Win with China: Guangzhou should develop its unique ‘DNA’

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There are currently 120,000 sci-tech and innovative companies in Guangzhou, and 13 of China's top innovative companies are based there, according to US business magazine Fast Company.

But if Guangzhou wants to shine at a time competition from peers like Shenzhen and Hangzhou is cutthroat, Weiwen Han, managing director of Greater China Practice at Bain & Company, suggests the city develop its own DNA and core competence.

Weiwen Han, managing director of Greater China Practice at Bain & Company. /VCG Photo

"Guangzhou has done a tremendous job. Talking about Guangzhou’s development, we advised a lot of clients that 'you don’t want to beat your competitors by being like your competitors'. So I think Guangzhou should play its strength, look at trends happening in the market. They could be home to many successful brands,” Han advised.

Openness and innovation are the topics of this year’s Fortune Global Forum.

During the opening speech on Wednesday, Chinese Vice Premier Wang Yang called for building an open economy and developing economic globalization with an open, inclusive, balanced and win-win direction, which will benefit all.

He also pledged to liberalize and facilitate trade and investment, and welcome more foreign companies to invest in China.

"China is one of very few countries who talk about globalization and openness in today’s world," Han noted.

CGTN's Chen Lei speaks with Weiwen Han, managing director of Greater China Practice at Bain & Company. /CGTN Photo

According to Han, China is doing a lot of work to push globalization forward. Han is expecting China to play a big role on the world stage, since his company has seen many Chinese capitals and companies going out.

Innovation is another key word.

China has been transforming from an imitator into a leader in many areas like e-commerce and financial technology, thanks to the country's fast digitization.

But innovation is not only a technical thing, Han commented. It is also related to business models, talents and ways of thinking, organizing and trading.

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