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Int'l Competition Vital for Chinese Big Firms
Improving their international competitive edge is the only way Chinese big businesses and conglomerates can survive economic globalization and prosper, said Chinese business executives at an economic forum today.
With China's entry into the WTO pending and the pace of economic globalization increasing, some Chinese business executives told the "21st Century Forum -- Conference 2000" that they are making headway in meeting challenges facing the Chinese economy.
They said the capability to properly utilize international capital markets, manufacture and market globally, and catch up with world leaders in new technology development is vital.
Liu Fuchun, vice-president of China National Cereals, Oils and Foodstuffs Import and Export Corp., said his company is restructuring so as to be listed overseas and establish a globally integrated management and resources network.
As part of China's State-own enterprises reform, the corporation has been transformed into a group company engaging not only in trade, but also in industrial, technological development and finance and information technology.
It is an important task for China to use electronic and information technology to transform traditional industries.
Li Yizhong, president of China National Petrochemical Corp., said that starting from this month all of his regional companies are linked with computer networks.
He said his company is establishing two separate e-commerce networks for marketing and procurement. This is expected to save nearly 250 million U.S. dollars.
The Hai'er Group Company is well known on the international market. Hai'er President Zhang Ruimin said his company has established research, development, manufacturing and marketing networks.
"With localized research and development teams, we have marketed sand-proof air-conditioners in the Middle East, and air- conditioners that are up to the American environmental standards in the United States", he said.
Hai'er has set up six research and development centers overseas since it launched its global business strategy.
It has been selected by an American household appliance magazine as a fast-growing company of global household electric appliances, the president said.
Hai'er refrigerators below 200 liters accounts for 22 percent of the U.S. market, he said.
Sweeping economic reforms in China and the adoption of international practices during its transition to a market economy will create a better environment for the development of Chinese enterprises.
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