Contact: Madonna Jarrett
Deloitte Touche Tohmatsu
Director, Global PR & CEO Communications
+1 212 492 3738

Shanghai, China – March 27, 2007 — At the Deloitte Global Forum today, Government officials and business leaders gathered to discuss future opportunities for domestic and foreign investors in China in terms of trade, talent management, and competitiveness, as China heads for a more mature and sustainable economic environment.

The focus of the forum was on achieving fair and stronger competition in China, and tackling the shortage of skilled workers, two areas identified as needing attention, if business is to take the next quantum leap and help China realize its full potential.

“It has been five years since China’s entry into the WTO and the Chinese economy has never been connected so closely with the world economy," Long Yongtu, Secretary General of BOAO Forum for Asia, and former Vice Minister of Foreign Trade and Economic Cooperation of the People’s Republic of China, said at the Deloitte Global Forum. The Forum is part of a series of focused, knowledge-sharing events, held all around the world by Deloitte Touche Tohmatsu to address some of the critical issues facing global companies.

According to Mr. Long, the Chinese government attaches great importance to offering fair competition and equal protection for both domestic and international businesses and this must continue as China strengthens its economy, and financial influence around the world. “The Unification of Enterprises Income Tax Law, which was endorsed during 2007 NPC, was another big step forward in developing a level playing field for domestic and international investors. Reasonable balance leads to wider harmony,” he noted.

William G. Parrett, CEO of Deloitte Touche Tohmatsu, who addressed the Forum said nurturing highly talented people was also vital to achieving success in China in the long run. He applauded the trade policies implemented by China for their positive impact on local economic development and in international markets, but said that companies in China and abroad cannot underestimate the importance of addressing the critical issue of talent management. He said, “Securing future talent will be the critical path to sustainable successful performance for many companies, and countries going forward. That is why, it is incumbent upon all of us, to focus on developing talent for the 21st century.”

Peter Bowie, CEO of Deloitte China said, “Talent development is critical for the long-term sustainable growth of our profession in China, and for China’s financial markets. That is why 65 percent of the US$150 million investment in China (since 2004) has been dedicated to developing local talent through initiatives such as the setting up of the Deloitte Institute, new learning centers in Beijing, Shanghai and Hong Kong and Employee Assistance Program, just to name a few.  We also contributed significantly to Peking University’s Senior Executive Global Public Policy Training Program because the nurturing of talented public administrators is also vital to fulfill China’s social and economic policies.”

Mr. Parrett, who called for innovative thinking to address the shortage of talent, encouraged global leaders to better manage the existing labor force and to reduce barriers to talent mobility. With this in mind, he endorsed the “global business visa” –proposed by the UN Global Commission on International Migrations–and proposed to look for innovative ways to support families of highly talented professionals to respond to the emergence of “dual career families.”

“China is increasingly becoming a center of the global economy. It is a manufacturing hub, home to one of the fastest-growing consumer markets in the world and an emerging source of innovation and entrepreneurship. Multinationals entering this market find not only great opportunities but also risks and challenges, from business strategy and operations to financial management, information technology and people. Preparing to meet these challenges can mean the difference between sustainable growth and stagnation,” Mr. Parrett concluded.

The Deloitte Global Forum is a series of focused, exclusive, knowledge-sharing events held around the world to address some of the most critical issues facing business. The inaugural Deloitte Global Forum was launched in 2006 in Buenos Aires, where former President of Brazil, Fernando Henrique Cardoso (1995-2003), and Mr. Parrett, presented as the keynote speakers. The Deloitte Global Forum in Shanghai is the second forum. The next Deloitte Global Forum will be in Washington, D.C. and will involve discussions with senior government officials on private investment in public infrastructure.

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