Editor's Note: Leaders in international business, academia and politics met in Boao, Hainan this week to discuss everything from the rise of crowdfunding to rethinking education in China. Probably the most anticipated session the in days leading up to the forum was Premier Li Keqiang's on Thursday night. Premier Li reassured the global market that China will remain open. He stressed the importance of multi-international companies working together for success in the future. This translated article reports on the forum.

The 2016 Boao Forum for Asia (BFA) was held this week in Hainan. The theme of the forum was “Asia’s New Future: New Dynamics, New Vision,” and the event featured a keynote address from Chinese Premier Li Keqiang.

A number of participants spoke on a panel titled “Enterprise Without Borders: How to Become an Excellent Global Company.” The panel featured Central Huijin Investment Ltd.’s vice chairman Li Jiange, dean of Cheung Kong Graduate School of Business Xiang Bing, president of Walmart Asia Scott Price, and Unilever chairman Michael Treschow.

Huawei and Lenovo Stand Out
A Tencent employee asked the foreign panelists what they thought about the globalization of Chinese start-ups. The foreigners on the panel spoke about the globalization of early start-ups Huawei and Lenovo.

Scott Price of Walmart Asia said that he had been deeply impressed by Huawei and Lenovo. Lenovo has also acquired the United States’ IBM and has integrated the company well. Price believes that the nationality of the acquirer, in this case, did not seem important at all.

Michael Treschow of Unilever said that many Chinese start-ups and businesses do well in the Chinese market and then are able to get a foothold in the global market. However, if they acquire other companies and do not manage them well, then this is a very dangerous practice.

Xiang Bing of Cheung Kong Graduate School of Business said that Huawei is a strong example of a Chinese company that has been able to break out into the internet market. He also noted that Huawei’s senior management is still all Chinese, despite its global success.

Interestingly, the panelists did not mention a number of successful Chinese international startups and businesses with global name recognition including Baidu, Tencent, Alibaba, Xiaomi, Fosun, Wanda, and DJI (Dajiang).

A Lack of International Talent
“Talent is often lacking. There are issues surrounding how to attract and retain outstanding talent.” The panelists all stressed the urgent issue of cultivating and keeping international talent in China in an age of globalization.

Li Jiangge mentioned Hong Kong billionaire Li Ka-Shing’s investment into Guangdong Technion Israel Institute of Technology— the first Israeli University in China—as an attempt to cultivate international talent within China.

The Need for a Global Perspective
Xiang Bing said that even if a Chinese company is able to attract an international management team, there are still a number of challenges. He added that Indian companies generally do better in attracting international management and working from a global perspective than Chinese companies do. Xiang pointed to the number of successful Indian companies in Silicon Valley as evidence.

However, many Chinese start-ups and businesses must globalize in order to grow. General manager of Baidu’s international division Hu Yong has said previously in an interview that Chinese companies must globalize to capture opportunities, gage and meet demands, and find the best talent and resources. Chinese companies must think globally in order to improve their international competitiveness and capture the global market.

Source: QQ News

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Keywords: Boao forum forum international business