What is the Chinese economys most pressing need?
China already has capital, knowledge, and human resources. Its most important need is to introduce a system of modern management and corporate governance. Many of the world’s biggest companies are Chinese, but they need to modernise to sustain their growth. China needs to change systems and mindsets. It needs more lawyers, accountants and other professionals, so that China can become a first-class modern economy. How will the financial crisis hit companies in China? This is also an opportunity for Chinese companies to review what they are doing. In good times there has always been a market for them. But now they have to consider survival and development. Some companies may be driven out of the market, but the better ones will find out how to survive and strategically develop, producing quality products that comply with international standards and regulations. Many companies will emerge as new and rejuvenated enterprises after the crisis. What is your advice for SMEs in these troubled e
