Global Entrepreneur Summit 2011 Wrapped Up in Beijing

The year 2011 turns out to be a tough year for global economic recovery with 2012 facing the alternative challenge of political and economic cycle. Developed countries are struggling to deal with sovereign debt crisis. At the same time， emerging countries are trying to find their independent development path. How to achieve rebalance between developed countries and emerging markets has become a core issue that secures stable global economic growth.

As the world’s second largest economy， China should learn to assume global responsibility. After 30 years of rapid economic growth， China is increasingly faced with the danger of social unrest and economic imbalance. At the period of social and economic transformation， how to sustain prosperity and improve livelihood has become a core issue that concerns political and business leaders.

In this occasion， Global Entrepreneur Summit 2011， sponsored by Global Entrepreneur magazine and many other institutions， started on December 1 in Beijing， which attracted broad media coverage where economists and business leaders joined in discussion of how to sustain China’s business cycle and prosperity. To be more concrete， many other branch forums were established related to different industries including auto， ecommerce and banking.

Cheng Siwei， a renowned economist， expressed concerns towards China’s economic future in his theme speech on the summit. Cheng said that China was struggling to strike a balance between managing inflation and sustaining economic growth. According to Cheng， China’s economic challenges are based on three reasons. First， developed countries’ low interest rate policy causes abundant cash inflows to make inflation even worse. Second， commodity price is at relatively high level though in a downward trend recently. Third， labor and raw material cost soars since the break-up of global financial crisis. Cheng suggested that monetary should be eased a little to combat cash inflow.

Li Dongsheng， CEO of TCL， shared his ideas about the impact of international environment on China’s economic. In 2011， Li traveled several times to America and Europe to get better understanding of the global economic downturn. He came to a conclusion that global economic structure was likely to change in the future with Asia-Pacific region gaining more and more gravity. The development of China’s economy should be under a new industrial framework. In addition， China should share more international responsibilities in accordance with its rising economic power. Li also highlighted the importance of economic structural adjustments for China’s sustainable economic growth.

Luxury car sales experienced exponential growth in China as a vast market. But， most of the business leaders participating in the forum did not consider China as a ripe luxury car market since China’s auto consumption period was relatively short and brand culture has not been deeply rooted in China.

The summit also paid much attention to the rapid development of ecommerce in China. But， e-commerce is faced with bubble risk with large sums of capital flowing into the industry. Besides， the environment where China’s ecommerce companies lived in is entirely different from their international counterparts. Economists and experts jointly put logistics as the bottleneck of development for e-commerce industry. How to streamline the logistics industry has become the core issue to secure the success of China’s e-commerce industry.

While the summit was in session， a survey named Multinational Companies in Chinese Eyes 2011 was released to help understand the market image and influence of multinationals in China. The report indicated that Nokia is the mosttrusted multinationals in China， while KFC and PizzaHut are the most successful in becoming localized in China.