::* 1CC8:@@*@-80$-0812*$.122:%B:@*18&0%C*-.:* N>B08:*fb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l&4:2*C:*/;121F*).1>81%*1%C*)56*&A* %::C*-&*:%@08:*-.1-*-.:>8*2&%BI-:8* /;121*)&8#&81->&%*>%*-.:*(.>2>##>%:@ #:&#2:*@-81-:B;*>@*@0@-1>%142:" Figure 7: In China and Hong Kong, talent constraints are not only rising rapidly, but also constraining innovation (%) Q: Have talent constraints impacted your company’s growth and profitability over the past 12 months in the following ways? Percentage of respondents who said “Yes”. We weren’t able to innovate effectively Our talent related expenses rose more than expected We were unable to pursue a market opportunity We couldn’t achieve growth forecasts in overseas markets We couldn’t achieve growth forecasts in the country where we are based Our production and/or service delivery quality standards fell China & Hong Kong We cancelled or delayed a key strategic initiative Global 0 10 20 30 40 50 60 Base: All respondents (1,258); China and Hong Kong (160) Source: PwC 15th Annual Global CEO Survey 201212 (!)*+,-.*/%%012*32&412*)56*7089:;*<=+<*
  • 13. H12:%-*&4>2>-;*>@*1%&-.:8*@-81-:B;*!>-.* ,m`*&A*)56@*:G#:$->%B*&8:*B2&412* -12:%-*&4>2>-;*1%C*,f`*#21%%>%B*-&* R1%;*$&#1%>:@*>%*).>%1*12@&*#8&&-:* &9:*:#2&;::@*A8&*).>%1*&9:8@:1@F* ;&0%B:8*!&8J:8@*>%-&*>CC2:*1%C*@:%>&8* 9:8@0@*B2&412*19:81B:@*&A*cc`*1%C*,e`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m`*&A*#8&B81:*!>22*12@&*:%142:*A&8:>B%* -12:%-*&4>2>-;*#&>%-:C*&0-?*^P0@>%:@@:@*%1->&%12@*&A*).>%:@:*&8>B>%*-&*-1J:*@:%>&8* C:#:%C*&%*&%:*1%&-.:8*-&*@0@-1>%*-.:*#&@>->&%@*>%*@-1-:I&!%:C*:%-:8#8>@:@"* -12:%-*#&&2*A8&*!.>$.*-.:;*C81!*-.:>8* :#2&;::@"*V::#:%>%B*-.:*-12:%-*#&&2* 8:$80>-:%-*1%C*8:-:%->&%*$.122:%B:F*1%C*/%C*).>%1*)56@*18:*-.>%J>%B*&0-@>C:*-.:* -.8&0B.*$&2214&81->9:*1$->&%*M*81-.:8* ce`*%1:C*@:%>&8*1%1B:8@*a@::*N>B08:*4&G*-&*1CC8:@@*-12:%-*$&%@-81>%-@"*W%* -.1%*4;*$&#:->%B*A&8*>%$8:1@>%B2;* db"*Z::#>%B*J:;*2:1C:8@.>#*#:8@&%%:2*>@*).>%1F*X,`*&A*)56@*18:*>%9:@->%B*>%* @$18$:*-12:%-*8:@&08$:@*M*@:89:@*4&-.* 1%*18:1*-.1-K@*8:$:>9:C*1*2&-*&A*1--:%->&%*!&8JA&8$:*C:9:2&#:%-*&0-@>C:*&A*-.:>8* >%C>9>C012*1%C*$&22:$->9:*%::C@"_*f** &9:8*1*2&%B*#:8>&C*&A*->:"*^H.:*$:%-812*&!%*$&#1%>:@F*-&*40>2C*1*4>BB:8*41@:*&A* (:8.1#@*-.1-K@*!.;*,f`*&A*)56@*>%*).>%1* $.122:%B:*A1$>%B*0@*>@*.&!*-&*-81%@A&8*#&-:%->12*:#2&;::@*1%C*#18-%:8@"*W-K@*1* 18:*#18-%:8>%B*!>-.*&-.:8*&8B1%>@1->&%@* &08*$&8#&81-:*$02-08:*-&*1*&8:*&#:%*-8:%C*)56@*18:*8:#&8->%B*18&0%C*-.:* &%:F_*@1>C*70%*R>%B4&F*(8:@>C:%-F*!&82C"*^S:K8:*>%9:@->%B*0$.*&8:*%&!* @.&8-1B:@F*9:8@0@*&%2;*1*-.>8C*&A*-.:>8* 5G:$0->9:*V>8:$-&8*1%C*).1>81%*&A*-.:*>%*8:-81>%>%B*#:&#2:F_*@1>C*]1>:*/0B0@-&* &9:8@:1@*#::8@"* 7-81-:B;*U*W%9:@-:%-*)&>--::*&A*l&4:2*C:*/;121F*).1>81%*1%C*)56*&A*/;121*)&8#&81->&%*>%*-.:*(.>2>##>%:@"*^H.:*!&82C*>@*$.1%B>%B*@&*0>$J2;*-.1-*>-K@* 7 ‘Talent Mobility Good Practices: Collaboration at the Core of Driving Economic Growth’, WorldL0@-*%&-*:%&0B.*-&*B&*-&*@$.&&2*&%$:"_* Economic Forum (2012). Figure 8: High-potential middle managers are the biggest concern of CEOs worldwide (%) Q: With which of the following groups do you currently face the greatest challenges with regard to recruitment and retention? JK"2E2$()%0E"%002$.2 +%E#$.1*#*",3(, High-potential middle managers ()%$*+,)-,1)E,)H,)%(2 E10(1)2(,%-,)2,H2$ Skilled production workers ,$2FM 70%*R>%B4&F*(8:@>C:%-F*5G:$0->9:* V>8:$-&8*1%C*).1>81%*&A*-.:* Younger workers 7-81-:B;*U*W%9:@-:%-*)&>--::*&A* H@>%B-1&*P8:!:8;*)&*[-C" Senior management team China & Hong Kong Overseas unit heads Global 0 20 40 60 Base: All respondents (1,258); China and Hong Kong (160) Source: PwC 15th Annual Global CEO Survey 2012 ).>%1?*-81%@A&8>%B*9120:*A&8*B8&!-.* 13*
  • 14. H.:*7089:;*#&22:C*+F<,d*)56@*41@:C* >%*X=*C>AA:8:%-*-:88>-&8>:@*A8&* 7:#-:4:8*-&*:182;*V:$:4:8*<=++* M*>%$20C>%B*+<<*A8&*1>%21%C* H@>%B-1&*P8:!:8;*)&*[-C"*^/@*8:$:%-2;*1@* H.:*B8&!>%B*1##:->-:*A&8*).>%:@:* ).>%1*1%C*ed*A8&*Y&%B*Z&%Bm**aN&8* +=*;:18@*1B&F*!:*!:8:*>%-:%-*&%* 1%1B:8>12*-12:%-*>@*12@&*C8>9:%*4;* #08#&@:@*&A*-.>@*8:#&8-F*!:* 8:$80>->%B*-.:*4:@-*-12:%-*A8&*18&0%C* &9:8@:1@*C:1%C"*H.:*1L&8>-;*&A* 1BB8:B1-:C*8:@#&%@:@*A8&*1>%21%C* -.:*:%->8:*$&0%-8;"*P0-*!:*:G#:8>:%$:C* A&8:>B%*02->%1->&%12@*%1>%B*).>%1*1@* ).>%1*1%C*Y&%B*Z&%B*@1#2:@"b*S:* @&:*@:-41$J@"*S:*.>8:C*:G#:8>:%$:CF* 1*J:;*18J:-*12@&*@::J@*1$$:@@*-&*).>%1K@* @0##2::%-:C*-.:>8*$&:%-@*&%* -12:%-:C*#:&#2:*1%C*B19:*-.:*218B:* -12:%-*41@:"*^S:K8:*1*2>--2:*%:!:8*-&*-.:* #21%@*A&8*40@>%:@@*B8&!-.*1%C* @1218>:@"*P0-*C>C*!:*8:-1>%*-.:g*Q&"_ @$:%:*>%*).>%1F*40-*!:K8:*B8&!>%B*1*4>-* 1@@:@@:%-@*&A*$&%@-81>%-@*!>-.* A1@-:8*-.:8:*-.1%*>%*W%C>1F_*@1>C*R>$.1:2* >%@>B.-@*A8&*-.:*B2&412*(!)*%:-!&8J* H&*8:-1>%*-12:%-F*40@>%:@@:@*>%*).>%1*18:* H.11%F*).1>81%*1%C*)56*&A*6!:%@* 1%C*>%IC:#-.*>%-:89>:!@*!>-.*em* C>@$&9:8>%B*-.1-*$18::8*&##&8-0%>->:@*18:* )&8%>%B*>%*-.:*D7"*^).>%1K@*$&%@0:C*122* )56@F*>%$20C>%B*-.8::*41@:C*>%* C>@#21$>%B*.>B.*$&#:%@1->&%*1@*-.:*&%:* ).>%1+="*H.:*$&4>%:C*9>:!@*1%C* $&&C>-;*9120:C*&@-*.>B.2;*4;* B8&!*>%*$&0%-8;"_* 8:@#&%@:@*A&8*-.:*41@>@*&A*&08*+,-.* !&8J:8@?*&##&8-0%>->:@*-&*B8&!*1%C* /%%012*32&412*)56*7089:;" &##&8-0%>->:@*-&*1C91%$:"*^S:*2>J:*-&* P0-*-.:*1C91%-1B:*1;*4:*@.>A->%B* $02->91-:*&08*&!%*.01%*8:@&08$:@F*!>-.* -&!18C@*2&$12*$&#1%>:@"*W%*<==fF*L0@-* -.:*4:2>:A*-.1-*-12:%-*$1%*&%2;*4:* C>@$&9:8:C*!.:%*B>9:%*-.:*&##&8-0%>-;F_* #8:A:88:C*-&*!&8J*A&8*C&:@->$* @1>C*).:0%B*O1%F*).1>821C;*&A*Q>%:* V81B&%@*(1#:8*aY&2C>%Bb*[>>-:C"*^WA* <==mF*C8>9:%*4;*1*@:%@:*-.1-*-.:;*!&02C* %&-F*;&0*$1%%&-*8:-1>%*B&&C*#:&#2:"_ .19:*48&1C:8*$18::8*#1-.@*!&8J>%B*A&8* d ** 8 Conrad Schmidt, ‘The Battle for China’s Talent’, 9 Hong Kong is one of two Special Administrative Harvard Business Review (2011). Regions (SARs) of the People’s Republic of China. 10 This report includes views from three China CEOs: Cheung Yan, Chairlady of Nine Dragons Paper (Holding) Limited; Sun Mingbo, President, Executive Director and Chairman of the Strategy and Investment Committee of Tsingtao Brewery Co Ltd.; and Yang Yuanqing, Chairman and CEO of Lenovo. JL24)2%0#((02$232)(,("2*E2$2#$!"#$%561( 324)2.),3#$.%6#(+%*(2)("2)2("%$#$Q$A#%F !"#$%4*E,$*1-2A%00("2(%02$(324/2622$ R>$.1:2*H.11%F* * ).1>81%*1%C*)56*&A*6!:%@*)&8%>%B*>%*-.:*D714 (!)*+,-.*/%%012*32&412*)56*7089:;*<=+<*
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