Dr. Xiang Bing, CKGSB Founding Dean on his special “China Insight” lecture on August 24, 2015 in Seoul
What are the contributing factors to, and misconceptions about, the “Chinese Way”? When will China overtake America in terms of GDP? Dean Xiang Bing provided these answers and more with his in-depth knowledge through the special lecture titled “China Insight”, following the MOU signing ceremony for ‘China EMBA’ between CKGSB and the Seoul School of Integrated Sciences & Technologies (aSSIST). His lecture inspired over 80 attendees including senior executives from the most eminent companies in Korea to develop their businesses further in China.
In his lecture, he covered China’s transformation and its potential global implications. He also pointed to economic openness, state capitalism and the synergy between SOEs and the private sector as contributing factors to China’s success. In particular, the technological revolution, the democratization of information and neoliberalism have all affected the Chinese boom, according to Dean Xiang Bing.
Over 80 senior executives from renowned enterprises in Korea attended the ceremony
About 10 members of selected media were also in attendance and Dean Xiang Bing gave them plenty to write about. His views on the China’s globalization formed the basis of a widely distributed article by the Korea Economic Daily, which also laid out some of Dean Xing Bing’s economic forecasts.
“China has emerged as an ‘innovation hub’ recently. We cannot deny that China is the best market in various fields,” said CKGSB Dean Xiang Bing. “Of course, not every leader in each field is a Chinese enterprise, but the important thing is that China has become a new power as the world’s biggest market instead of America.” He diagnosed that the government will choose the appropriate level of growth instead of pushing for the maximum, since excessively rapid growth could cause problems such as social inequality and environmental pollution.
Meanwhile, the Chosun Biz, which is among the most authoritative and influential media in Korea, printed some of Dean Xing Bing’s forecasts for the next decades.
“China has faced international demands concerning environmental improvement and the widening gap between rich and poor,” said Dean Xiang. “Korea should adapt to the current status of China’s New Normal.” He noted that under 6% of growth rate does not mean China is in crisis, because creating jobs by stimulating the economy is now no longer needed as much as before given China’s decreasing workforce.
In a separate interview in conjunction with Dean Xiang Bing’s talk, eDaily, one of the most prestigious online daily media outlets in Korea, asked about China’s style in economic growth and Dean Xiang provided his insight as below.
“Despite skeptical views about the Chinese economy, China will achieve a growth level of about 7% and that will create value on the same level as South Korea’s economic scale. China will be the country that contributes the most to global economy for next 10 years. Not every enterprise should be obsessed with innovation, because there are less risky and more lucrative ways. Innovation is possible when there is a good leader, vision, funding, organizational skills and luck. You can choose either innovation or imitation, according to a particular company’s situation.”