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economic powerhouse gearing up to face growing challenges

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FRIDAY, JUNE 9, 2006

Economic powerhouse gearing up to face growing challenges
CEOs, officials warn of higher labour costs, call for co-op
By Raymond Zhou

A historic event
Distinguished delegates, friends, ladies and gentlemen, On behalf of our co-organizer, the Ningbo Municipal People’s Government, and my colleagues at China Daily, I want to thank all of you for attending this historic summit focusing on the Yangtze River Delta (YRD). As one of the six mega-city clusters in the world, the YRD certainly deserves the world’s attention. Today, we talked about some of the most vital issues relevant to the future of the YRD, or for that matter, the future of China. I know for a fact that many of you skipped important meetings and travelled long distances to be here. From your overwhelming response and engaging interaction at today’s summit, I am convinced that you have found this summit relevant, informative, and thought-provoking. Five years, or even more, from now, you will agree that your investment in time and effort today will prove to be invaluable and visionary. As I told you at our spring reception in February, we will explore and co-operate with local governments for global conferences such as this one. At China Daily, we believe in choosing strategic locations and partners for well-timed, closeddoor platforms for insightful and meaningful dialogue. We have chosen to focus on the YRD because if you look at the demographics, this region is remarkable. It has less than 1 per cent of land of the country, and less than 6 per cent of its population; but despite this, the YRD accounted for close to 20 per cent of China’s GDP in 2005. Few will argue that this region is a market a global company can afford to ignore. I would like to encourage all of you to take advantage of your stay in Ningbo to reach out to the local community, enjoy the local cuisine, make friends, and explore potential business partnerships. Last, but not the least, I would like to thank Mayor Mao Guanglie and the entire leadership of the Ningbo municipal government for their vision to partner China Daily for this unprecedented gathering. I would also like to thank the Ningbo Bureau of Economic Cooperation and Foreign Trade for their efforts over the past few months in making this summit a reality.

Zhu Yinghuang

James McIlvenny

Michael Enright

Chen Xuanqing

Wu Hemin

NINGBO: The Yangtze River Delta (YRD), with Shanghai as its driver and Jiangsu and Zhejiang provinces its strong and resilient co-drivers, has been making a lot of ground as China’s economic dynamo. However, to keep up the momentum, it needs to face some major challenges. The major hurdle James McIlvenny, President of Dow Chemical (China) Investment Co Ltd (Asia Pacific Region), sees is “talent and people.” “Investors came here because of the low-cost of labour, but it is getting more expensive,” he said. Dow Chemical has six manufacturing sites in the delta. McIlvenny found local governments to be pro-business, but he said they need people who can take leadership roles in international companies. Michael Enright, Sun Hung Kai Properties Professor at the University of Hong Kong’s School of Business, zeroed in on the fragmented nature of the China market. “China today does not have a single market, but many municipal and provincial markets,” he said, lamenting the difficulty of doing business across these markets. He also questioned the validity of Shanghai as a “dominant city” because, as he said, more larges c a le m a i n la nd c ompa n ie s a re raising money in Hong Kong than in Shanghai. The lack of coordination among cities and provinces also alarms him. He understands that mayors have to be responsible for the performance of their own cities, but believes it would be wiser for them to take into account the planning of neighbouring cities when formulating the growth policy for their own cities. The “me-too strategy” has permeated all levels of government, even city districts. “It can be very costly if there’s duplication in infrastructure,” he warned. “The notion of regional co-operation is popular. Many talk about it, but few places have made it a reality.” However, Enright is not in favour of “some organization” telling cities what they can do. That’ll be too much planning. And the market will sort it out because companies will find where the advantages are, such as where to invest in ports. The important thing is each jurisdiction should make its strategy knowing what the others are doing, but not automatically copying each other. He cited the example of the YRD and the Pearl River Delta (PRD) as two economic powerhouses that com-

pete with each other in many areas, but are ultimately complementary in nature. “Each is a sizeable market for the other,” he said. Chen Xuanqing, deputy director for Regional Economy at the National Development & Reform Commission, said international competition all comes down to business competition. “The international competitiveness of a region lies in the competitiveness of its industries,” he emphasized. To make itself into an “advanced international base,” the YRD needs to spend years on the development of innovative capabilities by creating independent intellectual properties and global brands. In the foreseeable future, the YRD should readjust and optimize its industrial structure by creating a powerful tertiary sector, with the high-tech industry as the driving force, “advanced manufacturing” as the gravitas and modern services as support. What is hindering better YRD

integration is the old geographical demarcation of administrative jurisdiction, he said. There should be moves to explore new models that incorporate the concept of “economic regions.” Speaking of sustainable growth, Professor Enright pointed out a crucial discrepancy in the understanding of the concept. “When Westerners speak of it, they usually define it as an environmental issue. But when Chinese talk about it, it’s usually in the context of the availability of resources.” McIlvenny of Dow Chemical praised the current Five-Year Plan for implementing a balance between GDP growth and environmental issues. “Competition should not replace sustainable development,” he cautioned. As Enright explained, environmental protection will arise as a major concer n when per- capita GDP reaches $10,000. As many of the YRD cities are approaching this target, it is bound to be a top priority. But al l sp eakers ag re e d that behind these challenges are great opportunities, that are shaping one of the most dynamic urban clusters in the world.

Xie Fuzhan

The economic development of the YRD, which is the epitome of China’s swift and sustained development of its economy, is now influencing more regions. It is inspiring new hope for sustained prosperity.
Vice-Minister of the State Council Information Office

The YRD, with Shanghai at the helm, has a lot of vitality. As Zhejiang moves from an agrarian society to an industrial powerhouse, its rural income is twice that of the national average.
Vice-Governor of Zhejiang Province

Shanghai’s growth benefits from Jiangsu and Zhejiang, which provide opportunities for Shanghai. Only when these two provinces boom will Shanghai become the centre of finance and trade.
Vice-Mayor of Shanghai Municipal Government

Jiangsu will use innovation and economies of scale to raise the quality of manufacturing. All levels of government will strengthen their pro-business attitude and create a first-rate environment for multinational investment.
Vice-Governor of Jiangsu Province

As Premier Wen Jiabao encouraged GE in 2003, the five things GE should do is to bring products, technologies, managerial skills, training and Sino-US friendship to China. This is what we’re doing.
Vice-President of GE and President & CEO of GE Healthcare Greater China

Water pollution in the YRD is a major environmental issue, which requires public awareness, laws and regulations, government roles in law enforcement and corporate social responsibility.
Chief Executive of Copper & Exploration, Rio Tinto

This summit of the China Daily CEO Roundtable will cover new areas, present new opportunities, and create a new image for the Yangtze River Delta (YRD), and for Ningbo.
Mayor of Ningbo Municipal Government

William Zhang

Innovation holds the key to region’s development
By Wang Ying

NINGBO: After almost two decades of unparalleled development in the Yangtze River Delta (YRD), innovation will pave the way for further economic growth of the region, company executives, scholars and government officials said yesterday. “At this critical moment in time, after a period of fast growth which has been based on low-cost production, innovation is now the most important factor in boosting the regional economy (in the delta area),” Patrick Whitney, director of the design department at Illinois Institute of Technology, said on the sidelines of a summit hosted by China Daily in Ningbo, a port city in Zhejiang Province. The YRD region, comprised of Shanghai and 15 cities in Jiangsu and Zhejiang provinces, accounted for 35 per cent of China’s total foreign trade, and almost 20 per cent of the country’s GDP in the first three quarters of last year. The regional economy, which has been based on low-cost manufacturing, has now hit bottlenecks such as energy shortages, environmental problems and soaring resource prices. “The current development of the Yangtze River Delta’s economy is

analogous to the US market in the first part of the 20th century, and it is time for the (delta) region to turn to innovation and focus on consumer needs,” Whitney said. As the professor suggested, local companies in the region should enhance their research and development strengths to meet buyers’ requirements. And the government should come up with incentive policies to encourage new ideas and nurture more skilled professionals by improving university programmes. “The government should also further fight piracy to create fair IPR (intellectual property right) environments for all companies,” Whitney added. Besides, multinationals also play an important role, by bringing over technology and efficient management, which will in return benefit their own businesses in the country, Whitney said. Wu Hemin, vice-mayor of Ningbo city, said Ningbo had recorded robust economic growth thanks to the government’s innovation and reform efforts in improving economic structures and education.

Last year, the port city posted a GDP of 244.6 billion yuan (US$30.6 billion), ranking eighth nationwide, the vice-mayor said. “But we still have challenges ahead — we should further open up and introduce more foreign investors to boost innovation,” Wu said. Zhang Hongming, mayor of Taizhou, which is also located in eastern Zhejiang, said the city would like to form partnerships with more multinationals to improve the technology, management and production of its local firms. Taizhou is known for the fast growth of its privately-owned enterprises. The city is now applying for central governmental approval to set up an innovation pilot zone for private companies, Zhang yesterday told the summit. Belgium-based InBev, the world’s biggest brewer by volume, has been an active player in the Chinese beer market by seeking buyout opportunities to expand its business. The strength of innovation and culture in a region is a key factor that affects InBev’s investment in China, Pierre Jean Everaert, honorary chairman of the board of InBev, said. As the second-biggest brewer in China, InBev has 30 production sites

in seven provinces, concentrated in the Yangtze River Delta region and the southern part of the country. Deep understanding of the local culture in China is also essential for a successful business, Everaert said. Steven Feinberg, executive vicepresident of Siemens China, said the YRD area is already at the forefront of innovation, but it needs to develop further, through system thinking and integration among the government, industry, scientific community and society. “System thinking would be a useful tool to improve innovation efficiency, as many emerging challenges today are more likely to be inter-linked with each other,” Feinberg said at yesterday’s summit. An effective approach would be to promote partnerships between local community and the world’s innovation leaders to develop leading technologies, Feinberg added. He also showed a willingness to participate in the process. The Chinese Government has vowed to make the eastern coast a pioneer in scientific and technological development to boost independent innovation. With effective measures implemented by both the governments and companies, Whitney remains confident that the YRD region will become an innovation-oriented economy within less than 10 years.

Jin Zhongliang

Zhu Ling
Editor-in-Chief China Daily

Albert Xu Leo Baron Delwaide William Valentino Edward Tse Freeman H. Shen Andy Graham Lim Ming Yan Robert Aspell Michael Elliott Steven Yung Zhou Li Zhu Yinghuang Charles Lei Richard Burton Lars Andreasson Jin Jian Hopes Ted Lee Sean P. Wall Chris Chan George C. Hsu James Luo Richard Lee Desmond Soh Michael Tong Wei Zhu Shane Tedjarati Roger Chu Bryan Stiles Charles P. Wu Chief Representative, 3i Asia Pacific plc. Shanghai Representative Office President, Antwerp Port Authority General Manager, Corporate Communications, Greater China, Bayer (China) Managing Director, Booz Allen Hamilton President, BorgWarner China President of BP Retail China, BP China CEO, Capitaland China Holdings Group GOSC Business Unit Leader, Cargill Investments (China) Ltd. General Manager & CEO, CIGNA & CMC Life Insurance Co., Ltd. Chairman, Clear Media Limited Director, Executive Office, China Daily & Producer, China Daily CEO Roundtable Editor-in-Chief Emeritus, China Daily Senior Vice President, CNBC Great China, CNBC, General Electric Regional Managing Director, Coface Greater China Consul General of Sweden in Shanghai, Consulate General of Sweden in Shanghai Client & Market Exec. Director, China Bus. Development, Deloitte Touche Tohmatsu Partner, Deloitte Touche Tohmatsu Deputy Managing Director, DHL-Sinotrans Director, Public Affairs, Asia Pacific, Dow Chemical Pacific Ltd. Vice President, Asia Pacific, Engelhard Corporation Director of Communications, Asia Pacific, Ericsson Group Chairman & CEO, Wo Kee Hong (Holdings) & Ferrari Maserati China Limited Chief-Representative-China, Flextronics International General Manager, China Business Development, General Electric Managing Director, Goldman Sachs Gao Hua Securities Co, Ltd President, Honeywell (China) Co Ltd. Director, Chinese mainland, Hong Kong Trade Development Council Deputy Chief Executive Officer, China, HSBC General Manager, Strategy & Business Development, IBM Greater China Group CEO, Industrial and Commercial Bank of China (Asia) Ltd President, Asia, International Paper Deputy General Manager, Kerry EAS Logistics Ltd President & COO, Las Vegas Sands Corp Managing Director, Lazard China Ltd Group Representative Director, China, LVMH Asia Pacific Regional Operations Director, Manpower Inc National Director, Consumer Insight & Market Intelligence, McCann WorldGroup NASDAQ Chief Representative in China, Managing Director of AP, NASDAQ Editor-in-Chief, Nation Multimedia Group Plc Chairman, Ogilvy & Mather Greater China. CEO & General Manager, Petronas (Marketing) China Co, Ltd Senior Vice President/ CEO Greater China, Philips Medical Systems Greater China Director, Business Development & Gov’t Affairs, China, PPG Coatings President, Praxair (China) Investment Co, Ltd Managing Director, Rio Tinto China & Asia Executive Chairman, Shell Companies in China EVP & Member of the Management Board, Siemens Ltd China Senior Vice President, Société Générale Managing Director, Taicang International Container Terminal/Modern Terminals President, Telstra Asia & CEO, Telstra China Vice President & General Manager, Greater China, Unisys President, China, United Technologies Managing Director, UPS Supply Chain Solutions Director, Public Affairs, UPS Consul-General, U.S. Consulate General in Shanghai Principal Commercial Officer, U.S. Consulate General in Shanghai Chairman & CEO, Van Shung Chong Holdings Ltd Senior Consultant, Wal-Mart (China) Investment Co, Ltd Vice President, China Affairs, Walt Disney Inc

Sebastian Chen

Zhong Shan (third from right), vice-governor of Zhejiang Province, stands up to make a speech at the China Daily CEO Roundtable International Summit on Yangtze River Delta Development yesterday. The keynote speakers on the stage include (from left to right): Chen Chih, vice-president of GE, Greater China, Zhu Ling, Editor-in-Chief of China Daily, Li Quanlin, vice-governor of Jiangsu Province, Hu Yanzhao, vice-mayor of Shanghai and Wang Guoqing, vice-minister of the Information Office of the State Council. ZHANG WEI

Sean P. Wall

Observers (Global Business Community)
Georges Leysen Patrice Thys Hans-Erik Rhodius Dolphin Yang Lei Pramoj U-nontakarn Aaron Huang Tony Day Ron Kuang Kelvin Lee Commercial Director, Antwerp Port Authority Managing Director, Asia-Euro Consultancy Ltd Senior Advisor, Asia-Euro Consultancy Ltd Interpreter, Asia-Euro Consultancy Ltd SVP & GM, Shanghai, Bangkok Bank PCL, Shanghai Strategic Affairs Director, BP China Commercial Director, Cargill Investment (China) Ltd Chief Representative, CIGNA Corporation Beijing Representative Office Head of Global Relationship Banking, Shanghai, Citigroup Chief Representative, Coface Credit Insurance Co Deputy Consul-General, Danish Consulate General in Shanghai Director, Clients & Markets, Deloitte Touche Tohmatsu Chief Representative, Zhejiang, General Electric General Manager, China Government Relationship, General Electric Vice President, Honeywell (China) Co, Ltd Senior Marketing Manager, Shanghai Office, Hong Kong Trade Development Council Vice President, Branch Management, HSBC Manager, Strategy & Business Development, IBM Greater China Vice President District Office, Hangzhou, Japan Airlines Assist Chief Rep, Shanghai Rep. Office, Jardine Matheson (China) Limited Manager, Shanghai Representative Office, Jardine Matheson China Limited Assistant Manager, Representative Office, LVMH Asia Pacific China Board Chairman & CEO, Nordic Industrial Park Director, Ogilvy Public Relations China Director, Global Accounts & Strategic Partnership, Praxair (China) Investment Co, Ltd Senior Assistant to Board Chairman, Schindler (China) Elevator Co, Ltd Director, Attorney at Law, Shanghai Pioneer Law Office Government and SOEs Communications Manager, Shell Companies in China Regional Communications Manager, Siemens Ltd, China Siemens Ltd. Public Relations Manager, Telstra China Director, Public Sector, Greater China, Unisys Director of Communications, UTIO China, United Technologies Economics Officer, U.S. Consulate General in Shanghai Vice President of Asian Development, Venetian Macau Limited Vice Chairman, Wai Kee Holdings Ltd Senior Government Relations Manager, Wal-Mart China
Alexander Wan Jacqueline Chen Xie Fuzhan Prof. Patrick Whitney Xiao Daxuan Zhang Jianping Chen Xuanqing Wang Guoqing Yang Chaofei Prof. Michael Enright Sun Zhonghuan Ding Wenben Chen Derong Jin Zhongliang Liu Xiulan Chen Gang Wang Yong Wu Hemin Zheng Jiwei Zhang Hongming Chen Hongfeng Gong Peixing Ma Guohua James McIlvenny Chih Chen David Arkless Timothy Y.C. Chen Tom Albanese Lu Zushan Hu Yanzhao Li Quanlin Mao Guanglie Zhu Ling

Summit Co-Hosts
Governor, Zhejiang Provincial Government Vice Mayor, Shanghai Municipal Government Vice Governor, Jiangsu Provincial Government Mayor, Ningbo Municipal Government Editor-in-Chief, China Daily

Environment gets increasing attention Second-tier cities embrace
By Fu Jing

Honorary Co-Chairs
President, Asia Pacific Region, Dow Chemical (China) Investment Co, Ltd VP, GE Co & President & CEO, GE Healthcare Greater China Executive Board Member & Senior Vice President Corporate Affairs, Manpower Inc Corporate Vice President & CEO, Greater China Region, Microsoft Chief Executive, Copper & Exploration, Rio Tinto

Patrick Whitney

Wang Qingqing Hans Jørgen Ipland Lily Sheng Carol Shi Yiyuan Shun Dr. Dan Sun Jacky Wu Vincent Cao Lin Yang Atsushi Yamashita Eugene Liu Xun Sun David Ng Ove Nodland Lyndon Cao

Keynote Speakers
Deputy President, Development Research Center of the State Council I Steelcase/Robert C. Pew Prof. and Dir., Instit. of Design, Illinois Instit. of Technology Deputy Head, Water Transport Department, The Ministry of Communications Department Head, Development and Planning Department, The Ministry of Railways Dep. DG, Regional Economy, National Development & Reform Commission Vice Minister, The State Council Information Office Director, Policies and Regulations, State Environmental Protection Administration Sun Hung Kai Properties Professor, School of Business, University of Hong Kong

Mayor, Hangzhou Municipal Government Vice Mayor, Huzhou Municipal Government Mayor, Jiaxing Municipal Government Vice Mayor, Jinhua Municipal Government Vice Mayor, Lishui Municipal Government Vice Mayor, Nanjing Municipal Government Executive Vice Mayor, Ningbo Municipal Government Vice Mayor, Ningbo Municipal Government Vice Mayor, Shaoxing Municipal Government Mayor, Taizhou Municipal Government Vice Mayor, Wenzhou Muncipal Government Executive Vice Mayor, Wuxi Municipal Government Vice Mayor, Zhoushan Municipal Government

Zhang Hongming

Ian Zhang Hou Zhiwei Richard Hsu Beverly Zhao Yang Fang Beate Bieniek Xiao Xiao May Chiu Wang Yukui John J. Hill Eric Chiu Derek Zen Gordan Yang

Executive Editor, China Daily CEO Roundtable Anchor of BizChina, CCTV-9 & Honorary Moderator

NINGBO: Economic development or environmental protection? Senior environment official Yang Chaofei believes it’s not about choosing one over the other, he made this point clear when responding to development questions on China’s economic powerhouse, the Yangtze River Delta. “The economic boom in the region will be sustained, but it’s time we treat both of them as equally important,” said Yang, director-general of the Department of Policy and Law of the State Environmental Protection Administration yesterday, at a panel of the China Daily CEO Roundtable International Summit on Yangtze River Delta Development, co-organized by China Daily and the Ningbo Municipal Government. He urged that the government’s focus should be on both environmental protection and economic growth, and the latter should not be at the cost of the former to fulfill targets. “This should be the starting point when considering solutions to meet the development goals.” Mayors, experts and businessmen agreed with Yang’s point of view. Mayor of Hangzhou, in Zhejiang Province, Sun Zhonghuan, agreed that the environment should be included as a decisive factor of local competitiveness, which has driven his city to grow at an annual rate of over 10 per cent for the past 15 years. “A clean environment not only

means less pollution, quality air and water, but also better service and an attractive business and cultural atmosphere,” said Sun. Due to rapid economic development in the Yangtze River Delta, which covers Shanghai and 14 other cities in northern Zhejiang and southern Jiangsu provinces, restraints on natural resources and worsening environmental conditions are becoming more evident, according to a document released by Yang’s agency in the wake of World Environment Day, which was last Monday. The worsening contamination of major rivers and lakes and atmospheric pollutants, especially sulphur dioxide which is the cause of acid rain, have become major environmental problems in the region, according to the document. And Lin Hong, a scientist with China Environment Science Research Academy, said the mutual effects of sulphur dioxide between Zhejiang, Jiangsu and Shanghai are expected to reach 20 per cent. Meaning 20 per cent of sulphur dioxide from one city is coming from another city’s emissions. “It me ans that tra ns-bou ndary environmental problems in the Yangtze River Delta are grave,” said Yang. In the process of economic and social development, Yang also said the region is facing problems such as repetitive construction, huge biological environmental pressures and a lack of unified planning for regional infrastructure.

“Those problems can only be tackled with unified planning under the guidance of scientific development principles,” said Yang. Gong Peixing, executive vicemayor of Wuxi in Jiangsu Province, said the major tasks of his city were to clarify the overall positioning of the region concerned for future development, provide a blueprint for priority development areas, and focus on problems which are difficult for one city or one province to solve, and to create a sound investment environment and environmental protection strategies. Gong said his government had already made the decision to stop all companies that are environmentally harmful from investing in the city. Liu Xiulan, deputy mayor of Lishui, in Zhejiang Province, said enterprises were the major components of a modern society but they should be responsible corporate citizens. “In terms of economic profit and environment protection, we care more about the latter,” said Liu. Lim Haw Kuang, executive chairman of Shell China, said the balance between economic and sustainable development is perhaps the biggest challenge facing the government today, and one that has been recognized and addressed in the national eleventh five-year development plan (2006-10). “We have a long history in this region going back more than 100 years and a long-term commitment for the future,” said Lim.

modern service sector for growth
By Wang Zhenghua

NINGBO: The service sector, essential in helping manufacturing industries to upgrade, has become a focus for the development of secondtier cities in the Yangtze River Delta — an area in East China that serves as one of the country’s economic powerhouses. Chen Derong, mayor of Jiaxing, said at the China Daily CEO Roundtable International Summit on Yangtze River Delta Development yesterday that his city had made positive explorations into the development of a modern service sector, as the service industry, which leads traditional manufacturing, is being recognized more as a contributing factor in economic growth. With a unique geographic location between Shanghai and Hangzhou, capital of East China’s Zhejiang Province, Jiaxing should make full use of its geographic advantage and Shanghai’s “spill-over” effects, to promote the city’s competitiveness, Chen said. To develop a modern service sector, the mayor believed the focus should be placed on the development of a large but specific market of modern logistics, science and technology services and a “headquarter” economy. “After the completion of the magnet railway linking Shanghai and

Hangzhou, Jiaxing, the only stop en route, will become a businessintensive, multi-functional region with low-cost but effective services,” Chen said. It also plans to be a business platform that connects Shanghai and its nearby regions. The service industry, ready to become a major driving force for the local economy, is also gaining steam in Ningbo, where the sector witnessed a growth that outpaced agriculture and manufacturing last year, and is drawing more foreign investments. In the first four months of this year, the municipal government approved 71 projects in the service industry — up more than 130 per cent year-onyear — with a total foreign investment of US$103 million, or a 125 per cent increase in these projects. “Ningbo will use more foreign funds for its modern service sector, infrastructure and public utility constructions,” Mayor Mao Guanglie told China Daily. He said that priority will be given to the construction of a dynamic traffic network, logistics system, drainage system, water treatment facilities, gas piping system, garbage recycling system, information-based service system and environment preservation systems. Distinguished government officials and business leaders at the summit cautioned that the delta, and China as

a whole, needs to focus more on “Created in China” rather than “Made in China”, and be innovative when developing a modern service sector. TB Song, chairman of Ogilvy & Mather Greater China, said China, while facing the challenge of being innovative, has made it a national policy to rely on self-driven innovation. “This means parts developed and designed by single entities within the industry structure should be on the rise, and this could raise the general level of manufacturing and take the upper-hand in the whole value chain,” he said. He said the innovative service sector should feature intensive intellectuals, focus on small and medium-sized enterprises, be supplied with innovative ideas via information-sharing, and also have a favourable cultural atmosphere. “It should heavily rely on souls with imagination and dreams, rather than intensive technology or funds,” he said, “and it also needs a supportive atmosphere, and a consultancy service.” Timothy Chen, Corporate VicePresident and CEO of Microsoft in the greater China region, also stressed the importance of innovation. “When President Hu Jintao visited us, he made it very clear that innovation was the key for China stepping into the next generation,” Chen said. Another key issue for a modern service sector is talent.

Prof. Pierre Jean Everaert Honorary Chairman of the Board, InBev NV Zhu Qi Thomas E. Gestrich William Zhang William P. Weidner Jonathan Shi Andrew Wu Ben Lan Peter Tan Lawrence Pan Suthichai Saeyoon T.B. Song Clement I.H. Ooi David Jin Cathy C.M. Yan David H.L. Chow Anthony Loo Lim Haw Kuang Steven Feinberg Alfred Wei Bo Frank Nielsen Brian Pilbeam David Fu Jim Gradoville Sebastian Chen Feng Xiang Kenneth H. Jarrett Ira E. Kasoff Andrew Yao Harrison Wong Jun Tang

Bo Frank Nielsen

Zhang Jianping


Steven Feinberg

Pierre Jean Everaert

Lim Haw Kuang

Sun Zhonghuan

Yang Chaofei

Gong Peixing

Liu Xiulan

Bernard Wong

David Arkless

Timothy Y.C. Chen

Chen Derong

T.B. Song

Lawrence Pan

Leo Baron Delwaide

Ma Guohua

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