The document summarizes the findings of a survey of 227 CEOs of multinational companies on their views of investing in China. Key findings include:
1) China is still seen as the top target for investment and having the strongest growth prospects compared to other major markets like India and Brazil. However, China faces strong competition for foreign investment, especially in high-tech sectors.
2) While existing foreign companies plan to increase investment in China, concerns around transparency, corruption, and government intervention in the economy were cited as top barriers.
3) Attracting and retaining talent is becoming more challenging as domestic Chinese companies grow and compete for the same talent pool.
4) Moving up the value chain
The Backstory of Chinese & Indian Investment in AfricaHarry G. Broadman
This document summarizes a report analyzing China and India's growing investment and trade with Africa. It finds that while FDI from China and India has increased in recent years, over 90% of FDI stock in Africa still comes from Europe and the US. Chinese and Indian firms are also increasingly investing in non-resource sectors in Africa and integrating their operations across the continent. However, Chinese and Indian firms differ in their typical structures, investment strategies, and level of integration with local economies in Africa. More comprehensive data and analysis is still needed to have an objective policy debate around South-South commerce in Africa.
Role of entrepreneurship in EconomicDevelopmentAmit Gupta
This document compares the role of entrepreneurship in the economic growth of India and China. It finds that both countries have experienced rapid economic development since liberalizing their economies in 1978 (China) and 1991 (India). This growth has been closely linked to rising entrepreneurial activity, as evidenced by the Global Entrepreneurship Monitor. While political and historical factors have shaped entrepreneurship differently in each country, the ability of institutions to adapt to a changing global business environment will be important for continued growth. China has transitioned from a centralized to market economy since joining the WTO, while India's democracy has a long history of entrepreneurship in certain communities that is now spreading more broadly.
Development finance impact final project - Catalina Popa - 2015popaliv
This artifact aims to show shortly the main aspects about the types of finance – public, private, domestic, and international – available for sustainable development financing strategy, trends in development finance and the need for innovative solutions to generate the resources required to implement the new global development agenda. This material is intended for policy maker, student, civil society representative, development professional, or citizen interested in financing for Sustainable Development Goals. This paper contains questions and answers about: financing for development issue, the role of public sector financing in development, private finance for development, the financing role of the multilateral development banks.
This artifact aims to show shortly the main aspects about the types of finance – public, private, domestic, and international – available for sustainable development financing strategy, trends in development finance and the need for innovative solutions to generate the resources required to implement the new global development agenda. This material is intended for policy maker, student, civil society representative, development professional, or citizen interested in financing for Sustainable Development Goals. This paper contains questions and answers about: financing for development issue, the role of public sector financing in development, private finance for development, the financing role of the multilateral development banks.
This document proposes establishing a public fund of funds in Turkey to foster the development of a venture capital industry. It argues that venture capital is important for innovation but market failures currently hinder its development in Turkey. These include coordination externalities around building necessary VC infrastructure, information asymmetries in startup financing, and spillovers from innovation not being fully captured. While Turkey has potential for more VC deals and legal issues do not seem to bind the industry, past public interventions have been ineffective. The paper proposes a 10-year public fund of funds that would invest in privately-managed VC funds as a limited partner to address market failures and help develop a self-sustainable Turkish VC industry.
China’s growth and appetite for foreign direct investment (FDI) has made Africa its largest investment destination, according to a new report written by the Economist Intelligence Unit (EIU) for leading global law firm, Mayer Brown. The report, “Playing the Long Game: China’s Investment in Africa”, finds that whilst energy and mineral resources have attracted the most Chinese FDI, investments and activities that support Africa’s physical infrastructure is underestimated.
Exploring the opportunities and challenges facing Chinese investors in Africa, the report highlights increased African trade, more direct investment and a surge in export credit financing as the primary drivers of China’s current economic policy towards Africa and looks at the diversity and success of projects that have been financed. It also documents the perception of Chinese investment in Africa and the unique political, cultural and legal challenges of realising projects across such a diverse range of countries.
International business involves commercial transactions that cross national borders, including trade between private companies and governments. It has grown significantly due to factors like advancing technology, reducing trade barriers, and multinational corporations operating across many countries. Major institutions that influence global business include the WTO, IMF, World Bank, and large transnational corporations. Together these forces have accelerated the globalization trend of integrating economies worldwide through free trade.
The Backstory of Chinese & Indian Investment in AfricaHarry G. Broadman
This document summarizes a report analyzing China and India's growing investment and trade with Africa. It finds that while FDI from China and India has increased in recent years, over 90% of FDI stock in Africa still comes from Europe and the US. Chinese and Indian firms are also increasingly investing in non-resource sectors in Africa and integrating their operations across the continent. However, Chinese and Indian firms differ in their typical structures, investment strategies, and level of integration with local economies in Africa. More comprehensive data and analysis is still needed to have an objective policy debate around South-South commerce in Africa.
Role of entrepreneurship in EconomicDevelopmentAmit Gupta
This document compares the role of entrepreneurship in the economic growth of India and China. It finds that both countries have experienced rapid economic development since liberalizing their economies in 1978 (China) and 1991 (India). This growth has been closely linked to rising entrepreneurial activity, as evidenced by the Global Entrepreneurship Monitor. While political and historical factors have shaped entrepreneurship differently in each country, the ability of institutions to adapt to a changing global business environment will be important for continued growth. China has transitioned from a centralized to market economy since joining the WTO, while India's democracy has a long history of entrepreneurship in certain communities that is now spreading more broadly.
Development finance impact final project - Catalina Popa - 2015popaliv
This artifact aims to show shortly the main aspects about the types of finance – public, private, domestic, and international – available for sustainable development financing strategy, trends in development finance and the need for innovative solutions to generate the resources required to implement the new global development agenda. This material is intended for policy maker, student, civil society representative, development professional, or citizen interested in financing for Sustainable Development Goals. This paper contains questions and answers about: financing for development issue, the role of public sector financing in development, private finance for development, the financing role of the multilateral development banks.
This artifact aims to show shortly the main aspects about the types of finance – public, private, domestic, and international – available for sustainable development financing strategy, trends in development finance and the need for innovative solutions to generate the resources required to implement the new global development agenda. This material is intended for policy maker, student, civil society representative, development professional, or citizen interested in financing for Sustainable Development Goals. This paper contains questions and answers about: financing for development issue, the role of public sector financing in development, private finance for development, the financing role of the multilateral development banks.
This document proposes establishing a public fund of funds in Turkey to foster the development of a venture capital industry. It argues that venture capital is important for innovation but market failures currently hinder its development in Turkey. These include coordination externalities around building necessary VC infrastructure, information asymmetries in startup financing, and spillovers from innovation not being fully captured. While Turkey has potential for more VC deals and legal issues do not seem to bind the industry, past public interventions have been ineffective. The paper proposes a 10-year public fund of funds that would invest in privately-managed VC funds as a limited partner to address market failures and help develop a self-sustainable Turkish VC industry.
China’s growth and appetite for foreign direct investment (FDI) has made Africa its largest investment destination, according to a new report written by the Economist Intelligence Unit (EIU) for leading global law firm, Mayer Brown. The report, “Playing the Long Game: China’s Investment in Africa”, finds that whilst energy and mineral resources have attracted the most Chinese FDI, investments and activities that support Africa’s physical infrastructure is underestimated.
Exploring the opportunities and challenges facing Chinese investors in Africa, the report highlights increased African trade, more direct investment and a surge in export credit financing as the primary drivers of China’s current economic policy towards Africa and looks at the diversity and success of projects that have been financed. It also documents the perception of Chinese investment in Africa and the unique political, cultural and legal challenges of realising projects across such a diverse range of countries.
International business involves commercial transactions that cross national borders, including trade between private companies and governments. It has grown significantly due to factors like advancing technology, reducing trade barriers, and multinational corporations operating across many countries. Major institutions that influence global business include the WTO, IMF, World Bank, and large transnational corporations. Together these forces have accelerated the globalization trend of integrating economies worldwide through free trade.
Fostering a Startup and Innovation EcosystemTechstars
We are on a mission to make the world a more innovative and prosperous place, one community at a time.
We believe that entrepreneurs are critical to driving a strong global economy and a better world. We do our part by supporting the grassroots leaders who are at the core of every strong entrepreneurial community
This document provides an abstract for a paper that investigates Costa Rica's strategy for attracting foreign direct investment over the past 30 years. The paper argues that while Costa Rica is often held up as a success story for foreign investment-led development, this strategy was heavily dependent on external resources from groups like the US Agency for International Development. Specifically, overcoming information gaps between investors and less developed countries requires extensive resources that many countries cannot afford. The experience of Costa Rica suggests that external actors like regional powers are often necessary to provide the funds and information needed to successfully attract growth-oriented foreign investment.
Business History: Defining Concepts on Immigrant EntrepreneurshipDr Nur Suhaili Ramli
This document discusses entrepreneurship among immigrant communities. It notes that entrepreneurship is a key factor in economic development and is not restricted to any social class or occupational background. Immigrant entrepreneurs often start businesses to take advantage of opportunities, and they face challenges such as lack of capital, long work hours, and difficulty finding jobs. Success factors for immigrant entrepreneurs include determination, ethnic networks, innovative ideas, and taking advantage of niche markets. The top immigrant-receiving countries are the United States, Russia, Germany, and others. India and China are among the largest sources of international migrants.
This article compares the opportunities and constraints of the Chinese and Indian capital markets. While the Indian market is more open to foreign portfolio investments, there are governance and reliability risks as well as substantial volatility. In the Chinese case, much of the market is closed to foreign portfolio investors. While exposure to these markets offers important opportunities for diversification, both also have drawbacks which must be clearly understood for their risks to be effectively managed.
The document provides information about the Asian Financial Forum (AFF), which brings together influential figures from global finance and business communities to discuss developments in Asian markets. It will be held on January 18-19, 2016 in Hong Kong. The AFF features discussions on topics related to finance and business, and allows participants to network and explore opportunities. It is considered an important platform for encouraging regional economic development.
Based on the 4 articles about doing business in Japan, the following key points are discussed:
1. Doing business in Japan requires understanding Japanese business culture and customs, such as avoiding public refusal or insult, showing respect through proper greetings, gifts, and meals.
2. Foreign investment in Japan has challenges like navigating different regional cultures and customs, but also opportunities in infrastructure growth and a large domestic market.
3. Setting up operations in Japan can take the form of equity joint ventures, cooperative joint ventures, or limited partnerships with both domestic and foreign shareholders.
4. Understanding nuances of cultural differences is important for foreign businesses to succeed in Japan. Respecting customs and showing genuine interest
1. The document examines the effect of remittances on economic growth in Eastern African countries using data from 2000-2014 for Ethiopia, Kenya, Rwanda, Tanzania, and Uganda.
2. There are conflicting views on whether remittances positively or negatively impact economic growth. The study finds that remittances have a positive and significant effect on economic growth in Eastern Africa.
3. Other factors that influence economic growth in the region include foreign direct investment, investment in human capital development, while foreign aid and trade openness have adverse effects.
Slide presentation accompanying the paper titled: "Realizing Hong Kong's knowledge-based economy potential as part of a rising China" submitted to The Eighth Annual Conference of The Asian Study Association of Hong Kong, 8-9 March 2013
Nearly eight in ten executives in the global innovation sector plan to grow their workforce in 2014, and more than nine in 10 say it is a challenge to find the talent they need to do so, according to Silicon Valley Bank's 2014 Innovation Economy Outlook study. These findings are based on Silicon Valley Bank's annual survey of more than 1,200 executives from software, hardware, cleantech and healthcare companiesin startup and growth stages of business in the US, UK and other global innovation hubs. In addition to the high rate of anticipated job creation, the study also reveals pervasive optimism, intent to access international markets for sales, and the ever-present challenge to obtain equity capital by some of the most innovative, high-growth companies in the world.
This document provides an overview of business incubation programs in developing countries. It discusses the concept of business incubation and different incubation models, including university incubators, virtual incubators, and dot-com incubators. It also describes support that has been provided to incubator initiatives in developing countries from multilateral organizations like the World Bank and IFC, as well as national programs in countries like Brazil and China. Finally, it discusses lessons learned about best practices for incubator creation, management, and measuring their impact.
The number of professionals willing to work abroad has more than doubled over the past five years to 35% currently. Experienced professionals expect international experience as part of their career progression. Nearly two-thirds of respondents had already worked abroad or were currently doing so, showing a maturing market of mobile talent. Professionals are willing to spend longer periods, up to five years, working overseas in search of career opportunities rather than being restricted to one country. Companies recognize the value of international experience and are increasing global opportunities.
This document discusses capital accumulation and economic growth in Somaliland. It begins with introducing capital accumulation as the growth of wealth through investments and profits. It then discusses the relevance of capital formation, including increasing productivity, national income, employment, and technological progress. Some reasons for low capital formation in developing countries are also examined, such as low incomes, lack of demand and supply of capital, and small market sizes. The sources of capital formation include savings, taxation, borrowing, and foreign investment. The document notes that capital formation in Somaliland is low compared to other countries due to constraints on the private sector like access to finance and infrastructure. It concludes by thanking the reader.
The document discusses the past, present, and future of community economic development efforts. It notes that over the past 40 years, non-profit development organizations have emerged to empower marginalized groups and build local voice. Intermediaries now provide support through capacity building, aggregating capital, and developing strategies. However, there are still strong silos between areas like workforce development and economic development. It argues that community economic development needs to be reconceptualized by putting people first, innovating through learning, and recognizing varying local capacities. Moving forward will require defining innovation locally and building robust theories of change.
Explore the four pillars of future economic development - one prosperous, skilled, innovative, and livable - that communities are using to build globally competitive communities. Explore how private sector development, workforce and education, entrepreneurs and small business, and community development support broad-based economic growth and quality of life.
Gain more information on the topic during IEDC's Economic Future Forum in Tulsa, OK June 12-14. To register visit: iedconline.org/futureforum
Capital Accumulation and Economic Growth in Nigeria “Endogenous Growth Approach”iosrjce
The paper adopts a simple endogenous growth model to evaluate the short and long-run impact of
Gross Fixed capital formation, human capital formation, savings and population growth rate on economic
growth in Nigeria. The Autoregressive Distributed Lag model indicates no short and long-run impact of these
variables on economic growth. Also using Pesaran Bound Test and Wald Coefficient Diagnostic Test, we found
no long-run impact of Gross Fixed capital formation, human capital formation, national saving, and population
growth rate on growth. Beside, the error term (et) is rightly signed but not significant and the speed of
adjustment towards equilibrium is very poor at 23.99percent. it is very clear that none of the independent
variables contributed greatly to the variations in the economic growth rate in both short-run and long run
because the impulse they emitted for the both periods fluctuated all through the periods under review with small
percentage impacts. For example the gross fixed capital formation produced 6.12 percent positive shocks for
the ten periods and -4.38 percent negative shocks on economic growth, while human capital formation produced
more negative shocks (-12.48)percent than positive (6.51) for the ten periods. Like-wise national savings and
population- emitted more negative impulse (-6.55, -7.72) than positive (5.89, 6.52) on growth respectively .we
recommend that government should provide an enabling environment that will encourage both domestic and
foreign investment and in addition human capital development through education and in-job training should be
encouraged
This document summarizes the challenges American companies face regarding organizational culture when operating in Serbia. It discusses Hofstede's model of national cultural dimensions and how Serbian and US cultures differ based on this framework. Specifically, Serbian culture scores higher in power distance and uncertainty avoidance, while the US scores higher in individualism. The paper also examines types of organizational culture and notes that hierarchies are most common in Serbian companies, while adhocracy cultures are rare. Finally, it emphasizes the importance of understanding these cultural differences to help American businesses adjust their practices when operating abroad in Serbia.
Multidisciplinary Journal Supported by TETFund. The journals would publish papers covering a wide range of subjects in journal science, management science, educational, agricultural, architectural, accounting and finance, business administration, entrepreneurship, business education, all journals
Internationalization Process of Chinese Enterprises (updated Sep 19, 2011)Hora Tjitra
Opening Keynote Speech at the 4th China Week for the Ohm Hochschule MBA Students in Hangzhou.
Internationalization Process of Chinese Enterprises - short introduction about China, (new) influences of China to the world, Chances and Challenges of Chinese Enterprises going Abroad.
Etude PwC sur l'innovation du secteur Aéronautique, Défense & Sécurité (2014)PwC France
http://pwc.to/1owpVso
L’étude "The runway to growth : Using market understanding to drive efficient innovation in the aerospace, defence and security industry" est issue du rapport “Breakthrough innovation and growth”, réalisé auprès de 1757 dirigeants issus de 30 secteurs d’activité dans 25 pays. Ce focus Aéronautique et Défense est construit sur la base des réponses des 58 dirigeants du secteur, issus de 10 pays, ainsi que d’une vingtaine d’interviews et d’une recherche parallèle effectuée sur le marché américain.
http://pwc.to/11CB1Xq
Dans son étude « Working Capital Survey 2013 », PwC montre que la performance BFR (Besoin en Fonds de Roulement, soit la trésorerie mobilisée par l’activité) des entreprises mondiales s'est dégradée de 2 % par rapport à l'année dernière. Seule exception, les sociétés européennes ont amélioré leur situation, démontrant une corrélation entre PIB et niveaux de BFR.
Etude PwC Réussir vos investissements en Inde (2013)PwC France
http://pwc.to/1bFEiJI
Au cours des six derniers mois, le gouvernement indien a multiplié les initiatives pour relancer la croissance. Par ailleurs plusieurs développements juridiques et fiscaux sont susceptibles d'affecter les investissements en Inde des entreprises françaises.
Fostering a Startup and Innovation EcosystemTechstars
We are on a mission to make the world a more innovative and prosperous place, one community at a time.
We believe that entrepreneurs are critical to driving a strong global economy and a better world. We do our part by supporting the grassroots leaders who are at the core of every strong entrepreneurial community
This document provides an abstract for a paper that investigates Costa Rica's strategy for attracting foreign direct investment over the past 30 years. The paper argues that while Costa Rica is often held up as a success story for foreign investment-led development, this strategy was heavily dependent on external resources from groups like the US Agency for International Development. Specifically, overcoming information gaps between investors and less developed countries requires extensive resources that many countries cannot afford. The experience of Costa Rica suggests that external actors like regional powers are often necessary to provide the funds and information needed to successfully attract growth-oriented foreign investment.
Business History: Defining Concepts on Immigrant EntrepreneurshipDr Nur Suhaili Ramli
This document discusses entrepreneurship among immigrant communities. It notes that entrepreneurship is a key factor in economic development and is not restricted to any social class or occupational background. Immigrant entrepreneurs often start businesses to take advantage of opportunities, and they face challenges such as lack of capital, long work hours, and difficulty finding jobs. Success factors for immigrant entrepreneurs include determination, ethnic networks, innovative ideas, and taking advantage of niche markets. The top immigrant-receiving countries are the United States, Russia, Germany, and others. India and China are among the largest sources of international migrants.
This article compares the opportunities and constraints of the Chinese and Indian capital markets. While the Indian market is more open to foreign portfolio investments, there are governance and reliability risks as well as substantial volatility. In the Chinese case, much of the market is closed to foreign portfolio investors. While exposure to these markets offers important opportunities for diversification, both also have drawbacks which must be clearly understood for their risks to be effectively managed.
The document provides information about the Asian Financial Forum (AFF), which brings together influential figures from global finance and business communities to discuss developments in Asian markets. It will be held on January 18-19, 2016 in Hong Kong. The AFF features discussions on topics related to finance and business, and allows participants to network and explore opportunities. It is considered an important platform for encouraging regional economic development.
Based on the 4 articles about doing business in Japan, the following key points are discussed:
1. Doing business in Japan requires understanding Japanese business culture and customs, such as avoiding public refusal or insult, showing respect through proper greetings, gifts, and meals.
2. Foreign investment in Japan has challenges like navigating different regional cultures and customs, but also opportunities in infrastructure growth and a large domestic market.
3. Setting up operations in Japan can take the form of equity joint ventures, cooperative joint ventures, or limited partnerships with both domestic and foreign shareholders.
4. Understanding nuances of cultural differences is important for foreign businesses to succeed in Japan. Respecting customs and showing genuine interest
1. The document examines the effect of remittances on economic growth in Eastern African countries using data from 2000-2014 for Ethiopia, Kenya, Rwanda, Tanzania, and Uganda.
2. There are conflicting views on whether remittances positively or negatively impact economic growth. The study finds that remittances have a positive and significant effect on economic growth in Eastern Africa.
3. Other factors that influence economic growth in the region include foreign direct investment, investment in human capital development, while foreign aid and trade openness have adverse effects.
Slide presentation accompanying the paper titled: "Realizing Hong Kong's knowledge-based economy potential as part of a rising China" submitted to The Eighth Annual Conference of The Asian Study Association of Hong Kong, 8-9 March 2013
Nearly eight in ten executives in the global innovation sector plan to grow their workforce in 2014, and more than nine in 10 say it is a challenge to find the talent they need to do so, according to Silicon Valley Bank's 2014 Innovation Economy Outlook study. These findings are based on Silicon Valley Bank's annual survey of more than 1,200 executives from software, hardware, cleantech and healthcare companiesin startup and growth stages of business in the US, UK and other global innovation hubs. In addition to the high rate of anticipated job creation, the study also reveals pervasive optimism, intent to access international markets for sales, and the ever-present challenge to obtain equity capital by some of the most innovative, high-growth companies in the world.
This document provides an overview of business incubation programs in developing countries. It discusses the concept of business incubation and different incubation models, including university incubators, virtual incubators, and dot-com incubators. It also describes support that has been provided to incubator initiatives in developing countries from multilateral organizations like the World Bank and IFC, as well as national programs in countries like Brazil and China. Finally, it discusses lessons learned about best practices for incubator creation, management, and measuring their impact.
The number of professionals willing to work abroad has more than doubled over the past five years to 35% currently. Experienced professionals expect international experience as part of their career progression. Nearly two-thirds of respondents had already worked abroad or were currently doing so, showing a maturing market of mobile talent. Professionals are willing to spend longer periods, up to five years, working overseas in search of career opportunities rather than being restricted to one country. Companies recognize the value of international experience and are increasing global opportunities.
This document discusses capital accumulation and economic growth in Somaliland. It begins with introducing capital accumulation as the growth of wealth through investments and profits. It then discusses the relevance of capital formation, including increasing productivity, national income, employment, and technological progress. Some reasons for low capital formation in developing countries are also examined, such as low incomes, lack of demand and supply of capital, and small market sizes. The sources of capital formation include savings, taxation, borrowing, and foreign investment. The document notes that capital formation in Somaliland is low compared to other countries due to constraints on the private sector like access to finance and infrastructure. It concludes by thanking the reader.
The document discusses the past, present, and future of community economic development efforts. It notes that over the past 40 years, non-profit development organizations have emerged to empower marginalized groups and build local voice. Intermediaries now provide support through capacity building, aggregating capital, and developing strategies. However, there are still strong silos between areas like workforce development and economic development. It argues that community economic development needs to be reconceptualized by putting people first, innovating through learning, and recognizing varying local capacities. Moving forward will require defining innovation locally and building robust theories of change.
Explore the four pillars of future economic development - one prosperous, skilled, innovative, and livable - that communities are using to build globally competitive communities. Explore how private sector development, workforce and education, entrepreneurs and small business, and community development support broad-based economic growth and quality of life.
Gain more information on the topic during IEDC's Economic Future Forum in Tulsa, OK June 12-14. To register visit: iedconline.org/futureforum
Capital Accumulation and Economic Growth in Nigeria “Endogenous Growth Approach”iosrjce
The paper adopts a simple endogenous growth model to evaluate the short and long-run impact of
Gross Fixed capital formation, human capital formation, savings and population growth rate on economic
growth in Nigeria. The Autoregressive Distributed Lag model indicates no short and long-run impact of these
variables on economic growth. Also using Pesaran Bound Test and Wald Coefficient Diagnostic Test, we found
no long-run impact of Gross Fixed capital formation, human capital formation, national saving, and population
growth rate on growth. Beside, the error term (et) is rightly signed but not significant and the speed of
adjustment towards equilibrium is very poor at 23.99percent. it is very clear that none of the independent
variables contributed greatly to the variations in the economic growth rate in both short-run and long run
because the impulse they emitted for the both periods fluctuated all through the periods under review with small
percentage impacts. For example the gross fixed capital formation produced 6.12 percent positive shocks for
the ten periods and -4.38 percent negative shocks on economic growth, while human capital formation produced
more negative shocks (-12.48)percent than positive (6.51) for the ten periods. Like-wise national savings and
population- emitted more negative impulse (-6.55, -7.72) than positive (5.89, 6.52) on growth respectively .we
recommend that government should provide an enabling environment that will encourage both domestic and
foreign investment and in addition human capital development through education and in-job training should be
encouraged
This document summarizes the challenges American companies face regarding organizational culture when operating in Serbia. It discusses Hofstede's model of national cultural dimensions and how Serbian and US cultures differ based on this framework. Specifically, Serbian culture scores higher in power distance and uncertainty avoidance, while the US scores higher in individualism. The paper also examines types of organizational culture and notes that hierarchies are most common in Serbian companies, while adhocracy cultures are rare. Finally, it emphasizes the importance of understanding these cultural differences to help American businesses adjust their practices when operating abroad in Serbia.
Multidisciplinary Journal Supported by TETFund. The journals would publish papers covering a wide range of subjects in journal science, management science, educational, agricultural, architectural, accounting and finance, business administration, entrepreneurship, business education, all journals
Internationalization Process of Chinese Enterprises (updated Sep 19, 2011)Hora Tjitra
Opening Keynote Speech at the 4th China Week for the Ohm Hochschule MBA Students in Hangzhou.
Internationalization Process of Chinese Enterprises - short introduction about China, (new) influences of China to the world, Chances and Challenges of Chinese Enterprises going Abroad.
Etude PwC sur l'innovation du secteur Aéronautique, Défense & Sécurité (2014)PwC France
http://pwc.to/1owpVso
L’étude "The runway to growth : Using market understanding to drive efficient innovation in the aerospace, defence and security industry" est issue du rapport “Breakthrough innovation and growth”, réalisé auprès de 1757 dirigeants issus de 30 secteurs d’activité dans 25 pays. Ce focus Aéronautique et Défense est construit sur la base des réponses des 58 dirigeants du secteur, issus de 10 pays, ainsi que d’une vingtaine d’interviews et d’une recherche parallèle effectuée sur le marché américain.
http://pwc.to/11CB1Xq
Dans son étude « Working Capital Survey 2013 », PwC montre que la performance BFR (Besoin en Fonds de Roulement, soit la trésorerie mobilisée par l’activité) des entreprises mondiales s'est dégradée de 2 % par rapport à l'année dernière. Seule exception, les sociétés européennes ont amélioré leur situation, démontrant une corrélation entre PIB et niveaux de BFR.
Etude PwC Réussir vos investissements en Inde (2013)PwC France
http://pwc.to/1bFEiJI
Au cours des six derniers mois, le gouvernement indien a multiplié les initiatives pour relancer la croissance. Par ailleurs plusieurs développements juridiques et fiscaux sont susceptibles d'affecter les investissements en Inde des entreprises françaises.
Etude PwC/CSFI "Banking Banana Skins" sur les risques dans le secteur bancair...PwC France
http://pwc.to/1fomUfC
Selon la 11ème édition de l’étude biennale du CSFI, Banking Banana Skins, réalisée en association avec PwC, l’excès de réglementation et les interventions politiques sont les deux principaux risques identifiés par les dirigeants du secteur bancaire interrogés, devançant l’environnement économique mondial, identifié comme le principal risque en 2012.
Etude PwC sur l'efficacité de la fonction finance en entreprise (2013)PwC France
http://pwc.to/1b8DlaR
Sont abordés dans cette étude le coût de la fonction finance, sa performance, l'évolution de ses missions, celle de ses équipes, son utilisation des nouvelles technologies, ainsi que les différences existant au sein de cette fonction entre des secteurs d'activité aussi différents que ceux des technologies ou des services financiers.
Etude PwC Breaking Dawn on the Horizon - Destination India (2013)PwC France
http://pwc.to/Hf02OP
Si l'Inde est plus modérée sur son taux de croissance par rapport à ses prévisions précédentes, la comparaison est toujours avantageuse comparé à de nombreux autres pays. Le FMI prévoit que le taux de croissance du PIB de l'Inde sera derrière la Chine en 2014, mais il est toujours meilleur que les taux de croissance des pays émergents et en voie de développement et des économies avancées.
Etude PwC sur les perspectives des véhicules électriques (2013)PwC France
http://pwc.to/1433W6E
Dans son étude « Charging forward », l’institut d’analyse automobile PwC Autofacts publie ses prévisions et interroge 200 professionnels de 34 pays sur les perspectives des véhicules électriques.
Etude PwC sur la co-création dans l'industrie automobile (2013) PwC France
http://pwc.to/11ssMXs
Participation des consommateurs, collaboration avec les autres acteurs du secteur, implication des employés, la co-création prend de plus en plus d’ampleur dans l’industrie automobile, et repense la chaîne de valeur traditionnelle.
http://pwc.to/1aKeYgR
Pour cette 17e édition de l’étude mondiale annuelle de PwC “Global CEO Survey”, 1344 interviews ont été conduites dans 68 pays entre septembre et décembre 2013. 445 entretiens ont été menés en Asie-Pacifique, 442 en Europe, 212 en Amérique du Nord, 165 en Amérique latine, 45 en Afrique et 35 au Moyen-Orient.
Etude PwC sur le secteur de la distribution en Asie (2013)PwC France
http://pwc.to/12lo5kE
Réalisée en partenariat avec l’Economist Intelligence Unit, le rapport propose un panorama unique des évolutions du secteur de la distribution et de la consommation en Asie, avec un focus par pays et par segment.
Etude PwC sur les pays à forte croissance 2013PwC France
http://pwc.to/ZwPGMF
Entre 2008 et 2012, les pays à forte croissance ont investi 161 milliards de dollars dans les marchés matures, comparés aux 151 milliards de dollars investis dans le sens inverse. Une tendance qui se poursuit, notamment par les acheteurs chinois.
Etude PwC pour Linkedin sur le coût de l'inadéquation des compétences (2014)PwC France
http://pwc.to/1fj0jvd
PwC a réalisé pour LinkedIn l’étude « Adapt to Survive », qui recoupe pour la première fois certaines informations des profils des membres du réseau LinkedIn dans 11 pays et les données issues de 2600 entreprises étudiées par PwC Saratoga, l’une des principales bases de données RH au niveau mondial.
L’étude montre ainsi que la faible adaptabilité des compétences – difficulté des personnes à se former à de nouveaux savoir-faire ou à changer de secteur d’activité – coûte à l’économie mondiale 150 milliards de dollars en manque de productivité et renchérit les coûts de recrutement.
Une analyse qui permet à PwC de lancer l’Index d’Adaptabilité des Compétences, qui positionne en tête les Pays-Bas, le Royaume-Uni et le Canada. La France prend la 7ème place du classement (sur 11 pays étudiés).
Etude PwC sur les pratiques comptables des Etats (2013)PwC France
http://pwc.to/13zcNvl
Face au contexte de crise économique dans les pays industrialisés et à la nécessité d’accompagner le développement économique des pays émergents, la maîtrise des dépenses et des recettes publiques devient un enjeu majeur pour les Etats partout dans le monde. L’accès au financement (et la compétition entre pays) est au cœur de l’actualité. Pour répondre à ces évolutions, les gouvernements prennent de plus en plus de mesures pour améliorer la comptabilité de l’Etat et renforcer son niveau de transparence.
pwc.to/1b4fZV1
Nous avons demandé à plus de 1700 cadres à travers le monde ce qu'ils considéraient comme la place de l'innovation au sein de leur entreprise et comment ils la voyaient évoluer au cours des cinq prochaines années.
Au cours des 3 dernières années, les innovateurs leaders ont progressé a un niveau 16 % plus élevé que les moins innovants.
Etude PwC sur l'intégration de facteurs ESG dans les activités de fusions-acq...PwC France
http://pwc.to/15JdJxV
De juin à octobre 2012, PwC a mené une étude visant à mesurer les attitudes de sociétés acquéreuses envers l’évaluation des risques et opportunités environnementaux, sociaux et de gouvernance (ESG) dans leurs activités de fusions-acquisitions. Pour réaliser cette enquête de la part de l’initiative PRI, PwC s’est entretenu avec 16 acquéreurs dans divers secteurs en approfondissant le thème de l’intégration de facteurs ESG dans le processus de due diligence, le prix de l’acquisition, les accords d’achat et de vente, et la période suivant l’acquisition.
L’étude « IPO Watch Europe» analyse chaque trimestre les introductions en bourse sur les principaux marchés et segments de marchés en Europe ainsi que la Suisse et la Norvège. Les mouvements entre segments de marché d’une même bourse et les offres de type « greenshoe » (rallonge) sont exclus. Cette étude, qui a été menée entre le 1er janvier et le 31 mars 2012, analyse les introductions en bourse d'après leur date d'admission à la cote. Toutes les données de marché proviennent des bourses elles-mêmes ; PwC n’a pas procédé à une vérification indépendante de ces données.
Retrouvez toutes nos publications : http://www.pwc.fr/publications
though "The future for MNCs in China" report was released in 2012 by KMPG, the content is still valid and shed the light for MNCs planning ahead...what are the key points from the report:
1 Rising labor cost
2 Shortage of Talent
3 Pay-for-performance is not working in China bcos of the Income tax system, ppl prefers low income to take back home.
4 Capital Market has not yet opened.
5 Biz license issue
6 Lack of innovation and management skills for future leaders in China
7 JV - has become popular, cos of license issue (if you cant beat them, join them: MNCs and Local companies leverage each other).
8 Corporate Incentive: tech firm corporate tax 25% to 15%, R&D has 50% bonus reduction.
9 Shared Service and outsourcing
10 Payment and cloud computing
Besides, it's convincing reading the biz leaders insight from different service sector, luxury (Bluebell), legal, Biz centre (the Executive Centre), Outsourcing (Genpact), Apparel (Avery Dennison), Logistics (FedEx), and of course KPMG itself.
The Role of Financial Technologies in the Global Economyijtsrd
The article analyses the global trends in the development of financial technologies, and their role in the development of global economy. We tried to research the existing trends in the development of financial sector and highlight the nature of the new coming innovations. Taniev A. B "The Role of Financial Technologies in the Global Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | Modern Trends in Scientific Research and Development, Case of Asia , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd35768.pdf Paper Url :https://www.ijtsrd.com/economics/financial-economics/35768/the-role-of-financial-technologies-in-the-global-economy/taniev-a-b
This document summarizes the key findings from the 2017 Annual Impact Investor Survey conducted by the Global Impact Investing Network (GIIN). Some of the main results include:
- The survey captured responses from 209 impact investing organizations managing nearly $114 billion in impact investing assets.
- Most respondents reported being satisfied with the financial and impact performance of their investments. However, challenges remain around scaling the industry and protecting the integrity of impact investing.
- There was discussion around the diversity of approaches in the industry, including the important role that below-market investments can play as well as concerns around the entry of large financial firms.
- The Sustainable Development Goals and Paris Agreement are helping to increase demand for
Global Dialogue 2014 provided insights into China's rapid transformation. Delegates heard that China plans vast infrastructure expansion like 55 new airports and 177 urban rail networks. China leads the world in areas like solar, wind and nuclear power but still faces issues of pollution and an aging population. Investing in China presents both opportunities and challenges - the mainland stock markets are cheaper than other Asian markets but investing in Chinese equities requires navigating an opaque regulatory system and differences from Western markets. While China's growth is expected to slow, its economy will still double in size within 12 years based on 6% annual growth.
A new report published by The Economist Intelligence Unit highlights the key issues that small and medium enterprises (SMEs) grapple with as they expand internationally – which for many firms can outweigh the promise of growth.
The report, sponsored by DHL Express, is based on a survey of 480 SMEs spread across 12 countries and 20 industries, as well as in-depth interviews with a number of SMEs and policy experts.
According to the survey, 40% of respondents currently earned zero revenue from international operations, but a clear majority (72%) expect to derive between 11% and 50% of their revenues internationally in five years’ time. Across developed and developing markets, SMEs are focused on potential problem areas that trump growth in terms of importance. These include the quality of a target market’s infrastructure, the stability of its politics, the administrative costs of establishing a local presence, and the accessibility of local business acumen and networks.
Compared to their G7 counterparts, SMEs from BRICM (Brazil, Russia, India, China, and Mexico) have a much higher presence in other developing countries. For example, 15 percent of BRICM SMEs have international operations in Russia and CIS, whereas only 3.6 percent of G7 SMEs do; 18.5 percent of BRICM SMEs have international operations in South America compared to only 4.6 percent of G7 SMEs.
No two markets are treated as differently as Africa and China. Despite Africa’s strong growth rates the vast majority of survey respondents see very few opportunities in the region. China, however, remains a magnet for SMEs.
UHY Dawgen Chartered Accountants (Incorporating Paul Goldson & Company) is a professional service firm providing audit, accounting, tax and business advisory services from 5 strategic locations in Jamaica. . UHY Dawgen Chartered Accountants (the “Firm”) is a member of Urbach Hacker Young International Limited, a UK company, and forms part of the international UHY network of legally independent accounting and consulting firms. UHY is the brand name for the UHY international network.
This document is Priya Chaturvedi's 2007-2008 project report on venture capital for her T.Y.B.Com degree at Shri Chinai College of Commerce and Economics. It includes an acknowledgements section thanking various individuals including her project guide Prof. Nishikant Jha. The report will cover the definition of venture capital, its history and growth in India, types of venture capital investors and funds, the investment process, issues facing the Indian venture capital industry, and its future prospects. It utilizes surveys and references venture capital opportunities in sectors such as IT, biotechnology, and pharmaceuticals.
China Investment Environment - Start-up/Growth Company Finance Market in Chin...Team Finland Future Watch
Report summarizes the start-up and growth company finance market in China. The report consists of analysis and views of the present state of the start-up/growth company finance market in China as well as views of the future trends and implications of those. Then, advise to the Finnish public sector, companies and VCs is provided.
This policy brief covers a discussion on finance for sustainable development held during a full day conference at the Stockholm School of Economics on May 11, 2015. The event was organized jointly by the Stockholm Institute of Transition Economics (SITE) and the Swedish Ministry for Foreign Affairs, and was the fifth installment of Development Day – a yearly development policy conference. With the Millennium Development Goals (MDGs) expiring in 2015, the members of the United Nations are now in the process of defining a post-2015 development agenda. The Sustainable Development Goals (SDGs) build on the eight anti-poverty targets in the MDG but also include a renewed emphasis on environmental and social sustainability. Whatever targets or goals will be agreed upon in the end, we know for certain that reaching the objectives will require substantial financial resources, far beyond the current levels of official development assistance (ODA). To discuss this issue, the conference brought together a distinguished and experienced group of policy-oriented scholars and practitioners from government agencies, international organizations, civil society and the business community.
This document provides an overview of financial inclusion strategies and technologies. It summarizes India's socio-economic landscape and the reasons for financial exclusion. It then outlines a feasible solution for financial inclusion through various financial instruments and technology solutions like self-service ATMs and mobile apps. Case studies from countries like the UK, Brazil, Kenya, China and India's own national rural financial inclusion plan are also presented to show best practices in promoting inclusive finance. The conclusion is that self-service technology solutions are essential to address the scalability and sustainability challenges of financial inclusion given the large unbanked population across vast geographies.
Do you want to implement a scalable and sustainable financial inclusion stra...Dr Lendy Spires
This document provides an overview of financial inclusion strategies and initiatives in India. It discusses the key role of government policies and technology solutions in promoting financial inclusion. Case studies from countries like the UK, Brazil, Kenya, China, and India's National Rural Financial Inclusion Plan are presented as examples of successful financial inclusion programs. The document concludes that self-service technology solutions will be essential to address the scalability and sustainability challenges of serving India's large unbanked population across vast geographies.
Small And Medium Enterprise In BangladeshSheri Elliott
This document discusses small and medium enterprises (SMEs) in Bangladesh and provides recommendations to support their growth and development. SMEs are recognized as engines of economic growth and provide many benefits like job creation and entrepreneurship development. However, SMEs in Bangladesh face challenges accessing financial services like loans and venture capital. The document recommends establishing a uniform definition of SME categories, improving access to seed money, leasing, venture capital and long-term loans, and creating a specialized lending corporation to support SME financing.
Crowdfunding's Potential for the Developing WorldAutonomy Hub
A new report commissioned by infoDev studies the promise and the risks of crowdfunding as a tool to finance innovation and growth in developing countries. It also provides an in-depth case study of crowdfunding’s potential in funding clean energy and climate technologies.
FDI as A Source of External Finance to Developing Countries: A Special Refere...iosrjce
In this era of increasingly globalized world economy, FDI is particularly a significant driving force
behind the interdependence of national economies and is considered as the main source of external finance. The
considerable decline in official development assistance (ODA) and commercial bank lending to developing
countries, which are considered as the main sources of meeting the external financing needs of developing
countries, have seen a greater reliance on private capital especially foreign direct investment as a source of
development finance. This is because of the fact that FDI not only remains much less volatile than portfolio and
other investments but it has also proved to be resilient enough during East Asian crisis of 1997-98 and the
Mexican crisis of 1994-95. In view of this growing significance of foreign direct investment, this paper aims to
study the role of FDI in external financing to developing countries, particularly India and China and the
benefits of combining FDI with other private sources of external finance. The paper concludes that FDI is the
major source of external finance for developing economies not only in absolute terms but also relative to other
sources of private capital flows, contributing on an average more than half of net private and official flows
during the period under review. The findings also presented a completely different picture with regard to the
structure of external financing for India and China. For China, FDI is the major external source of finance
followed by debt. On the other hand, for India Workers’ Remittances is the major source of external finance
followed by debt. The paper further concludes that China and India are the first and third most developing
country destinations for investment flows respectively and both are vying with each other to attract more and
more FDI inflows.
This presentation was made at Chatham House on 14 October 2014 by Dr Jing Gu. She presented evidence from the IDS Rising Powers in International Development programme work on how China engages in international development. More info available at: www.ids.ac.uk/risingpowers
Sustainable Development Goals: The Role of Technology and InnovationSDGsPlus
The document discusses the Sustainable Development Goals (SDGs) and the role of technology and innovation in achieving them. It notes that the SDGs, adopted in 2015, are more comprehensive than the previous Millennium Development Goals. Achieving the SDGs will require vast resources and partnerships between public and private sectors. Technology can help power progress on every SDG, though the digital divide remains a risk. The World Bank aims to harness science and technology to support sustainable development pathways and help clients leverage opportunities like those from the fourth industrial revolution.
Role of venture capital in the development of Rajasthan: Entrepreneurs perspe...inventionjournals
: Since independence there is significant improvement in the economic and social development of
Rajasthan for which role of venture capitalist is important. in this paper the researcher indented to highlight
the different industrial sector of Rajasthan which got benefited by different venture capitalist . and Also efforts
are made to determine the entrepreneurs perception regarding the role of venture capital for smooth
functioning of newly established companies. The research design used is exploratory in nature. The data is
being collected from the entrepreneurs of Rajasthan, RVCF and other websites, hence this research is based on
primary and secondary data. Correlation is used to determine the relationship between the role of venture
capital and development of Rajasthan . The results of this study would help venture capitalist to modify their
role and policies according to the changing needs of state’s entrepreneurs which will facilitate it’s adoption by
rural.
Key
The document summarizes trends in social investment and development in Africa in 2017 based on research conducted by Next Generation Consultants. Some of the key trends discussed include:
1) The growth of blended finance models that combine different types of funding like grants, loans, equity and impact investment, indicating a larger pool of resources and new investment themes.
2) An increased focus on measurement, evaluation and impact assessment to understand social interventions and ensure return on investments.
3) The rise of social enterprises, impact investors and for-profit models of development, showing it is possible to address social issues through economic solutions.
4) Younger generations of donors and investors prioritizing causes around inclusiveness, gender
Etude PwC "20ème édition de la CEO Survey" - Janvier 2017PwC France
Quelles sont les préoccupations des dirigeants en 2017 ?
Cette année, plus de 1300 dirigeants du monde entier ont témoigné de leur confiance en l’avenir, leur priorités stratégiques.
Recherche de talents et des futurs leaders de demain, stratégies de développement, poids de la technologie et son impact sur la confiance en l’entreprise, dynamiques opposées de mondialisation et de nationalismes impactent le quotidien des dirigeants. Quel regard portent-ils sur leur environnement ?
http://pwc.to/2k0a12Q
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For the last two decades, PwC has asked business leaders everywhere about the trends reshaping business and society. As we mark the 20th year of our annual CEO survey, we’ve observed just how much the world has changed.
Le cabinet d’audit et de conseil PwC a mené son étude « Carbon Factor » auprès des 20 principaux producteurs d’électricité européens pour la 14ème année consécutive.
Le facteur carbone (exprimé en kg CO2/MWh) se définit comme le rapport entre les émissions de CO2 générées et la production d’électricité correspondante. En 2014, il s’établit à 313 kg CO2/MWh, soit une baisse de 5,8% par rapport à 2013, pour atteindre son plus faible niveau depuis 2001.
Etude PwC : La transition énergétique pour la croissance verte (nov 2015)PwC France
Quels sont les impacts attendus et les tendances du marché français de la Transition Energétique ?
La loi sur la transition énergétique fixe des objectifs ambitieux, définissant la trajectoire énergétique de la France à moyen et long terme
Etude PwC "Total Retail 2015" Sur quoi miser aujourd’hui pour réenchanter la ...PwC France
Dans sa 5ème étude mondiale sur les consommateurs connectés - menée dans 25 pays auprès de 22 600 web-acheteurs, le cabinet d’audit et de conseil PwC révèle que la France a recruté 17% de nouveaux web-acheteurs en 2015, un chiffre en hausse par rapport à 2014.
GEMO 2016 : un digital de plus en plus cannibale ?PwC France
Dans la 16ème édition de l’étude annuelle « Global Entertainment & Media Outlook », sur les perspectives de l’industrie des médias et des loisirs, PwC prévoit que le marché mondial va croître de 5,1 % en moyenne par an entre 2014 et 2019.
Cette étude, réalisée dans 54 pays, montre qu’avec 3,2% de croissance moyenne annuelle d’ici 2019, la France tire son épingle du jeu parmi les pays matures.
La publicité sur internet devrait y porter la croissance du secteur, et le numérique en général continue de bouleverser le business model de l’ensemble des segments, qu’il s’agisse de l’édition, de la musique, de la presse, des jeux vidéo ou bien encore de la télévision.
Infographie PwC GEMO 2016 sur l'industrie Médias et Loisirs (juin 2015)PwC France
Dans la 16ème édition de l’étude annuelle « Global Entertainment & Media Outlook », sur les perspectives de l’industrie des médias et des loisirs, PwC prévoit que le marché mondial va croître de 5,1 % en moyenne par an entre 2014 et 2019.
Cette étude, réalisée dans 54 pays, montre qu’avec 3,2% de croissance moyenne annuelle d’ici 2019, la France tire son épingle du jeu parmi les pays matures.
Etude PwC Low Carbon Economy Index (oct. 2015)PwC France
L'année 2014 a marqué un tournant en matière de réduction des émissions de carbone dans les économies du G20. C’est ce que révèle le cabinet d’audit et de conseil PwC dans la 7ème édition de son étude annuelle « Low carbon Economy index », qui modélise l'intensité carbone des grandes économies – à savoir les émissions des gaz à effet de serre liées à la consommation d'énergie par million de dollars de PIB. En effet, l'intensité carbone a chuté de 2,7% en 2014, soit sa plus forte baisse depuis 2000.
La France fait office d’exemple : elle a réduit son intensité carbone de plus de 9% en 2014, ce qui représente la 2ème plus forte réduction des pays du G20, juste derrière le Royaume-Uni (- 10,9%).
Etude FCD, ESSEC et PwC sur la distribution responsable (août 2015)PwC France
Les enseignes de la Fédération du Commerce et
de la Distribution (FCD) se mobilisent depuis de
nombreuses années en faveur du développement
durable. Elles mènent des actions volontaristes
pour réduire l’impact environnemental de leur
activité, mais aussi, conformément aux exigences
de la RSE, en matière de consommation
durable, de gestion responsable des ressources
humaines et d’engagement sociétal.
Les introductions en bourse européennes affichent une forte activité au 2e trimestre grâce aux spin-off,
mais entrent de plus en plus en concurrence avec les processus de ventes.
Etude PwC CEO Survey Talent "People Strategy for the Digital Age" (juillet 2015)PwC France
Dans son étude « People strategy for the digital age : A new take on talent » menée à l’échelle mondiale, le cabinet d’audit et de conseil PwC constate que, dans un contexte de concurrence mondiale accrue, les entreprises ont désormais besoin de compétences plus diversifiées pour rester compétitives : 73% des dirigeants voient la pénurie des compétences comme une menace sérieuse à la poursuite de leur activité (contre seulement 46% en 2009).
Une des réponses consiste à mettre en place une stratégie de diversification des talents. Pour aller plus loin, les entreprises doivent également se tourner vers l’exploitation et l’analyse des données qu’elles collectent.
Dans sa dernière étude « PwC Golden Age Index : how well are OECD economies adapting to an older workforce ? », le cabinet d’audit et de conseil PwC compare l’emploi des seniors (travailleurs âgés de plus de 55 ans) dans 34 pays de l’OCDE.
Etude PwC Global Economy Watch (juin 2015)PwC France
Dans leur dernière étude « Global Economy Watch », les économistes du cabinet d’audit et de conseil PwC ont analysé les performances économiques des cinq premiers pays d’Afrique du Nord – Egypte, Algérie, Maroc, Soudan et Tunisie, près de cinq ans après les débuts du « Printemps arabe » qui a entraîné de grands bouleversements dans toute la région. Cette étude révèle les défis et les opportunités qui attendent les entreprises et les dirigeants politiques en Afrique du Nord.
Etude PwC et Essec "Grande consommation 1985 - 2015 - 2045"PwC France
A l’occasion du 30ème anniversaire de la Chaire Grande Consommation de l’ESSEC, les experts du cabinet d’audit et de conseil PwC ont imaginé les grandes évolutions du secteur de la distribution et des biens de consommation au cours des trente prochaines années.
Etude PwC sur le Top 100 des entreprises les mieux valorisées au monde en 201...PwC France
La dernière étude du cabinet d’audit et de conseil PwC « Global Top 100 Companies by market capitalisation » révèle que plus de la moitié (53) des 100 entreprises les mieux valorisées au monde sont américaines, contre seulement 4 entreprises françaises. Apple reste en tête du classement établi par PwC, avec une capitalisation boursière de 725 milliards de dollars, en hausse de 54% (+256 milliards de dollars) par rapport à 2014.
Etude PwC "Bridging the gap" sur les investisseurs institutionnels (mai 2015)PwC France
Selon la dernière étude du cabinet d’audit et de conseil PwC, intitulée « Bridging the gap », sept investisseurs institutionnels sur dix (70 %) – parmi les 60 qui ont été interrogés par PwC au plan mondial – affirment qu’ils refuseraient de participer à une levée de fonds de private equity ou à un co-investissement si ceux-ci présentaient un risque environnemental, social ou de gouvernance.
Méthodologie :
Pour réaliser cette étude, PwC a mené des entretiens individuels avec 60 commanditaires de 14 pays, totalisant quelque 500 milliards USD d’allocation aux gérants ou general partners (GP) de fonds de private equity. Les participants à l’enquête ont répondu sur la base du volontariat, d’où une surreprésentation probable des investisseurs relativement avancés dans leur approche de l’investissement responsable. Le panel était composé à 30 % de fonds de pension, à 20 % de gestionnaires d’actifs et à 7 % de fonds souverains ou publics. Parmi les répondants figuraient de grands fonds de pension du monde entier, comme le CalSTRS (caisse de retraite de l’enseignement public de Californie), l’USS (caisse de retraite de l’enseignement supérieur britannique), la caisse de retraite de BT, le West Midlands Pension Fund, le Wellcome Trust, un fonds de pension suédois et des fonds confessionnels aux États-Unis et en Finlande. Parmi les principaux gestionnaires d’actifs figuraient les sociétés Aberdeen, Hermes GPE, F&C et BlackRock. 7 investisseurs français ont aussi participé à cette étude comme par exemple BPI France, Ardian ou OFI Asset Management (devenu depuis SWEN Capital Partners).
Etude PwC, AFDEL et SNJV sur "Les 100 digital"PwC France
PwC, l’AFDEL et le SNJV dévoilent l’édition 2015 du GSL 100, classements des principales entreprises de l’édition de logiciels, des services Internet et du jeu vidéo français, dans le cadre de l’étude « Les 100 digital » qui décrypte les tendances et les progressions des entreprises de la French tech.
Etude PwC Global Economy Watch (mai 2015)PwC France
Selon la dernière étude « Global Economy Watch » du cabinet d’audit et de conseil PwC, les créances libellées en dollars américains, émises hors des Etats-Unis, ont fortement augmenté au cours de ces dernières années, passant de 6 000 milliards de dollars avant l’instauration des premières mesures d’assouplissement quantitatif en novembre 2008 à environ 9 000 milliards en 2014.
Etude PwC sur l'économie collaborative (mai 2015)PwC France
En dix ans, le concept d'économie collaborative est devenu un véritable marché impliquant de nombreuses startups comme des grandes entreprises internationales. Alors que ce marché représente aujourd’hui 15 milliards de dollars, le cabinet d’audit et de conseil PwC estime qu’il atteindra 335 milliards de dollars d’ici à 2025.
Source
Les données relatives aux consommations collaboratives des Américains sont issues de l’étude « Consumer Intelligence Series: The Sharing Economy » publiée par PwC en avril 2015. Pour cette étude, 1 000 consommateurs américains, âgés de plus de 18 ans, ont été sondés en ligne entre les 17 et 22 décembre 2014.
Etude PwC sur l'intérêt des investisseurs pour l’Afrique (avril 2015)PwC France
L’intérêt des investisseurs pour l’Afrique continue de progresser, le continent étant perçu comme un marché à fort potentiel de croissance, susceptible d’offrir des opportunités de retour sur investissement très intéressantes. L’Afrique sub-saharienne s’affirme comme la région la plus attractive. En effet, le Ghana, le Nigéria et la Tanzanie forment le Top 3 des pays de choix pour les analystes et investisseurs que le cabinet d’audit et de conseil PwC a interrogés dans la 7ème édition de l’étude « Valuation methodology survey », qui inclut pour la première fois les réponses des investisseurs en Afrique francophone.
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
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AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
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2. 1 Choosing China: Insights from multinationals on the investment environment
Coping with common
challenges through
cooperation
The world around us is undergoing a historic
transformation: From one in which a minority enjoys
the fruits of economic development to a new global
reality where a majority can share these privileges.
As the middle class of developing economies such as
China, India, Brazil and Indonesia emerge as a whole,
the next 20 years of humanity will bear witness to a
brilliant landscape—where over half of the world’s
population will rise to become part of the middle
class. This transformation will undoubtedly offer
enterprises and individuals unprecedented
opportunity, but will also bring about a series of great
challenges. These include the rebalancing of the
world economy, a restructuring of the international
order, and the sustainability of our environment and
natural resources. Such challenges require the
governments of every nation, international
organisations and the private sector to build broader
and more effective avenues of dialogue and
collaboration. As key players in the globalisation
process, multinationals play a particularly important
role in progressing these dialogues.
Ever since its founding by the Development Research
Center of the State Council in 2000, the China
Development Forum has served as a platform for
international dialogue and collaboration. With the aim
of establishing “a dialogue with the world, a mutual
path for development,” the Forum is dedicated to
serving delegates with a rich intellectual banquet of
varying viewpoints that merge, collide, and mutually
inspire. Through the Forum, we’ve established a
network of knowledge partners that are both open
minded and imbued with a rich creativity. The
delegates who represent the various government
ministries, domestic and foreign enterprises,
international organisations and academic institutions
are all indispensable members of this network. With
the care and dedication of representatives from
numerous fields, this network has only deepened,
strengthened and grown more fruitful over time.
One day, in September 2012, I suggested in a meeting
with Mr. Dennis Nally, Chairman of PwC International,
3. 2013 China Development Forum survey report 2
that PwC conduct a survey on behalf of the China
Development Forum in order to understand and
assess the expectations of multinationals on China’s
investment environment. This suggestion was greeted
with enthusiasm by Mr. Nally. PwC, officially set this
piece of research in motion by setting up a
professional project and research team.
This survey report is a shining example of the
deepening and strengthening of our network of
knowledge partners. The report encompasses the
responses of CEOs from 227 multinationals, and
features 11 in-depth interviews with CEOs. Not only
does this study reflect the engaged outlook of global
multinationals towards their investment prospects in
China, it also deftly captures the tremendous
opportunities inherent in the current transformation
of China’s economic model. The expectations of these
global multinationals towards the optimisation of
China’s investment environment deserve careful
reflection and consideration. I believe this report is of
great value in promoting understanding between
China and the world and in creating win-win situations
for all stakeholders.
At this time, I would like to extend my sincere
gratitude to the highly professional efforts of the PwC
survey team, as well as the staff of the China
Development Research Foundation who supported this
research. My hope is that the scope of cooperation
between the Forum’s knowledge partners will further
expand, our research further deepen, relationships
become more enduring, platforms become more
diverse and the fruits of our collaboration more rich
and plentiful.
Lu Mai
Secretary General
China Development Research Foundation
4. 3 Choosing China: Insights from multinationals on the investment environment
Foreword:
a bright future
I’m delighted to introduce this insightful research
study of how multinational companies perceive
the investment opportunities in China – and their
expectations of the changes that the Chinese
Government might make to enhance those
opportunities. I’d like to thank the China
Development Research Foundation for working
closely with us to produce this report.
As Chairman of PricewaterhouseCoopers
International Limited, a prominent organisation with
members from around the world and with a strong
interest in, and commitment to, the Chinese market,
I have read the findings with particular interest. And
I’ve found it especially encouraging that many of my
counterparts in other industries share my optimistic
view of China’s long-term economic prospects.
As the study highlights, foreign investment in China is
currently at a defining moment. On the one hand,
China’s economic progress in recent decades has been
breathtaking: in just four years’ time, we project that
it will overtake the US as the world’s largest market in
purchasing power parity terms. And a major factor in
China’s rapid growth has been its spectacular success
in attracting foreign direct investment (FDI). In 2012,
China attracted US$111.7 billion of global FDI.
Equally positively, more than 70% of our survey
participants with operations in China plan to increase
their investment here over the coming five years.
China being a recipient of foreign investment can
deliver mutual value to its stakeholders. Going
forward, it’s clear that FDI will remain key to China’s
economic well-being. As the country moves up the
value chain, shifting from ‘made in China’ to
‘designed in China’ and finally to ‘innovated in China’,
will lead to significant opportunities for all parties.
But recent changes to the global economic landscape
means China will face new challenges in attracting
foreign investment. International investors are
increasingly focused on emerging markets as they
overtake developed countries to become the driving
force for growth in the global economy. The choices
available to multinationals are also widening, as
India, Brazil, Turkey and several African nations
become more competitive in attracting foreign
investment.
A further consideration is that China faces the most
intense competition for foreign investment in many of
the sectors that it is targeting most actively. In some
sectors, such as consumer, industrial products and
services, our survey participants continue to regard
China as having the best growth prospects. But
competitors such as Brazil are closing the gap – to the
extent that our interviewees in technology companies
now regard Brazil as offering better growth prospects
than China.
5. 2013 China Development Forum survey report 4
The Chinese Government is responding actively to
this growing competitive challenge by taking steps to
boost domestic consumption, double per capita
incomes by 2020 and reinforce social security. Many
of the international companies surveyed in our report
believe that these measures have increased China’s
attractiveness as an investment destination.
Asked about further measures by the Chinese
Government to further improve the country’s
attractiveness as a place to invest, our respondents
voice a broad wish list of enhancements – headed by
‘improving transparency and anti-corruption
measures’, and ‘reducing intervention in the economy
and allowing an increase in private competition’.
A further area that stands out in our study is the
intensifying war for talent. As local Chinese
companies mature and expand – often into other
markets – international inward investors are facing
growing competition for the best Chinese candidates,
reflected by staggeringly high staff turnover rates.
Significantly, the international companies we spoke to
accept that this is primarily a challenge for them, not
for China: they need to work out how to attract,
develop and retain the best local talent including by
offering them opportunities to work internationally.
Our respondents also highlight other opportunities
for China to improve its attractiveness. For example,
less than 10% of the smaller companies in our study
– those with operations in fewer than five countries
– have operations in China. By moving to become a
more knowledge-oriented economy, China could win
investment from the smaller and specialist foreign
technology companies that are currently
underrepresented. And relaxing the restrictions
imposed on foreign investors in China could ensure a
reciprocal opening-up of markets, both for Chinese
outbound and multinational inbound investors,
creating a ‘win-win’ scenario on each side.
Overall, it’s clear that China faces growing competition
to its global leadership in FDI. But, given China’s ability
to capitalise on its natural advantages, I believe this
escalating competitive challenge presents an
opportunity as much as a threat. And crucially, our
study confirms that international companies are ready
and willing to work in partnership with local
companies and policymakers to ensure their
investments deliver value both for themselves and for
China. In an increasingly competitive world for FDI, the
future for China remains bright.
My sincere thanks go to the CEOs from around the
world for contributing their valuable time and
insights. I’m especially grateful to the business leaders
who took part in the in-depth interviews. You can see
some of their comments in the report.
Dennis M. Nally
Chairman
PricewaterhouseCoopers International Ltd.
6. 5 Choosing China: Insights from multinationals on the investment environment
7. 2013 China Development Forum survey report 6
Contents
Redefining the foreign investment environment in China:
The next 30 years.................................................................................7
What CEOs are telling us......................................................................9
Number one target for investment.......................................................11
Multinationals missing full implications of change...............................18
Multinationals call for greater transparency.........................................21
Intellectual property concerns.............................................................24
New industries heighten competition for talent....................................26
Western and Central provinces’ potential moves onto radar..................28
Headquarter choices don’t reflect market size.......................................29
Towards long-term prosperity.............................................................30
Research methodology.......................................................................31
Acknowledgements............................................................................32
8. 7 Choosing China: Insights from multinationals on the investment environment
Redefining the foreign investment
environment in China:
The next 30 years
China has reached a critical stage in its development. Its growing middle class and
transformation into a consumption-driven market have prompted many foreign firms to
reassess how they do business there. To capitalise on this major opportunity, both sides
are walking a common path to adapt to this new reality. Finding new ways to work
together through mutual trust and cooperation can lead to a sustainable future.
A generation ago, China’s reformers took a decision to engage with the global
community. The result? Few nations in recent history can match China’s economic
achievements over the past 30 years.
Foreign-invested enterprises and
China’s transformation
As multinationals or foreign-invested
enterprises (FIEs) invest in China to
develop their businesses, they have also
made significant contributions to China’s
economic progress, resulting in a win-win
situation. Not only have they provided
capital, technology and management
expertise, they have also nurtured local
talent, helping to drive the modernisation
of China’s industries. They have also made
a significant contribution to employment.1
FIEs support for long-term business
sustainability is further reflected in their
readiness to actively compete and
collaborate with Chinese domestic
companies. Competition has prompted
companies such as Haier to improve their
business practices and become more
efficient. It also led to the emergence of
global brands such as Lenovo, ZTE
and Huawei.
1
‘China 2012 FDI inflows slow, stay on track for $100 billion.’ Reuters, 19 November 2012.
Chinese companies can also benefit from
the technical expertise, standards and
management best practices and customer
service capabilities of global
multinationals to cater to a growing
middle class in China and abroad. More
importantly, foreign enterprises help
develop Chinese home-grown talent,
which plays a significant
role in building a culture of innovation
in China.
Encouraging mutual trust and co-
operation between government and
enterprise may be important in attracting
the optimal type of investment. Greater
private sector involvement in research and
development (R&D) can help unlock
China’s innovation potential. Steps to
alleviate concerns over technology
transfer, the rule of law and enforcement
of laws protecting intellectual property
rights will help to foster such an
environment, and encourage the
development of more home-grown
innovation.
“We are bringing 15 new vehicles
to China by 2015. We are doubling
retail and production capacity
here. In doing all this, we also are
providing good jobs and careers,
and becoming a key part of the
communities in which we operate.
This is Henry Ford’s original vision
from more than 100 years ago and
we are so proud to be delivering this
vision to China today.”
Alan Mulally, President and CEO,
Ford Motor Company
9. 2013 China Development Forum survey report 8
China stands on the cusp of generational
change in the way it attracts and views
foreign investment. And it is this
investment that will have a critical role in
shaping its future. At this stage, there are a
few key questions to be pondered. How can
China best optimise its foreign investment
environment? How can foreign investment
be directed in a way that better facilitates
China’s economic transformation, while
leading to mutually beneficial outcomes?
What investments are needed to attract
and develop the best talent? How can
investments in R&D and innovation allow
China to move up the value chain?
We hope our study can help to address
some of these issues.
The global CEOs we surveyed and
interviewed for this report tell us that
reform is moving in the right direction. The
key element now is the forging of mutual
trust and good faith between government
and foreign enterprise, to ensure that
China continues along its path towards
long-term prosperity.
2
Xu, Bin. Foreign Competition and Productivity of Chinese Firms. Shanghai: China Europe International Business School and
University of Florida, 2003.
“China’s ambitious economic plans, as outlined at the 18th Party Congress,
call for greater urbanisation as a path to prosperity. IBM is proud to be
working closely with local authorities in China to build Smarter Cities that
are efficient, safe, and environmentally friendly.”
Virginia M. Rometty, Chairman, President and Chief Executive Officer,
IBM Corporation
Many of our in-depth interview
respondents, including General Electric
and Boeing, have stressed the importance
of collaboration in building their business
in China and in assisting Chinese partners
to grow and compete on an international
level. In fact, technological collaboration
with multinationals such as General
Electric and Boeing is playing a role in the
growth of the Commercial Aircraft
Corporation of China (Comac), which is
the first major entrant to the global
commercial aircraft market in many years.
But China is in the midst of an economic
transformation, aimed at boosting
domestic consumption to diversify and
strengthen its economy. It aims to increase
the contribution of technological
advancements to GDP growth in creating
‘an innovation-based economy’. So while
foreign investment has helped China to
greatly expand the capacity and potential
of its economy over the past 30 years,
China is now faced with another question:
How can the country channel and direct
FDI in the future to better complement this
economic transformation, and lead to
win-win outcomes?
Moving up the value chain
“The first big challenge for China is to
continue moving up the value chain,” said
OECD Secretary-General Angel Gurría on
his official visit to China in March 2012.
As China increases its capacity to innovate
and transforms into a leading knowledge-
based economy, what role will foreign
investment and foreign-invested
enterprises play in this transformation?
Research has shown that foreign
competition and collaboration can help
boost China’s global competitiveness, and
develop and pioneer next-generation
technologies. One study suggests that
foreign ownership is a predominant factor
in the transfer of foreign technology, in
turn boosting total factor productivity
(a measure of long-term technological
dynamism) growth among Chinese firms.2
10. 9 Choosing China: Insights from multinationals on the investment environment
What CEOs are
telling us
China’s economic focus is shifting from low-cost labour to an expanding middle class,
from ‘made in China’ to ‘designed in China’, and with it the nature of the opportunities
and challenges for foreign enterprises.
Existing players are moving quickly to capitalise on the opportunities opened up by
China’s economic transition. The new focus of growth could also create fresh openings
for smaller and specialised high-tech businesses. But higher labour costs may make some
areas of production less sustainable for foreign enterprises. The move up the value chain
could also heighten the sensitivities over technology transfer and the protection of
intellectual property rights.
The findings from the CEO survey carried out for this report confirm that China is seen
as offering the strongest growth prospects among a range of leading global markets,
which include India, Brazil and the US (see page 11). But China is facing strong
competition for international investment, especially within the high-tech sectors
targeted for growth. The survey also highlights a number of barriers and concerns that
will be important to address if China is to make the most of its global investment
potential.
When asked what the Government could do to improve the investment environment,
‘improving transparency and anti-corruption’ headed the list. This was followed by
‘reducing intervention in the economy and allowing an increase in private competition’
(for more details please see page 21).
Drawing on the findings from this report, we believe that these are the key strengths and
opportunities that China can build on, and the issues and potential threats it should
address as it seeks to promote foreign investment and commercial development.
11. 2013 China Development Forum survey report 10
• Enhanced accountability and transparency would help to
overcome competition issues and make it easier for foreign
enterprises to plan ahead
• Phasing out the forced transfer of technology and allowing
joint ventures to forge their own partnership arrangements
would strengthen mutual trust and encourage greater
investment
• Giving multinational companies that are established in China
and employ local people the same status and access
to the market as domestically based counterparts would
strengthen their commitment to the market
• Relaxing the conditions set out in the ‘Catalogue for the
Guidance of Foreign-Invested Industries’ would allow greater
policy and commercial freedom, and ensure a reciprocal
opening up of markets for Chinese outbound and
multinational inbound investors
Opportunities
• Mounting competition for foreign investment from other fast
growth markets, especially in sectors targeted for growth
• Concerns over protection of intellectual property rights could
discourage high-tech businesses from committing investment
• If China does not open up further to inbound investment it
may face further restrictions on Chinese outbound
investment
Strengths
• Recognition of China’s new leadership’s continued
commitment to “deepening reform and opening up”
• On track to becoming the world’s biggest economy
• Number one target for foreign companies, especially among
consumer, industrial products and services groups
• Strength of domestic demand, though considerable potential
for further growth
• Accelerating investment in research and development (R&D)
Weaknesses
• Concerns over technology transfer and protection of
intellectual property rights
• Concerns over the pace of liberalisation
• Lack of transparency in areas such as target setting and the
awarding of contracts
• High level of red tape in areas including licensing and work
permit approval
• Perception of favouring domestic companies
Threats
12. 11 Choosing China: Insights from multinationals on the investment environment
China
56%
Turkey
25%
Russia
19%
11%
South Africa
12%
Indonesia
India
37%
Source: The PwC Global CEO Panel (227 respondents)
Note: The results exceed 100% because each respondent chose more than one destination for investment.
Number one target
for investment
China remains the number one target for investment
worldwide. But other leading economies are pushing it
hard, especially within the key sectors China is targeting
for growth.
Figure 1
Which three of these key markets would you invest in?Target growth markets
13. 2013 China Development Forum survey report 12
Brazil
52%
26%
Mexico
United States
34%
“In recent years the idea has gelled across
the overwhelming majority of US
companies that, ‘If I don’t win in China,
I don’t win’,” said Marc Allen, President,
Boeing China.
Mr Allen’s comments reflect the
importance of China for global business.
China is seen by survey participants as
3
PwC. ‘16th Annual Global CEO Survey: Dealing with disruption – Adapting to survive and thrive.’ 2013.
offering the best prospects for growth
(see Figure 1) and more than 80%
anticipate that their revenues in the
country will increase in 2013. This echoes
the findings of PwC’s 16th Annual Global
CEO Survey, in which China once again
topped the list of countries seen as having
the biggest potential for business
expansion.3
“China is a very important market
to Ford Motor Company. By mid-
decade, many third parties expect
the automotive industry in China to
grow to 28 million vehicles each year,
surpassing the Americas and Europe to
become the largest auto market in the
world. It is important to Ford Motor
Company’s future that we position
ourselves, in conjunction with our
partners, to deliver great products for
these customers.”
Alan Mulally, President and CEO,
Ford Motor Company
14. 13 Choosing China: Insights from multinationals on the investment environment
The survey carried out for this report
reveals that North American companies
are most likely to have investments in
China (see Figure 2).
Similarly, confidence in China’s prospects
is strongest in North America (more than
80% of participants from the region see
China as a top three investment priority);
though at least 40% of participants from
most other regions are targeting China
(the only exception is the Middle East)
(see Figure 3).
“Investment conditions in China
are generally very good. Economic
growth remains high and China is
still very competitive compared to
other countries, as demonstrated by
the high level of foreign investment.”
Jean Lemierre, Senior Advisor
to the Chairman, BNP Paribas
and Former President, European
Bank for Reconstruction and
Development
Figure 2
Investment status of CEO respondents (by region) in China
Source: The PwC Global CEO Panel (227 respondents)
Note: The figures in the graphs in this report have been rounded to the nearest percentage so
overall percentages may total 101% or 99% in some cases.
Source: The PwC Global CEO Panel (227 respondents)
Source: The PwC Global CEO Panel (90 respondents who have investments in China)
4
PwC M&A 2012 Review and 2013 Outlook, published January 2013.
Has investments in China No current investments in China
14% 86%
39% 61%
40% 60%
40% 60%
100%
43% 57%
57% 43%
Asia Pacific (23)
Central and
Eastern Europe (10)
Latin America (55)
Middle East (6)
North America (28)
Western Europe (84)
Africa (21)
Investment in China
by region
Strategies for growth
As Figure 4 highlights, M&A and
greenfield development are the favoured
growth strategies (more than 40% of
participants citing each), though more
collaborative ecosystems characterised by
alliances, joint ventures and licensed
production are likely to be an important
route for many. The value of inbound
acquisitions fell in 2012, following the
record highs of 2011, but is expected to
pick up again in 2013.4
In a further vote of confidence, more than
70% of the survey participants that have
operations in China plan to step up their
level of investment over the next five years
(see Figure 5).
Organic growth models Inorganic growth models
Figure 3
Proportion choosing China as one of the three markets offering the best prospects for
growth for their business and a top target for investment.
82%
17%
45%
70%65%
52%
Western
Europe
(84)
North
America
(28)
Middle
East
(6)
Latin
America
(55)
Central and
Eastern
Europe
(10)
Asia
Pacific
(23)
Africa
(21)
55%
New product
research and
development
Licensing to
distributors/
franchising
Facilities
expansions
Greenfield
investments
44%
28%
38%
51%
38%
22%
30%
34%
Mergers and
acquisitions
43%
11%
Strategic
alliances
37%
26%
Next 5 years Currently
Joint
ventures
38%
36%
New product
research and
development
Licensing to
distributors/
franchising
Facilities
expansions
Greenfield
investments
44%
28%
38%
51%
38%
22%
30%
34%
Mergers and
acquisitions
43%
11%
Strategic
alliances
37%
26%
Next 5 years Currently
Joint
ventures
38%
36%
Figure 4
Considering the options below, what are your three main growth models in China
currently? What are your three main growth models in China in the next five years?
15. 2013 China Development Forum survey report 14
1%
16%
29%
23%
12%
7%
12%
Not sureIncrease more
than 75%
Increase
51%—75%
Increase
26%—50%
Increase
1%—25%
No change
0%
Decrease
26–50%
Number of credits
Figure 5
CEOs planning on changing the level of investment into China in the next five years.
Source: The PwC Global CEO Panel (90 respondents who have investments in China)
Investment plans
But the survey also stresses the extent to
which multinationals are re-assessing
where they allocate resources globally as
they seek the best investment
opportunities. We asked participants to
state how they would divide up their
investment funds between their top three
target markets. More than 30% of the
participants targeting China for
investment would commit half or more of
their available funds to the country
Figure 6
If you were given 10 credits to invest in your three markets targeted for investment,
how many of these credits would you invest in China?
2%
12%
26%
27%
23%
8%
2% 1%
10987654321
Number of credits
Source: The PwC Global CEO Panel (128 respondents who chose China as one of their three top markets to invest in)
Allocation of
investment in China
(participants allocating five or more
credits),5
which is encouraging (see Figure
6). But for most participants the spread
between the targeted countries is much
wider, highlighting the competition from
other markets.
As Figure 7 highlights, China is behind the
US in its share of participants’ investment
‘wallet’, though it comes out ahead of
Brazil and India.
5
Participants were asked to share out 10 nominal credits across their chosen three target markets.
16. 15 Choosing China: Insights from multinationals on the investment environment
Figure 7
How CEOs would allocate their investment across markets out of a total of 10 credits.
Source: The PwC Global CEO Panel (varying base sizes contingent on those who allocated at least one credit to a particular market)
Allocation of investment
in global markets
50%0%
Number of credits
Economies
1 2 3 4 5 6 7 8 9 10 Average
United States (78) 3% 13% 21% 24% 21% 9% 4% 1% 1% 4% 4.31
China (128) 2% 12% 26% 27% 23% 8% 2% 0% 0% 1% 3.95
Mexico (58) 7% 23% 23% 26% 14% 4% 2% 0% 0% 2% 3.47
Brazil (119) 7% 24% 29% 21% 13% 3% 2% 0% 0% 1% 3.34
South Africa (26) 8% 19% 46% 15% 8% 0% 4% 0% 0% 0% 3.12
Indonesia (28) 0% 39% 36% 7% 18% 0% 0% 0% 0% 0% 3.04
Turkey (56) 0% 43% 27% 20% 9% 2% 0% 0% 0% 0% 3.00
Russia (43) 5% 26% 42% 23% 5% 0% 0% 0% 0% 0% 2.98
India (84) 4% 32% 42% 19% 2% 1% 0% 0% 0% 0% 2.88
17. 2013 China Development Forum survey report 16
Technology companies favour Brazil
The competition for investment is further highlighted by the strong showing for Brazil.
Brazil is only just behind China in growth prospects (see Figure 1). China is seen by
consumer, industrial products and services companies as offering the best prospects (see
Figure 8), reflecting its well-developed manufacturing base. But Brazil is favoured by
technology businesses and the financial services sector, highlighting the challenges
China faces in attracting investment into these two target sectors.
Figure 8
Top four growth markets chosen by CEOs in each sector.
China Brazil India United
States
58%
48%
37% 37%
China Brazil India United
States
64%
40%
28%
80%
China Brazil India Turkey
48%
55%
33% 33%
Consumer, industrial products and services Financial services
Technology, information,
communication and entertainment
Source: The PwC Global CEO Panel (225 respondents from consumer, industrial products and services, financial services, and technology, information,
communication and entertainment companies)
Base: All respondents (158) Base: All respondents (42) Base: All respondents (25)
“Dow Corning is in China to support
our customers here and because
our expertise and technology and
innovation portfolio are a good
match to the trends that are shaping
the economy here and the priorities
of the Chinese Government.”
Jeremy Burks, Greater China
President, Dow Corning
The challenge of building up China’s
target sectors is heightened by the fact that
many of them are already a source of
potential trade tensions and protectionist
measures around the world including
aerospace, electronics and renewable
energy. The frictions are highlighted by
the instances of inbound Chinese
acquisitions being barred in the US. The
EU is generally seen as being more open.
But a recent European Union Chamber of
Commerce in China report into outbound
Chinese investment in the EU highlighted
concerns among Chinese companies over
the potential for new restrictions. These
include concerns that possible barriers
faced by EU companies in China could
result in retaliatory measures preventing
Chinese companies from making
acquisitions or building up their
businesses in the EU.6
Freer access for foreign enterprises within
China in return for making it easier for
Chinese companies to build up their
business abroad is going to be increasingly
important in an ever-more interlinked and
interdependent global economy. “Helping
multinationals win in China is important to
China,” said Mark Hutchinson, President
and CEO, General Electric China.
6
‘Chinese outbound investment in the European Union’, published by European Union Chamber of Commerce in China, January 2013.
Target markets by
sector
18. 17 Choosing China: Insights from multinationals on the investment environment
Domestic demand heads
investment attractions
So how does China compare with other key
markets across a range of investment
drivers? Figure 9 reveals the main reasons
Figure 9
Which of the following factors most influenced your selection in each country?
Source: The PwC Global CEO Panel (227 respondents)
Attractions for investment
and growth
why multinationals are targeting a
particular country for investment and
growth. China’s biggest attraction is its
expanding domestic demand (34% of
participants citing this), though the rating
for Brazil (81%) is much higher in this area.
India scores poorly in its share of
investment wallet (see Figure 7). But a
higher proportion of participants cited
growing domestic demand as a spur for
investing in India rather than in China.
India also has a more skilled talent pool
according to participants, which is an area
that is likely to be significant in attracting
investment into high value-added sectors.
Such comparisons do of course need some
qualification. China is a much bigger
market than India or Brazil. The countries
are also at different points in their
development as China seeks to create a
better balance between consumer-led
growth and export-led and investment-led
expansion that has been its mainstay, while
India and Brazil look to move the other
way. Moreover, China wins high ratings
across a broader range of areas than India
or Brazil, suggesting that its attractions to
investors may be more evenly spread.
Nonetheless, the comparisons suggest that
while China has many attractions to
multinationals, it is less strong in a
number of key areas that may need to be
addressed. If China’s improvements in
these areas are not obvious, the country
could be overtaken by other markets in the
competition for investment, especially in
some of the sectors most closely targeted
for growth.
China
(128)
Brazil
(119)
India
(84)
United
States
(78)
Mexico
(58)
Turkey
(56)
Russia
(43)
Indonesia
(28)
South
Africa
(26)
Expanding domestic market and demand 34% 81% 46% 23% 29% 23% 60% 39% 38%
Level playing field with local competitors 30% 24% 23% 28% 26% 30% 19% 32% 15%
Government incentives 27% 22% 18% 27% 31% 25% 16% 21% 31%
Skilled talent pool 27% 18% 35% 27% 26% 21% 23% 18% 38%
Lower labour costs 26% 18% 48% 24% 21% 23% 21% 25% 19%
Favourable tax regime 22% 5% 23% 28% 22% 20% 12% 21% 23%
High quality and cost competitive suppliers 21% 18% 11% 31% 22% 29% 16% 11% 31%
Proximity to supply chain 20% 20% 14% 22% 19% 25% 26% 14% 15%
Advanced infrastructure 20% 11% 12% 23% 22% 25% 14% 18% 12%
Low level of bureaucracy and regulations 17% 6% 11% 22% 31% 23% 9% 14% 23%
100%0%
19. 2013 China Development Forum survey report 18
Multinationals recognise the potential created by
an expanding consumer market. But the
implications of higher incomes needed to sustain
this growth may be less well appreciated. There
also appears to be surprisingly little focus on the
opportunities opened up by the move to an
innovation-based economy.
When asked to identify which three of the commitments outlined at
the 18th National Congress of the Communist Party of China would
have the most significant impact on their company, the drive to
increase domestic demand came first (see Figure 10). This reflects
the chief reason why international groups are targeting China,
outlined in the previous section. China’s rising consumption is also
going to be a critical element of economic growth worldwide.
Multinationals missing
full implications of
change
“We invest where we see growth and stable and
predictable conditions for our businesses. A fair,
transparent and open business environment
and sufficient protection of intellectual property
rights are also of great importance to us. The
availability of a skilled workforce, the quality of
infrastructures, as well as open markets and the
promotion of trade are further considerations.”
Peter Löscher, President and CEO of
Siemens AG, and Chairman of the Asia-Pacific
Committee of German Business (APA)
20. 19 Choosing China: Insights from multinationals on the investment environment
Source: The PwC Global CEO Panel (227 respondents)
Figure 10
Top issues for CEOs from the list of key areas of commitment identified during the 18th National
Congress of the Communist Party of China.
Impact of
government
priorities
48%
Economic development
driven by domestic demand,
particularly consumer
demand
43%
Deepen financial reform
and promote the steady
liberalisation of foreign
exchange controls and interest
rate policy
Doubling per capita
income by 2020
(both urban and rural
residents)
41%
Lower carbon
intensity and
major pollutants’
emissions level
18%
Addressing systemic
barriers that stand
in the way of
development
32%
Sustainable development of
advanced manufacturing, modern
service and key emerging
industries; transformation of
traditional industries
26%
Increase the contributions of
technological advancements
to GDP growth in creating an
innovation-based economy
18%
21. 2013 China Development Forum survey report 20
“GE’s been here a while; originally we were here to make stuff cheap. And then
there’s the ‘How do we access the China market?’. And then the third phase is,
‘How can we innovate here?’. And we’re in that innovation phase now.”
Mark Hutchinson, President and CEO, General Electric China
The commercial potential of continuing
financial reform is also recognised. Key
developments include the continuing
internationalisation of the renminbi and
relaxation of interest rate controls. Foreign
banks had their most profitable year in
2011, though market share is still less than
2%.7
The economic transition will open up
important opportunities for product and
service development within financial
services, with foreign institutions able to
bring product design and risk
management expertise to bear.
“The challenge China faces is to keep
a balanced growth model that all
stakeholders can benefit from. The
income divide is a crucial element
here, along with the increasing role
that China will have to play as a
contributor to global stability, in an
ever-more interlinked world.”
Claudio Facchin, Senior Vice-
President, ABB Group, Head of
ABB North Asia Region, Chairman
and President, ABB China Ltd.
“China will eventually have to
commit to a major overhaul of
its domestic capital market, and
allow companies to use more of this
market. And to do so, perhaps skills
like ours could be useful in helping to
build the Chinese capital market.”
Jean Lemierre, Senior Advisor
to the Chairman, BNP Paribas
and Former President, European
Bank for Reconstruction and
Development
Technology opportunities
downplayed
If low labour costs were one of the main
attractions in the first wave of foreign
investment, there will be fewer such
openings as the government seeks to move
up the value chain and double incomes by
2020 (number three in the list of priorities
with the greatest impact cited in Figure
10). But the implications of this shift in the
cost base may not be fully appreciated as
yet. Our survey shows that low labour
costs are still seen as a major reason for
targeting China, with only India seen as
more favourable in this respect.
China’s move up the value chain and
commitment to green development are
seen as having a much lower impact,
despite the opportunities to bring
expertise and technology to bear in a new
wave of investment. Even among
technology, information, communication
and entertainment companies, less than
30% of participants feel that the move to a
more innovation-oriented economy will
have a significant impact on their business.
The lack of focus is echoed in PwC’s latest
global CEO survey, in which only 19% of
the business leaders targeting China for
“Well, I think the West has got it
wrong, because I don’t think the
West really understands what
happens, and we’ve had the 12th
Five Year Plan on the table for
about two years, and yet we’ve only
just woken up to the fact that what
they’re saying is they want higher
quality, lower quantum growth.”
Sir Martin Sorrell, Chief
Executive, WPP
7
‘Foreign banks in China’, published by PwC, July 2012.
8
PwC. ‘16th Annual Global CEO Survey: Dealing with disruption – Adapting to survive and thrive.’ 2013.
It will be important for policymakers to
highlight the commercial potential created
by the commitments to innovation and
green development and look at ways to
encourage greater interest. Policymakers
have tended to favour large foreign
corporations capable of bringing in
significant amounts of capital and export
reach – one of the clearest findings in our
survey is how few (less than 10%) of
smaller companies (operations in fewer
than five countries) have operations in
China. A more knowledge-oriented
economy would benefit from some of
smaller and specialist foreign technology
companies that are as yet under-
represented in China.
investment and growth said that
increasing innovation and RD capacity is
a priority.8
Comparable figures for India
and the US are higher.
Are foreign enterprises missing valuable
opportunities in China? Could there also
be barriers that are discouraging foreign
interest? As we explore later in the paper,
some of the concerns highlighted by
survey participants include the protection
of intellectual property and the clarity and
direction of regulation.
22. 21 Choosing China: Insights from multinationals on the investment environment
Multinationals call for
greater transparency
Survey participants believe that a number of
regulatory and competition issues will need to be
resolved if China is to maximise its investment
potential.
When asked what the government could do to improve the investment environment,
‘improving transparency and anti-corruption’ headed the list by a significant margin
(see Figure 11). This was followed by ‘reducing intervention in the economy and
allowing an increase in private competition’. While the sector-specific findings are
broadly in line with the wider survey population, technology, information,
communication and entertainment companies are especially focused on the competition
and market opening issues.
Source: The PwC Global CEO Panel (227 respondents)
Figure 11
Areas CEOs would like the Chinese Government to focus on.
Impact of government
priorities
73%
Improving
government
transparency
and
anti-corruption
53%
Reducing economic
intervention
and
increasing private
competition
30%
Speeding up
capital
markets
reform
28%
Boosting
domestic
consumption
and demand
Creating a
favourable
environment
for developing
innovation and
entrepreneurial
talent
26% 22%
Increasing
incentives to do
business
in China
23. 2013 China Development Forum survey report 22
Greater transparency is seen as vital in
market. Among the areas that will be
important to address are the awarding of
government contracts and the setting of
economic plans and targets.
To attract further foreign investment and
create a more welcoming environment for
foreign investors and businesses, Peter
Löscher, President and CEO of Siemens
AG, encourages public authorities “to
embrace knowledge and innovation as key
societal values, to recognise the efforts of
innovators and inventors, to effectively
protect intellectual property rights,
notably through enhanced transparency,
and to place greater emphasis on the
quality of innovation rather than the
quantity of patents”.
Developments in
regulation
A recurring theme in the interviews is the
open licensing processes. When asked
about potential barriers for foreign
enterprises and how they could be
overcome, Jeremy Burks, Greater China
President, Dow Corning, said: “If you want
a vibrant business environment, you want
the companies to seize opportunities right
away, not have them say ‘my business
licence does not cover this venture and I
need six months to apply for a new one’.
opportunities”.
Figure 12
In the following key areas, would you say that the regulatory environment in China has improved, deteriorated or stayed the same over
the past three years?
Source: The PwC Global CEO Panel (227 respondents)
Taxation and fiscal regulations
Foreign exchange controls
Regulations on foreign investment
Capital markets regulation 4% 45% 28% 23%
23%
21%
30%
26%
10% 42% 25%
7% 50% 22%
7% 52% 11%
44% 14%
Deteriorated Improved Not sureStayed the same
Intellectual property regulation
and enforcement 16%
“In a world that is rapidly becoming instrumented, interconnected
and intelligent, every economy’s success depends on interchange and
collaboration. That is why I encourage all governments – developed or
borders.”
Virginia M. Rometty
IBM Corporation
Concerns over pace of reform
Our survey highlighted concerns over the pace of reform, with the bulk of participants
believing that the regulatory environment has remained largely unchanged over the
past three years (see Figure 12).
24. 23 Choosing China: Insights from multinationals on the investment environment
A particular focus of concern is the
‘Catalogue for the Guidance of Foreign-
Invested Industries’, which specifies which
activities are encouraged, restricted or
prohibited. This is seen as a potential
barrier to open competition in many
sectors. Several interviewees also noted
how certain policies may be making it
harder for China to compete
internationally.
Recognising the regulatory shift
But some participants believe that the
attitude of regulators and policymakers is
changing. Referring to innovation policy
in particular, Mark Hutchinson, President
and CEO, General Electric China, said:
“I think they [policymakers] are more
open now. And the attitude now is more
open too, ‘Well we need the multinationals
as well [as local companies]’, which
they do.”
Further signs of the commitment to reform
come from the recent Government Work
Report 9
. The report recognised reform
and opening up as the fundamental force
driving China’s development and progress,
with the need to bring about quicker
changes to the fiscal and taxation systems,
and deepen reforms to the financial
system.
“I have a distinct admiration for the Chinese model. I think it has
its issues and challenges, but I think if you learn to operate in the
Chinese system, and try and change it from within, then you can
make progress. The Chinese do listen. They have a great strength
of listening, and they do learn, which is a big strength and one that
we have forgotten in the West.”
Sir Martin Sorrell, Chief Executive, WPP
9
Delivered on 5 March 2013 at the First Session of the Twelfth National People’s Congress in Beijing.
25. 2013 China Development Forum survey report 24
Relatively few participants (14%) believe that the regulation and
enforcement of intellectual property rights have improved. Nearly 50% of
respondents in a 2011 survey carried out by the Economist Intelligence Unit
(EIU) were concerned or very concerned that they would be expected to give
up their intellectual property in exchange for market access.10
These
concerns may explain why only 19% of the business leaders in PwC’s latest
global CEO survey who are targeting China are looking to increase their
innovation capacity.11
“I’m a huge fan of China and I think they’ve done some amazing things over
the last 20 years, but the rule of law is probably the most critical thing that
they need to fix to harness real creativity and real innovation. And that’s
going to make the difference to it being stuck in the middle income trap or
getting to, like a Korea.”
Mark Hutchinson, President and CEO, General Electric China
Intellectual property
concerns
Concerns over the transfer of technology and protection
of intellectual property will need to be addressed if China
is to move up the value chain and harness real creativity
and innovation.
10
‘Multinational companies and China: What future?’, a report published by the EIU, December 2011.
11
PwC. ‘16th Annual Global CEO Survey: Dealing with disruption – Adapting to survive and thrive.’ 2013.
26. 25 Choosing China: Insights from multinationals on the investment environment
Ian Bremmer, President of Eurasia Group,
argues that a lack of more effective
protection for intellectual property rights
in China could impede a push by Chinese
firms into foreign markets. Mr Bremmer
believes that more effective protection
would help to foster closer partnerships
with foreign enterprises and sustain
long-term investment and growth in key
target sectors. He also believes that the
kind of expertise that China may need is
going to evolve as it reaches into new
markets. “Increasingly we’re talking about
softer skills, so we’re talking about
organisational management, we’re talking
about corporate governance at the highest
levels. Country risk analysis is also going
to be important as their need to secure
commodities takes them into unfamiliar
and potentially unstable markets,” he said.
Intellectual property concerns are also a
key issue raised in the American Chamber
of Commerce in Shanghai’s China Business
Report 2012-2013: “... longstanding issues
around the enforcement and protection of
intellectual property rights (IPR) continue
to hinder U.S. companies in China. The
number of companies that said the
protection of IPR is ‘critically important’ or
‘very important’ to their business
increased to 70 percent in 2012. Survey
results also indicate IPR has increased as a
top concern over the past 12 months with
66 percent saying enforcement has stayed
the same and 6 percent responding that it
has deteriorated, a slight increase
from 2011.”12
12
The American Chamber of Commerce in Shanghai. ‘China Business Report 2012-2013.’ February 2013.
27. 2013 China Development Forum survey report 26
New industries heighten
competition for talent
The ability to attract and develop talent (including
skilled people from abroad and returning Chinese
nationals) are clearly crucial in sustaining China’s
transition to the next level and competing
internationally.
More than 40% of the business leaders
targeting China in PwC’s latest global CEO
survey said that accessing local talent is a
key objective over the next 12 months,
making it the second highest business
priority.13
The challenges are set to increase as
demand and competition for technical and
creative talent continues to rise. “Human
resources are really the biggest constraint,
including pilots, mechanics, etc.,” said
Marc Allen, President, Boeing China.
“We’re even beginning to hear from
operators that they are sometimes having
a hard time taking delivery of the new
airplanes they need to service busy routes
because they don’t have sufficient pilot
and other resources on hand to put the
plane into operation. This needs to be
solved as a priority.”
“The challenge for us is to develop our local presence in a much
more potent form, and not be regarded as a foreign company
in China, as to a great extent we’re not, because we’re run by
nationals, not run by expats. We have some plans for developing
WPP in a different form in China, more locally based, and I
think that in the fullness of time, I’m sure we’ll have an even
stronger position.”
Sir Martin Sorrell, Chief Executive, WPP
13
PwC ‘16th Annual Global CEO Survey: Dealing with disruption – Adapting to survive and thrive.’ 2013.
28. 27 Choosing China: Insights from multinationals on the investment environment
So is China generating sufficient talent
with the right skills? The comparison of
what is influencing investment in key
markets carried out for this report found
that China is behind India on its skilled
talent pool, but ahead of Brazil,
highlighting this as a key area of
competition (see Figure 13).
Several interviewees believe that the
challenge is not how much talent is being
generated, but how to attract it. As
domestic companies expand and move
into new commercial fields they are able to
offer ever-more attractive packages and
prospects. This is certainly borne out by
the staggeringly high staff turnover rates.
“The quantity of production is certainly
okay. We’re actually operating in
operational bases in Chengdu and Yulin;
potentially, with 1,000 technical staff in
both areas – maybe more over time, with
success. Chengdu, in particular, has
excellent local universities,” said Simon
Henry, Executive Director, Chief Financial
Officer, Royal Dutch Shell Group. “The
challenge, for us, is attracting the best and
the brightest because it’s a very competitive
market. And then, developing people in a
way that motivates those individuals to
work with Shell and stay with Shell
through the long-term and become future
leaders of Shell, not just in China, but
around the world.”
Figure 13
CEOs indicating that talent factors are influential to their decision to invest in
each market.
Talent factors most
influential to investment
decisions
South Africa (26)
Indonesia (28)
Russia (43)
Turkey (56)
Mexico (58)
United States (78)
India (84)
Brazil (119)
China (128)
Lower labour costs
Skilled talent pool
27%
18%
18%
21%
23%
25%
18%
23%
21%
26%
21%
27%
24%
19%
38%
35%
48%
26%
Source: The PwC Global CEO Panel (varying base sizes contingent on those who allocated at
least one credit to a particular market)
29. 2013 China Development Forum survey report 28
Western and Central
provinces’ potential
moves onto radar
The wealthy and highly developed coastal clusters
remain the primary focus for foreign investment,
though multinationals increasingly recognise the
potential of the less developed Western and
Central provinces.
The EIU’s 2011 Multinational companies
and China: What future? survey indicated
that wealthier coastal cities remain the
primary target for growth. But foreign
investment in the Central and Western
regions has continued to rise over the past
decade (from 13% of FDI in 2002 to 17%
in 2011).14
Could this growth now
accelerate as China’s economy continues
its transition?
Opportunities are opening up for foreign
enterprises as the government seeks to
spread development and wealth more
evenly across the country. In particular,
there could be opportunities to move their
labour-intensive industries to the Western
and Central parts of China to reap benefits
from preferential treatments, while
partnering with more developed cities to
cultivate the inland market.
“Overall, RD and manufacturing expansion are growing fast in inland
regions. ABB’s customer industries, such as oil and gas, electric machinery
and equipment manufacturing, and power equipment will grow much faster
than average in the West. Inland regions, especially some key inland cities with
top science and engineering universities, also provide a large talent pool.”
Claudio Facchin, Senior Vice-President, ABB Group, Head of ABB North
Asia Region, Chairman and President, ABB China Ltd.
“I don’t think that competition from
neighbouring countries for labour
costs is a threat to China since
Western China has a strong outlook
in terms of competitiveness. However,
China could continue strengthening
its financial system.”
Jean Lemierre, Senior Advisor to
the Chairman, BNP Paribas and
Former President, European Bank
for Reconstruction and Development
Royal Dutch Shell is one of the companies
that stress the importance of a pan-China
presence. “Our head office, of course, is in
Beijing and we do have other offices in
Shanghai and in Guangdong for the
variety of marketing and other activities
– access to suppliers, for example. A lot of
the service sectors operate out of the
Shanghai area. We need to be a national
player, but focused where either the
markets or the resources are,” said
Simon Henry, Executive Director,
Chief Financial Officer.
Siemens AG is also looking to reach into
new areas and adjust its operational focus
as the economy continues to evolve. “With
our large footprint and 65 regional offices
across China, we have implemented a ‘zero
distance to the customer’ approach that
enables us to capitalise on the market
opportunities in all major regions of
China. In addition, we are expanding our
value chain in Central and Western China.
14
Ministry of Commerce, People’s Republic of China, November 2012.
15
‘Doing business and investing in China’, published by PwC, January 2013.
This setup also greatly facilitates the
continuous expansion of our supplier base
in China,” said Peter Löscher, President
and CEO. “At the same time, we expect
China’s urbanisation to be of increasing
importance for our business. Meanwhile,
Siemens AG is further committed in
supporting China’s industrial upgrade and
development of renewable energy
especially offshore wind power as well as
improvement of social healthcare through
advanced technologies.”
Nonetheless, attracting companies away
from the coastal regions will remain a
challenge when the East and South and
Central regions account for more than half
of the population and an even larger
proportion of GDP.15
Incentives such as tax
breaks will be important. But it will also be
important to make the process of setting
up factories and other business operations
easier and more transparent.
30. 29 Choosing China: Insights from multinationals on the investment environment
Headquarter choices
don’t reflect market size
The low number of participants that have or are
planning to site regional headquarters in China
raises questions about the attractiveness of
operating in the country.
The presence of an HQ is a sign of being comfortable with doing business in the country
and the quality of the living and working environment. But less than half of survey
participants with operations in China have or are planning to site their Asia Pacific HQ
in China, despite China being the largest market (see Figure 14).
2%
We have plans to move
our Asia Pacific regional
headquarters to China
We currently have
our Asia Pacific regional
headquarters in China
42% 42%
We have no plans to move
our Asia Pacific regional
headquarters to China
We have no
Asia Pacific regional
headquarters
13%
Source: The PwC Global CEO Panel (90 respondents who have investments in China)
Figure 14
Is having an Asia Pacific regional headquarters in China part of your global strategy?
A study by the European Union Chamber
of Commerce in China found that
Singapore and Hong Kong are the most
common locations for Asia Pacific HQs,
with Shanghai ranked third.16
According
to the report, proximity to clients and
markets is the most important criterion,
followed closely by a favourable legal and
regulatory environment.
PwC’s Cities of opportunity study looked at
how Shanghai and Beijing are positioned
on a number of variables ranging from
economic clout, openness to innovation
and ease of doing business to quality of life
factors such as health, housing and the
environment. Both score well in economic
clout, but less well in key aspects of doing
business such as ease of entry and
employee regulations. The environmental
indicators also leave room for
improvement.17
To attract more HQs, it will be important
to make it easier to move funds around
and facilitate visas and work permits on
the one side and provide attractive quality
of life on the other.
16
European Business in China: Asia-Pacific Headquarters Study’, published by the European Union Chamber of Commerce in China in partnership
with Roland Berger, April 2011.
17
‘Cities of opportunity 2012’, published by PwC, October 2012.
Siting of regional HQ
31. 2013 China Development Forum survey report 30
Towards long-term
prosperity
Our report confirms that the perceptions and strategies of multinational companies are
shifting as the economy continues to evolve, though some of the implications of these
changes and the opportunities they open up have yet to be fully appreciated and
addressed. The CEOs also highlight some potential barriers to investment, which will be
important to address. But the report confirms multinational companies’ willingness to
work in partnership with local companies and policymakers to resolve issues and realise
their mutual goals.
This partnership, and the mutual trust and good faith needed to sustain it, are central to
improving the environment for foreign investment in China. The benefits include
helping to develop the leading-edge talent, technology and capacity for innovation that
will ensure China realises its full economic potential and builds a prosperous future for
its people.
32. 31 Choosing China: Insights from multinationals on the investment environment
Research methodology
This report explores how CEOs from
multinational companies view investment
prospects in China and what they think
the Chinese Government could do to
attract more investment in support of its
economic goals. Our aim is to foster
greater understanding between
policymakers and foreign enterprises and
stimulate debate on how to meet their
mutual goals. The report has been
produced by PwC in support of the China
Development Forum.
Base: All respondents (227)
Source: The PwC Global CEO Panel (225 respondents from consumer, industrial products and
services, financial services, and technology, information, communication and entertainment
companies)
0
5
0
5
0
5
0
5
16%
22%
17%
11%
33%
Number of countries
20+11-205-102-41
How many countries does your company operate in?
Number of
countries
Africa
(21)
Asia Pacific
(23)
Central and
Eastern Europe
(10)
Latin America
(55)
Middle East
(6)
North America
(28)
Western
Europe
(84)
1 19% 30% – 20% 50% 11% 10%
2–4 29% 30% 20% 29% 17% 21% 14%
5–10 5% 17% 30% 5% 33% 21% 24%
11–20 29% 9% 20% 9% – 7% 11%
20+ 19% 13% 30% 36% – 39% 42%
Number of countries Consumer,
industrial products
and services
(158)
Financial services
(42)
Technology,
information,
communication and
entertainment (25)
1 10% 38% 12%
2–4 25% 14% 16%
5–10 17% 19% 12%
11–20 13% 2% 16%
20+ 34% 26% 44%
The primary research includes the views
of 227 CEOs from PwC’s Global CEO
panel, polled at the beginning of 2013.
PwC’s panel is made up of a cross-section
of multinational companies across all
sectors, company sizes and home locations
(both from developed and emerging
economies). It includes businesses with
operations in China and those without, at
present, to provide a balanced
understanding of what markets they are
focusing on and what part China plays in
their plans. Eleven in-depth interviews
were also carried out with executives from
a number of leading corporations
worldwide. The report also draws on
recent research from international
organisations, trade associations and
advisory agencies to provide
comprehensive and objective perspectives.
We would like to thank all the participants
for kindly contributing their time and
insights.
33. 2013 China Development Forum survey report 32
Acknowledgements
Marc Allen
President
Boeing China
Ian Bremmer
President
Eurasia Group
Jeremy Burks
Greater China President
Dow Corning
Claudio Facchin
Senior Vice-President, ABB Group,
Head of ABB North Asia Region,
Chairman and President, ABB China Ltd.
Simon Henry
Executive Director, Chief Financial Officer
Royal Dutch Shell Group
Mark Hutchinson
President and CEO
General Electric China
Jean Lemierre
Senior Advisor to the Chairman
BNP Paribas
Former President
European Bank for Reconstruction and
Development
Peter Löscher
President and CEO
Siemens AG
Chairman of the Asia-Pacific
Committee of German Business (APA)
Alan Mulally
President and CEO
Ford Motor Company
Virginia M. Rometty
Chairman, President and
Chief Executive Officer
IBM Corporation
Sir Martin Sorrell
Chief Executive
WPP
34. 33 Choosing China: Insights from multinationals on the investment environment
Acknowledgements
The following individuals and groups in PwC and the China Development Research Foundation contributed to the production
of this report.
Advisory group
Lu Mai
Secretary General
China Development Research Foundation
Fang Jin
Deputy Secretary General
China Development Research Foundation
Frank Lyn
Managing Partner
PwC China and Hong Kong
David Wu
Public Policy and Regulatory Affairs Leader
PwC China
Nora Wu
Shanghai Office Lead Partner
PwC China
Matthew Phillips
Financial Services Markets Leader
PwC China and Hong Kong
Mark Gilbraith
Partner
PwC China
Amy Cai
Partner
PwC China
Allan Zhang
Director
PwC China
Cai Xiaofeng
Senior Advisor
PwC China
Core editorial team
Yu Jiantuo (CDRF)
Herman Cheng (PwC)
Jeff Deng (PwC)
Christina Soon (PwC)
TJ Yen (PwC)
Research and data analysis
The research was coordinated by
consulting firm Meridian West,
located in London, UK.
Design team
Stephen Chow (PwC)
Artin Lin (PwC)
Shawn Zhang (PwC)
Project management team
Xu Jinjin (CDRF)
Wang Ye (CDRF)
Cynara Tan (PwC)
Echo Chen (PwC)
Jen Flowers (PwC)
Sarah Rodwell (PwC)
Suzanne Snowden (PwC)
Alina Stefan (PwC)
35. For further information
For further information on the China
Development Forum survey content,
please contact:
Cynara Tan
Head of Marketing and Communications
Asia Pacific
+852 2289 8715
cynara.sl.tan@hk.pwc.com
Suzanne Snowden
Head of Global Thought Leadership
London, UK
+44 20 7212 5481
suzanne.snowden@uk.pwc.com
For media enquiries, please contact:
Mike Davies
Director, Global Communications
London, UK
+44 20 7804 2378
mike.davies@uk.pwc.com
Echo Chen
Associate Director, Marketing and Communications
Beijing
+86 10 6533 8700
echo.chen@cn.pwc.com
For enquiries about the research methodology,
please contact:
Christina Soon
Manager, Marketing and Communications
Hong Kong
+852 2289 8761
christina.sk.soon@hk.pwc.com