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Commentary: Long-term strategy should be mulled to maintain competitiveness
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08:23, June 12, 2009

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Even though the world economy remains hamstrung by the ongoing global financial crisis, some nations and enterprises are mulling proactive measures to counter the upheaval.

Through these efforts, the entities are fulfilling their long-term strategies with the hope that they can gain a competitive edge over their rivals once the global economy recovers.

The Chinese economy for years has been following a development model that heavily relies on investment and quantitative growth, causing problems including pollution and structural inefficiency.

To make a turnaround, China's central government earlier this year reviewed and approved adjustment and stimulus plans for 10 major industries.

Because those plans are aimed at environmentally friendly growth and sound employment, it is foreseeable that the stimulus is bound to boost more balanced and sustainable development in the Chinese economy.

Similar plans also have been launched in some western countries. The Netherlands continues to expand its Port Rotterdam despite a sharp decrease in shipping amidst the economic meltdown.

France is dedicated to developing its world-class nuclear power industry through a variety of projects and international cooperation.

These countries aim to seize the opportunity during the crisis and are preparing to take the lead in their respective regions once the economy has recovered.

That same vision is shared by some enterprises.

A survey published by the Wall Street Journal found that while there was a 7.7 percent loss in revenue last year amongst 28 big U.S. companies, their spending on research and development dropped only 0.7 percent.

Some enterprises kept their research and development divisions intact while cutting jobs in other departments, bearing in mind that R&D is a generator for long-term development.

For enterprises, bankruptcy is always a last resort. In the past two months, however, two U.S. auto giants, Chrysler and General Motors, have both applied for bankruptcy protection. The self-inflicted action gave the two old, debt-ridden automakers a chance to live again by forming leaner, more competitive, and cost-effective companies.

No crisis will last forever. The future of every market player ultimately depends on his ability to adjust and make changes in tough times.

Only by taking long-term strategies, can the game players seize the opportunities and arise from the crisis to become the winners of tomorrow.


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