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China's firms must go global, go quickly

(China Economic Net)

17:05, November 03, 2011

Edited and translated by People's Daily Online

Beijing, Nov.3 (People's Daily Online) -- According to requirements of the 12th Five-Year Plan, China will guide both private and public enterprises to increase overseas investments and cooperation while sticking to principles of following market orientation and allowing enterprises to make decisions independently.

Now that 10 years have passed since China joined the World Trade Organization, Chinese enterprises are stepping up efforts to go global.

The global economy is slowly recovering along with international investments and cooperation. This will present opportunities for Chinese enterprises to participate in high-level international competition. Domestically, China's industrial system is being perfected gradually, and a batch of industries and products with comparative advantages has taken shape.

China's acceleration of its going global strategy has achieved obvious effects. For many Chinese enterprises hoping to go global, improving their internal strengths should be the top priority.

First, these Chinese enterprises must develop clear and far-sighted strategies because going global is just a strategic step in their long-term development. It should be based on considerable strength and thorough understanding of themselves.

Second, they should intensify the consciousness of risk prevention and learn as much as possible about their intended investment destinations. When going global, domestic enterprises should develop different strategies according to the specific political, economic, legal, and cultural situations of different countries and pay particular attention to the legal restrictions in investment destinations, to the enhancement of their own strength, and to information collection and analysis.

Third, they should be practical and realistic in going global. As latecomers in international business, most Chinese enterprises still have a long way to go to catch up with traditional multinational corporations. Therefore, when going global they should learn from successful foreign businesses and conduct win-win cooperation with them.

Furthermore, Chinese enterprises that plan to go global should pay great attention to fulfilling their social responsibilities and integrating into new cultural environments in order to win market share as well as the support and respect of local residents.

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Leave your comment2 comments

  1. Name

helen at 2011-11-04203.82.92.*
Couldn't agree more!This must be diversified throughout the world and not focused on inhospitable US political, business and unions environment. The world is out there to trade and do business with.Go where the money is .... that was the motto to university students by my professor in England. And this is not absolutely the yardstick when carrying out international business across national frontiers and varying cultures.
Observer at 2011-11-04222.127.65.*
Of most importance is to join forces with a national of the country they operate in. "The only time one needs a partner is when the partner can do something that you cannot".

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