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North Head, Global Times host Leader RoundTable on role of MNCs in the 13FYP
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On September 8, North Head and the Global Times co-hosted the Global Times Leader RoundTable. Following the theme “Adapting to Change,” the RoundTable discussed how multinational corporations could adjust to China’s political and economic changes during the Thirteenth Five-Year Plan, including slowing growth, tighter political control, a focus on innovation, and the need to reduce capacity in industries such as coal and steel. Key speakers at the forum included Zhang Yansheng, secretary-general of the Academic Committee of the National Development and Reform Commission, and Patrick Horgan, vice chairman of the European Union Chamber of Commerce in China. North Head Managing Director John Russell moderated the discussion.

 

At the panel, Secretary General Zhang noted that in the coming years China will need to establish stronger rule of law and promote a more open economy. Representing the view of European MNCs, Vice Chairman Horgan identified misguided economic policies as the root of China’s current overcapacity problem and called for China to make a renewed commitment to reforms which will allow the market to play a decisive role.

 

Both panelists were joined by MNC representatives in an open discussion of key concerns and hopes for China’s economy and political reforms. In his summation, John noted that, “Some MNCs are struggling because their structures and processes are developed for slower growth markets elsewhere. They will be increasingly vulnerable as more flexible Chinese competitors become more professional and innovative.”

 

For more information on the RoundTable, please see the Global Times article at: http://www.globaltimes.cn/content/1005901.shtml