Haiyan Wang, Managing Partner China India Institute, debated on the 6th of November at The Economist China Summit 2014 in Beijing against the motion “The golden age for multinationals in China is over.”
Debate: The golden age for multinationals in China is overFor the past three decades, multinationals have poured in. After the financial crisis, many companies looked to China for salvation. But some say life is getting harder for foreign companies. Among the recent examples are a post-Snowden backlash against tech firms, corruption probes into drugmakers and accusations of price-gouging against consumer firms. Competition is also getting tougher. Growth is flagging, while costs are rising. Talented young workers are getting harder to find, and pay is soaring.
Others argue that China’s market is still the world’s most enticing. They believe foreign companies are not being mistreated; in fact, many are still ploughing money into their China investments, which are doing well financially. Local operations are still churning profits and higher revenues year on year. And at a time when developed economies remain stagnant, betting on China may be the best among a bad lot. For some, China is still at least as profitable as other markets worldwide.
Motion for debate: The golden age for multinationals in China is over.
For the motion: Anne Stevenson-Yang, Co-Founder and Research Director, J Capital Research
Against the motion: Haiyan Wang, Managing Partner, China India Institute
Moderator: Vijay Vaitheeswaran, China Business and Finance Editor, Shanghai Bureau Chief, The Economist
Haiyan Wang is Managing Partner of the China India Institute, a Washington DC based research consultancy with a focus on creating winning global strategies that leverage the transformational rise of China and India. She has also been an Adjunct Professor of Strategy at INSEAD.
Haiyan has been listed by Thinkers 50 in “On the Guru Radar” and short listed for the “2011 Global Village Award.” She has also been included in the list of “New Guru” by The Economic Times.
Ms. Wang co-writes a regular column for Bloomberg BusinessWeek and blogs for Harvard Business Review. She is the co-author of two highly acclaimed books: Getting China and India Right (which received the 2009 Axiom Book Awards’ Silver Prize as one of the world’s two best books on globalization/international business) and The Quest for Global Dominance (2nd Edition). Her co-authored new book The Silk Road Rediscovered: How Indian and Chinese Companies Are Becoming Globally Stronger by Winning in Each Other’s Markets will be published by Wiley in April of 2014.