China has achieved a spectacularly high rate of economic growth over a sustained period for more than two decades. Nevertheless, today China faces the challenge of making the transition from sustained to sustainable growth from social, economical, ecological and envionmental points of view. Here’s a list of Chinese companies that are in the forefront of innovation not only in China but also far beyond.
Since 2009, innovation has been identified as a main engine for this new growth model, and the Chinese government has launched a national strategy to build an innovation-driven economy and society by 2020. Will China be able to succeed in making this challenging transition? What will it require in terms of policy and institutional changes? How will China’s emergence as a future innovation economy affect the world economy, as well as the global systems for knowledge production, dissemenation and use? [Source (PDF)]
Google Korea has unveiled a new homepage that radically breaks out of the company’s trademark scantiness. Google’s Korean homepage now displays more content right up on its front page, featuring popular search keywords, most searched-for people (“who’s hot”), and the directory of Google Korea’s services.
It remains to be seen if Google Korea’s move will help or hurt the company to gain more turf in this tough Korean market, but one thing is very clear: This is a very big move by Google. This new, content-rich homepage is only available in Korea — and this is worlds apart from Google’s seemingly unrelented pursuit of simpleness.
In a way, this shows Google is very much committed to the Korean market, even to the point where the company is willing to ditch its hallmark simpleness, something many in and out of the company has long regarded to be near impossible. Will Koreans like this move and pay more visit to Google Korea for their internet search? The jury is still very much out.
Stimulus spending and other emergency measures have set the stage for global economic recovery, but nations must push ahead with free trade and investment to ensure growth, President Barack Obama and fellow Asia-Pacific leaders said Sunday.
Obama and 20 other leaders, meeting in Singapore for the annual Asia-Pacific Economic Cooperation forum, rejected protectionism and agreed to develop long-term strategies that take into account the diverse needs of economies in a region stretching from Chile to China [Source].
The economies of China and India are set to grow by more than previously thought in 2009, the Asian Development Bank (ADB) has said [Source].
Furthermore, when the chairman of the Federal Reserve, Ben Bernanke, told a Washington think-tank this month that “the recession is very likely over at this point”, he was careful to add that the American economy would remain weak for some time yet. Analysis released on Tuesday September 22nd by IMF economists who have been studying the aftermath of 88 banking crises over the past four decades, supports Mr Bernanke’s cautious talk. While most discussion of the worst recession since the Depression looks at the immediate pain from lost jobs and shuttered shops, the IMF analysis suggests that the effects of the downturn will be felt long after it is technically over [Source].
Emerging market countries are facing increasing difficulties around the world because of the spreading global economic crisis, with demand falling for their exports, investment slumping, and cross-border lending drying up.
As the crisis becomes more prolonged, a growing number of emerging economies will find room for policy manoeuvre becoming increasingly limited, and large-scale official support is likely to be needed from bilateral and multilateral sources.
Overall, risks are largest for emerging economies that rely on cross-border flows to finance current account deficits or to fund the activities of their financial or corporate sectors. Countries with pegged exchange rate regimes may have little scope for interest rate cuts to the extent that the crisis has put sustained pressure on their exchange rates.
Foreign direct investment is set to slow significantly, given the fall in private equity assets, the lack of credit available to finance acquisitions, and sharply deteriorating growth prospects in emerging markets.
This report (PDF) highlights the main policy issues facing emerging market economies, and IMF action to support its emerging market members.
Southeast Asia is home to more than half a billion people, but the region’s economy is dominated by some 40 families, most of Chinese descent.
In New Asian Emperors, authors George Haley, Usha Haley, and Chin Tiong Tan highlight the business models and management practices of these family-run conglomerates, drawing lessons for Western multinationals.
To read a sample chapter from the book click here.
Despite continuing concerns about corruption, red tape, and political instability, it’s suffering far less from the financial crisis than other parts of the world. Some companies operating in the region continue to do well, as demand for everything from computers to discount airline tickets remains strong.
Southeast Asia’s strength is an encouraging sign that the region is still a player. Though it may have been half-forgotten by many investors since the crisis, its educated workers, natural resources, and—in some countries, at least—first-class infrastructure make it worth paying attention to. ASEAN has a total population of 560 million, and its combined gross domestic product of $1.3 trillion is greater than India’s.
Indonesia, Thailand, Malaysia, the Philippines, Vietnam, and Singapore—which account for about 95% of the region’s economy—attracted nearly $50 billion in foreign direct investment last year, vs. China’s $92 billion [source].
The World Bank has raised its forecast for growth in China this year from 6.5% to 7.2% amid signs that the economy is doing better than expected. Bank analysts say the government’s four trillion yuan ($585bn, £358bn) stimulus package has helped the economy. But it says the country’s exports are still down, as the rest of the world struggles with the global recession [Source BBC].
Leaders of Brazil, Russia, India and China, known collectively as the BRIC countries, will gather for their first official summit in Yekaterinburg, Russia, on Tuesday June 16th.
China and India have continued to grow reasonably quickly despite the global downturn, and although Brazil is in recession many expect it to recover soon. Of the four economies Russia, which is heavily dependent on oil exports, has been the worst affected.
The leaders may discuss long-term plans to find an alternative to the dollar as a global currency. Another possible topic for consideration is trade in commodities: China and India are heavy importers of many commodities such as oil; Russia and Brazil are big exporters of raw materials. [Source FT] [Source BBC]
Even as they struggle through the economic meltdown, car makers can look ahead to a high-growth, flexible, global future according to “strategy+business”.
Research conducted by Booz & Company shows that the global customer base for cars over the next 10 years falls into three broad categories, based primarily on which countries customers live in.
- The rapidly emerging economies (REEs) consist of the so-called BRIC nations (Brazil, Russia, India, and China) and a group of other relatively wealthy developing nations, such as Malaysia, Argentina, Mexico, Turkey, Thailand, Iran, and Indonesia. Millions of families in these countries are making or contemplating the purchase of their first car.
- The lower-growth economies (compared to the REEs) consist of about 100 nations with relatively impoverished populations and poor economic prospects. However, their political leaders are interested in building up the middle class and see personal mobility as a major stepping stone. These countries may become markets for motorised transportation after 2020.
- The mature economies include the established industrialized nations in North America and Europe, and Japan. Population growth and vehicle replacement, rather than economic growth, will determine the market for cars there.
Together, these three groups add up to an enormous amount of market potential. Estimates suggest that more than 370 million additional vehicles could be sold by 2013 and more than 715 million by 2018. Please click here to download the complete article.
China has achieved a spectacularly high rate of economic growth over a sustained period for more than two decades. Nevertheless, today China faces the challenge of making the transition from sustained to sustainable growth from social, economical, ecological and envionmental points of view. Here’s a list of Chinese companies that are in the forefront of innovation not only in China but also far beyond.
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