Inaugural MNC Future Summit in Shanghai brings together Deloitte and global business leaders to share insights on New Stage, New Opportunity and New Strategy to succeed in China
Over 200 global delegates including senior executives from renowned multinational companies (MNCs) in China, top industry professionals, and Deloitte's client service lead partners gathered today at the inaugural MNC Future Summit, hosted by Deloitte. The summit welcomed Zhu Min, Director of Shanghai Municipal Commission of Commerce, He Shaojun, Deputy Special Commissioner in Shanghai, Ministry of Commerce of the People's Republic of China, Huang Feng, Chairman of Shanghai Foreign Investment Association, and senior delegates from European Union Chamber of Commerce in China, Japanese Chamber of Commerce and Industry in China and Deloitte’s ecosystem alliances.
Under the theme New Stage, New Opportunity, New Strategy, the summit provided a platform for all participants to discuss the latest transformational trends shaping the Chinese economy, industries and technology landscape, and share insights on how MNCs can position themselves to accomplish new success in this dynamic market.
China is not only a significant contributor to the revenue of MNCs, accounting for 20% to 30% globally, but also a hub for developing infrastructure, technology, and sector-specific innovations. These advances are instrumental in fostering the growth of MNCs within China and in international markets.
Patrick Tsang, Deloitte China CEO, delivers opening speech
Patrick Tsang, Deloitte China CEO, says: "A cyclical recovery is underway in China, supported by the government’s unwavering commitments and concrete actions to drive high-quality growth. At Deloitte, we see MNCs focus on new growth momentum. We will continue to invest in China and build capabilities to support MNCs more effectively by helping them formulate new strategies that drive success, navigate challenges with innovation, and enhance enterprise resilience."
David Hill, Deloitte Asia Pacific CEO, makes a speech
David Hill, Deloitte Asia Pacific CEO adds: "China, as the world’s second largest economy and number one trading partner of more than 120 countries, remains fundamentally connected to the rest of the world. And, with a middle class projected to double from 400 to 800 million in the next decade, China represents a market too big to ignore for MNCs around the world. Deloitte Asia Pacific is committed to helping MNCs realize their growth ambitions in China."
MNCs must develop a new playbook, in order to enhance their operations and retain their competitiveness in the China market, according to the Summit speakers.
Dora Liu, Deloitte China Deputy CEO hosts panel discussion on Chinese economy. Kenneth Jarrett, Senior Advisor of Albright Stonebridge Group; Jens Eskelund, President of European Union Chamber of Commerce; Ying Yang, Head of Strategy and BD of Sanofi Greater China and Sitao Xu, Deloitte China Chief Economist join the panel
Dora Liu, Deloitte China Deputy CEO and Chief Transformation Officer says: "China is advancing high-quality economic development through strategic initiatives such as fostering new productivity, industrial innovation transformation, and enhancing total factor productivity. This has not only brought new growth opportunities for MNCs in China, but also posed new capability requirements. Deloitte serves approximately 80% of the Fortune Global 500 companies, empowering their transformation and innovation. We are committed to continuing to focus on cutting-edge fields with great potential, such as digital transformation and sustainability, creating integrated value for MNCs in China through our end-to-end multi-disciplinary services."
Stanley Dai, Deloitte China Deputy CEO; Raymond Teh, Senior Vice President of Nvidia, and Guo Wei, Chairman of Digital China Group talk about AI innovation trends
Stanley Dai, Deloitte China Deputy CEO and Chief Strategy Officer adds: "Digital transformation, encompassing generative AI applications, unlocks fresh perspectives for Deloitte's clients' growth and transformation. These sophisticated technologies possess intricate, emerging, and evolving features. MNCs should proactively leverage cutting-edge global technologies to bolster their core competitiveness, while grasping the distinctive transformational opportunities presented by the technological revolution. Deloitte is committed to constructing an AI ecological integration model, assisting MNCs in making insightful decisions, formulating innovative strategies, developing modern frameworks, implementing solutions, and seamlessly integrating into the local ecosystem. This enables our clients to persistently innovate and expand their presence in China."
During the Summit, Deloitte China unveiled a new playbook comprising six imperatives for foreign MNCs to re-prioritize their strategic goals and achieve sustainable growth in China:
- Strategic Growth and Ecosystem Partnership – Drive transformational growth in customer engagement, sales channel, brand presence, sustainability initiatives and new business models by leveraging China’s unique digital environment and ecosystem partnership opportunities.
- Geo-resilient Investment and Ownership – Enhance governance efficiency and responsiveness while preserving maximum flexibility by utilising local financing sources and inorganic growth strategies.
- Cross-border Data Compliance – Localise data and technology infrastructure and realign IT operating models to mitigate data privacy and cyber risks in accordance with evolving regulations in China.
- Technology Innovation and Performance Improvement – Adopt emerging technology patterns in China and incorporate enterprise-wide advanced analytics to improve operational efficiency, financial performance, and enable AI-driven transformation.
- Supply Chain and Asset Rationalisation – Strengthen the supply chain network to revitalise assets across China and APAC and digitise production systems by leveraging cutting edge local IoT technologies.
- Future-proof Organisations and Talent – Transform the organisation to be future-ready, revamp the talent structure, redesign the employee experience, and upgrade local leadership to adapt to changing business landscape.
During the two-day MNC Future Summit, senior executives and Deloitte Lead Client Services Partners and Industry and Sector Leaders also held a series of breakout sessions and meetings to exchange views on key topics including the industry developments, corporate finance and digitalization, and technology localization.
Jiaming Li, Deloitte China C4C MNC Services Lead Partner; Yi Zhang, President of DuPont Asia Pacific; Phyllis Cheung, CEO of McDonalds China; Chris Reitermann, President of WPP Greater China; Xiangwei Gong, President of Aptar Asia; and Robert Hillard, Consultative Business Leader, Deloitte Asia Pacific discuss on Embarking on the Successful Transformation
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Kurt Tan
Jiaming Li
Deloitte China MNC C4C Services Lead Partner