LBS Holds China Business Forum: China Business Forum in London on trade relations
Market movers met in London Friday for the annual China Business Forum. Westerners there were curious about how China's business model compares to Europe's, and how sustainable development could be achieved amid economic uncertainty. CGTN correspondent Xi Jia has more.
China's innovation business has been a hot topic at the event. Mr. Seng Yee Lau is the Chairman of Group Marketing and Global Branding at Tencent, a Chinese internet-based technology and cultural company. His role is to enhance the collaboration in Tencent's branding properties across business groups and manage Tencent's international strategic partnerships for the leadership team. He is asked by the Deputy Dean of the London Business School that how Chinese companies have changed from the world factory to genuine world leaders.
SENG YEE LAU SENIOR EXECUTIVE VICE PRESIDENT, TENCENT "From a micro and macro perspective, I think it has to do with the emancipations of productivity in a sort of growth of China. When a country has grown on a double digital manner for the past two decades, what it basically means again from an economic perspective, you have a great demand that is so upgraded by the state owner."
While 'Created in China' has become a topic attracting global attention at the forum, Sino-UK trade in an era of uncertainties has become another. As people's concern about trade disputes between great powers grows, maintaining sustainable development becomes crucial. Stephen Perry, Chairman of the 48 Group Club – a UK group working to promote positive Sino-British relations – gives his view on globalization and protectionism.
STEPHEN PERRY CHAIRMAN, 48 GROUP CLUB "I don't think it's in any body's interest for the world to come to a standstill. You know America exists because business, produces goods and people have jobs. They pay taxes and that funds the government and all the things that come with it. So I don't think that America could afford to have a breakdown in the world from this crisis. And I think China anticipates that China is not taking up the position of being hostile, of being aggressive, of being offensive."
Perry also said investors have asked him for advice about whether or not to move their investments away from China or Asia. He says some western companies have to keep their loyalty towards America, but it doesn't mean they are going to move their investments away from China. And he says that the Conference on Dialogue of Asian Civilizations being held in Beijing reinforces the belief that Asian countries can together build a better world for Asia.
STEPHEN PERRY CHAIRMAN, 48 GROUP CLUB "That is the problem, the real problem for business leaders in the West. How to publicly maintain a profile that is loyal, and privately to say perhaps you are going too far and we are not taking our investment out of China. We are trying to maintain our commitment not only to China, but one that is growing alongside it which is BRI, I think Western business leaders believe that China and BRI are the main sources of growth for capitalism business growth for the next 20,30,40 years. And you know who is making sure that's true, is President Xi Jinping."
PROFESSOR JULIAN BIRKINSHAW DEPUTY DEAN, LONDON BUSINESS SCHOOL "We see this backlash, we see this retreat, internationalism with the Brexit, with Donald Trump. That is bad for economic growth. Nobody wins in a trade war. Donald Trump says it is going to win the trade war but he is wrong. Nobody wins in the trade war."
The forum also discussed China's investment, entertainment industry and other topics. Xi Jia CGTN, London.