“We are different from the previous generation with regard to our enthusiasm towards overseas expansion,” mentions Wu Qun, the vice president of Jiangsu Yuyue medical equipment & supply Co., Ltd. He showed Balinghou [post-1980s generation]’s insights as a student of CKGSB’s Next Generation Leadership Program in Executive Education Course through the interview with Chosun Biz, one of the most influential online business media in Korea.
Jiangsu Yuyue medical equipment & supply Co., Ltd. has become a leading conglomerate in China since its establishment in 1998, on the strength of Chinese economic growth. The company was ranked 38th in the ‘Future value of Chinese-listed companies’ in 2014 and the father and son, Wu Guangming and Wu Qun were together listed at 91st on the ‘China Rich List 400’ by Forbes.
The interview article was not only highlighted on main page of Naver News, the largest online portal in Korea, but also was top-ranked as the most viewed article during the whole weekend.
Q. Balinghous are regarded as the main axis of Chinese economy recently. How do you diagnose new changes in China as one of the Balinghou?
A: In my opinion, businessmen my age are more aggressive in entering foreign markets. In the old days, there were many opportunities to develop just by utilizing the domestic market, but the time has gone. We cannot settle for only the internal market anymore. The situation for overseas expansion is getting better thanks to the ‘One Belt, One Road’ initiative and the Asian Infrastructure Investment Bank. It does not mean that the foreign market is the solution for everything, but adapting to international norms becomes more important.
Q. Some rich second-generation Chinese prefer launching their own business to inheriting the family business which is regarded as boring. What do you think about this generation gap?
A: I really don’t feel any mental gap with my father, except an age difference. My father’s generation also made ceaseless efforts to catch the latest business trends. Since the medical business results in far-reaching benefits to mankind, I am satisfied with doing the family business to help people. We are busy developing new business models, such as a smartphone application, and the work is never boring for me.
Q. Startup businesses are booming nowadays in China. Could next-gen innovative enterprises such as Facebook and Google be born in China?
A: Jack Ma, CEO of Alibaba, is a good example of establishing an innovative global company. Sorry to say, Korea must face considerable challenges to have such innovative enterprises because its domestic market size and population is way too small. Even China, which has 1.3 billion people, still needs more demand. Like Softbank’s investment in Alibaba, Korean companies could find opportunities by investing in promising startups.
Q: Do you have any plans to have businesses abroad, including Korea?
A: As Korea’s level of R&D is respectable, we only have an original equipment manufacturer in Korea. European or American markets are difficult to access because the markets are already mature, but we are trying. Southeast Asian markets are our target as well.
To read the original article in Korean, please click here.