2023 Issue

CONTENTS

01
PUBLISHER: CEIBSPRODUCER: Wang HongEDITOR-IN-CHIEF: Nanyin Fay
CONSULTANT: Du QianEDITORS: Michael Thede, Darren Yue, Effy He,
Esther Tian, Thalia Jiang, Cameron Wilson,
Hana Zhang, Bessie Qian, and Yiwan Wang
COVER DESIGN: Marius Ziubrys
REVISION: Si Qi (Chinese)
ART EDITORS: Mickey Zhou and Saya Wang @Snap Printing
CONTACT US:WEBSITE: www.ceibs.edu
TEL: +86-21-28905494
CHINA EUROPE INTERNATIONAL
BUSINESS SCHOOLSHANGHAI CAMPUS
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Accra, Ghana
Tel: +233 544 315 238

FROM THE PRESIDENTS
02

Winds of change bring hope for a brighter future

COVER STORY
04

China's Economic Recovery: What does the future hold?

06

Zhu Tian: Can China maintain 5% growth in the coming years?

09

Xu Bin: China’s Economy: Historical Perspective and Future Outlook

12

Sheng Songcheng: Cutting interest rates to boost consumption and investment may have limited effect

15

Daniel Han Ming Chng: How are foreign companies doing in China?

FEATURED NEWS18

Beijing Innovation Forum: Trade, climate and geopolitics will dictate China’s path to economic recovery

20

Hong Kong Innovation Forum: Regional strengths and global integration key to long-term growth of China’s
Greater Bay Area

22

CEIBS 2023 Innovation Forum Series makes stops in Fuzhou, Jinan and Foshan

24

Prof. Frank Bournois Appointed New Vice President and Dean

25

Meet Our New Faculty

26

Faculty Appointments

27

Faculty Awards and Honours

29

CEIBS Faculty in the MediaCEIBS STORIES
32

Electric mobility remains resilient amid auto slowdown

34

Flexibility emerges as new normal in post-pandemic auto industry

38

From nothing to Forbes: The couple-preneurs behind Chinese electric two-wheeler brand Yadea

42

Ten years on, how did a new media company stay ahead while ensuring profitability?

ALUMNI NEWS46

CEIBS Alumni Representative Conference marks council reshuffle

47

Annual alumni conference zeros in on ESG

49

CEIBS Alumni in Numbers

50

Reuniting and creating new memories

51

13 CEIBS alumnae listed on Forbes China 100 Top Businesswomen rankings for 2023

53

CEIBS honours alumni companies and classes for generous donations

54

CAMPUSES AROUND THE WORLD

56

BRIEFING

OnlinePublished by CEIBS. The authors' views expressedin this publication do not necessarily reflect the viewsof our editors or of CEIBS.
Copyright 2023 © by CEIBS. All rights reserved.

Printed in July 2023

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FROM THE PRESIDENTS

FROM THE PRESIDENTS

02

03

Winds of change bring hope fora brighter future
From the Presidents

For nearly three decades, CEIBS has set its sights on being
amongst the top business schools in Asia and the world,
while serving as a platform for international economic andcultural exchange. As part of the school’s current five-year
strategic development plan, CEIBS will continue to reinforce its role as a bridge between China, Europe and theworld.
This year, CEIBS Zurich Campus will once again welcome
students from our MBA, EMBA, Global EMBA, Hospitality EMBA and Executive Education programmes for overseas modules. Our facilities in Switzerland offer a cuttingedge learning base for studying European business, and an
essential platform for bilateral exchange between Chineseand European enterprises.

With the changing of the seasons, our Shanghai campus has once again transformed into a picturesquescene of beauty. At the same time, as the pandemic
fades away, optimism for China and the world’s economic recovery has returned, pointing to a promisingyear ahead.
China has re-opened its doors to the world. Heads ofstate from Spain, Malaysia, Singapore, France, Brazil,
the European Union (EU) and more have paid visits
to China recently, signalling a desire to re-establish
and stabilize relations. China and Europe have resumed exchange across a range of areas and signed
a number of new and significant agreements, including a $17 billion (USD) procurement deal signed
between China Aviation Supplies (CAS) and Airbus
and a $3 billion (USD) contract between China State
Shipbuilding Corporation (CSSC) and French shipping group CMA CGM Group. With relaxed travel
restrictions, people-to-people exchange is also gathering speed, aiding the development of China-Europe
economic cooperation. In the coming period, we hope
to see more multinational companies seek opportunities in China and more Chinese enterprises grow theiroperations overseas.

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This year marks the twentieth anniversary of the
China-EU comprehensive strategic partnership, andrecent visits to China by European leaders represent a
new phase in diplomacy. Despite the ups and downs ofChina-EU relations, a common interest in maintaining
world peace and stability, fostering global prosperity
and sustainable development, and advancing humancivilization has never faltered. Bilateral cooperation
has expanded in areas such as carbon neutrality, global
environmental governance, energy transformation,
green technology innovation as well as R&D and green
finance. The Paris Agreement, which represents thecollaborative green efforts of the EU, China and otherpartners, serves as an example of cooperation for theinternational community in combating climate change.
China-EU economic ties and trade have also remainedrobust, with China’s share of EU foreign trade risingfrom 4.4% to 16.2% over the past decade. In turn, theEU has become the number one destination for Chinese investment in developed countries. Despite thepandemic, bilateral trade has continued to grow, withEU investment in China continuing to increase and thenumber of China-Europe freight trains reaching a new
high. These examples demonstrate the resilience ofChina-EU relations and the shared desire to overcome
obstacles, engage in face-to-face dialogue, and work
towards a brighter future together.

In addition, two new European members have joined theschool’s leadership team: CEIBS President (European)
Dominique Turpin and Vice President and Dean Frank
Bournois. Their appointments will further bolster CEIBS’international profile, play an important role in enhancing
the school’s influence and reputation in Europe and aroundthe world while facilitating its partnerships with otherglobal business schools, and help attract more top talents
to Shanghai.

CEIBS boasts a world-class faculty team, with over 120
faculty members from more than 10 countries and regions,
including international dignitaries such as former Prime
Ministers of France Jean-Pierre Raffarin and Dominiquede Villepin, and former Director-General of the World
Trade Organization (WTO) Pascal Lamy.

We have many reasons to be confident in CEIBS’ outlook:
In 2023, we ranked #1 in Asia in the Financial Times’
ranking of MBA programmes for the seventh consecutive
year; a record high 16 CEIBS professors were included
on Elsevier’s most recent Highly Cited China Scholars
list; two CEIBS cases topped their respective categories
in the EFMD Case Writing Competition; and 13 CEIBS
alumni were named as part of Forbes China’s 2023 China’s
Outstanding Business Women 100. We also successfully
hosted many recent events in and around China, including
the CEIBS Outlook series and CEIBS Innovation Forum in
Fuzhou, Beijing, Jinan, Foshan, and Hong Kong, as well as
the CEIBS Alumni Social Responsibility Conference and
ESG Forum.

Since 2012, the CEIBS Insights Europe Forum series has
held 24 events in Paris, London, Brussels, Munich andother cities. With a focus on trending topics and the sharedinterests of the Sino-European business communities, theseries has featured many top academics, business leadersand government officials as speakers. It has also helped
forge strategic partnerships with chambers of commerce,business associations and think tanks and promote cooperation between the Chinese and European business communities.

The past may set the stage, but it is the present that determines the true unfolding of events. Amidst a changing anduncertain global landscape, CEIBS stands poised to bear
more responsibility and play a greater role. Looking ahead,
we stand together with all our alumni and friends to promote greater communication and exchange between China,
Europe and the world. We believe that we can rise above
any obstacle so long as we uphold the spirit of cooperationand that the future holds boundless opportunities so longas we maintain an unwavering innovative spirit.

As always, CEIBS remains dedicated to nurturing business talent. To date, the school has nearly 1,000 European
alumni who have contributed their knowledge and expertise to talks and other events facilitating exchange andThough distance separates us, we will continue to pursue
a common vision. May we continue to work together to
sow the seeds of a new revival and usher CEIBS towards abrighter future.

CEIBS Accra Campus will also host Global EMBA and
EMBA students from Shanghai this August, along with
graduate students from our Africa-based AMP, ODP and
WELA programmes later this year.
Dear CEIBS community and friends,

cooperation between China and Europe and to promoting
local and regional socio-economic development.

CEIBS President
Prof. Wang Hong

CEIBS President (European)Prof. Dominique Turpin

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05

Introduction

F

ollowing a year in which

now and is the country’s trajectory

experienced numerous

es best navigate competing risks andbusiness activity in China

ups-and-downs together

with low GDP growth, questions

persist about the country getting its

sustainable? And, how can business-create new development opportunities?

economy back on track in 2023. The

In this issue of TheCEIBSLink mag-has predicted China’s annual growthvelopment of the Chinese economy

International Monetary Fund (IMF)
would be 5.2% and that the country
will be a key economic driver in the
Asia-Pacific region.

So, how will China play its role andazine, CEIBS faculty trace the defrom its root, interpret new policies

and emerging trends, and shed lighton the prospects for China’s overall
economic outlook.

contribute to the world economy?

What does the recovery look like

• Zhu Tian
• Xu Bin

Can China maintain 5% growth in the coming years?
China’s Economy: Historical Perspective and Future Outlook• Sheng Songcheng

Cutting interest rates to boost consumption and invest-

ment may have limited effect• Daniel Han Ming Chng

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How are foreign companies doing in China?

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07

Can China
maintain 5% growthin the coming years?

I

Can China maintain such high levelsof growth? Is the recent growth rate ofaround 5% a year sustainable, or evenlikely? To make such a prediction, wemust answer two key questions:has driven China’s rapid
Q1 Whatlong-term growth in per capita
t’s easy to make an economic(USD) to more than $60,000. China,

GDP over the past four decades?

right. Any country’s economy isof $300 to a level now of about $10,000.

has China’s growth rate
Q2 Whyslowed down in recent years?

forecast, but very hard to get it
prone to fluctuations that makeits future development hard to predict,and China is no different.

however, started from a very low level
This puts the US average growth rateover the past 40 years at just 1.6%, compared to 8.42% for China.

Economists like to use GDP per capita
growth because it measures the growthin the standard of living. When looking

at the past 40 years or so, the US’ percapita GDP grew from about $30,000

01What determines long-term economic

ple like to save, but if you ask consumer

Investment, education and tech:
Does China hit all three marks?

that there are only three direct drivers of economic growth – investment

from, they will tell you it comes fromHistorically, people have attributed

China’s rapid economic rise to diverse
elements such as government-imposed

growth? Standard economics tells us(the accumulation of physical capital),

education (the accumulation of humancapital) and technological progress (theaccumulation of technologies).

reform, opening up and globalization,bility. While significant, none of thesethings are unique to China. They cannot

Zhu Tian
CEIBS Professor of Economics

Investment: Spend or save?

or Indonesia. Instead, we must look at

A crucial strength of the Chinese

ic growth from that of other countries,

sustained attraction of high investment.

what truly differentiates China’s economespecially other developing countries.

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02

explain why China continues to outperform the Philippines or Nigeria, Ethiopia

China. While China’s per capita con-sumption rate remains low, the growthof consumption has remained high –around 4.4% for the past 40 years lead-ing up to the pandemic. Consumption

growth in China is being driven by in-come growth, even while savings levels

cheap labour, demographic dividends,

new industrial policy, and political sta-

goods MNCs where their growth comesremain high. Equally, the availabilityof high savings (at the individual andnational level) enables the financing ofhigh levels of investment, constituting amajor driver of economic growth.

economy is its high savings levels andThere’s a stereotype that Chinese peotheLINK 2023

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09

03

more on R&D, right? However, this is

ing up to the pandemic was China’s

Education: Firm foundations forthe future

The global average spend on R&D is just
2%. The UK has a much lower R&D-

in 2013 but fell to almost 0% by 2017.

In terms of government investment ineducation, China remains distinctly average. However, what sets China apart is

the rising quality and widespread avail-ability of basic education (primary andsecondary).

According to the Stanford Index of
Quality of Education, most East Asian

economies and advanced Western economies are at the top, while developing

countries are mostly at the bottom. China is the exception: It is a developing

economy that provides a relatively highquality of basic education. Basic educa-tion has a sizeable impact on economies– Stanford believes that a difference oftwo percentage points of education qual-

ity translates into 1% of per capita GDP
growth. This is a large part of the puzzle

explaining why China routinely out-

not a reliable indicator of tech progress.

expenditure-to-GDP ratio than Germany,

yet it has outperformed Germany on
GDP growth in the long term.

China’s R&D spending is rising rapidly,

but this is not led by government policy.
This is an indigenous occurrence; it’sinnovation streams are moving beyondthe ‘copycat tactics’ of past decades andtowards true home-grown innovation.

04
Technological progress: Morethan money
You might think that it is simple forgovernments to boost their nation’s technological progression rate – just spend
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Policy played a central role here, as thegovernment wanted to guide China’stransition from an investment-driven
growth model to a more consumption-

driven model, using policies to curb
investment in favour of boosting consumption.

coming from companies, entrepreneurs

What about the geopolitics, such as thegovernment spending.

that this isn’t such an influential fac-and multinational companies, as well as

This trend highlights the importance ofthe previous two factors. China’s per

capita GDP growth is being acceler-ated by a faster accumulation of physical capital (due to higher savings) andrelatively higher quality of education– making its workforce more capableof absorbing existing Western technologies, and consequently spurring on
greater innovation and technologicalcatch-up.

US-China trade war? The data implies

tor. China’s US trade levels declined
in 2019, but then sharply rose in 2020,2021 and 2022. China’s trade with Europe also sharply went up. China benefited hugely from its export sector in

2021 and 2022, demonstrating that evenin an unprecedented pandemic, it is hardfor the world to decouple with China(and vice versa).

Ultimately, economic fluctuation may

be inevitable and it’s clear that growth

China’s Economy: Historical
Perspective and Future OutlookW

hen we think about

In 1700, China and India were theGone is the ancient assertion that a large

today, and consider

due to their massive populations. How-

nent economic presence. The ScientificC h i n a ’s e c o n o m y

its potential future

growth opportunities and possible stumbling blocks, historical context is as

important as ever. China’s history tells acompelling tale of how politics can shapeeconomic upturns and downturns more
profoundly than the ‘surface level’ events
that lead to more short-term economic
shocks.

world’s biggest single-entity economies
ever, this status quo was not to last. Expanding revolutions in scientific thinking
and industrial production would smash
this ancient formula to pieces, forever.

With it, both China and India would lose

their economic status in a (relatively)

population is sufficient to ensure promi-

Method approach, championed initiallyin Europe and later in North America,
laid the foundations for a virtuous cycleof scientific breakthroughs and new industrial methodologies.

short space of time.

With the Scientific and Industrial Revo-

From 1820-1950, China and India’s GDP

the world’s economy for two hundred

growth rates had remained essentiallyflat, while that of the US took off spectacularly. Between them, Europe andthe US owned over 50% of global GDP
share, while China and India accounted
for less than 9%.

lutions, Europe and the US dominatedyears. China and India did not follow thesame path, and consequently their for-tunes languished, as they were overtakenby smaller (population-wise) but moreproductive competitors.

can be slowed down somewhat by geo-

performs other developing countries. It

also helps explain how and why China’s

investment rate, which was 18% a year05
How long is the economic slowdown likely to last?
If China still maintains the same comparative strengths and differentiating

politics or policy mistakes. But, as longas China stays the course of market

reform and opening up – or at least does
not significantly reverse the current

trend of market reforms – then it canstill achieve a relatively high long-term

growth rate, averaging about 5% a year
in the next 10 to 20 years.

factors that drove its high growth in past
decades, why has this growth slowed?

Remember, even before the pandemic,

Chinese economic growth was alreadyslowing. But why?

Xu BinCEIBS Professor of Economics and Finance

The only consistent area of decline leadtheLINK 2023

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Efficiency vs. equity– The eternal economic
tug-of-war

In every country, there is a tug-of-war

China’s economic growth experienced

prosperity and equity is the greatest test

as proposed by President Xi Jinping last

climb out of this pitfall is yet to be seen.

the very balancing act that has perplexed

the country climbed out of that pit andwhere is the scale and complexity of theenjoys both maximum efficiency andWhat we can be sure of is that politics

Political developments in a given nationand it features heavily in Chinese politi-tant goal being promoting shared pros-

trends in China, both positive and nega-

matter deeply to its long-term economic

outlook. At the heart of the matter is the

between efficiency and equity. This isleaders since the Industrial Revolution,
cal thinking today.

eternal struggle between efficiency andequity.

Capitalism champions efficiency and theSurges and pitfalls – Howpolicy has impacted China’s economic fortunes

if you’re weak, you lose. In its ‘purest’

Thirty years after the founding of theidea that, if you’re strong, you win, butform, the drive for efficiency overrides
all other concerns.

About 100 years after Adam Smithwrote his great treatise on capitalism,

the idea of creating economic growthand efficiency alongside greater equity –more even-handed, equitable treatment
for all members of society – was gaining ground.

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People’s Republic of China, the reformand opening-up policies of Deng Xiaoping introduced large amounts of marketeconomy elements to China, leading to

a 10.2% average GDP growth between

1978 and 1988 – far outstripping the 3.9%
growth of the first thirty years of the Republic that featured numerous politicalmovements including the ten-year-long
Cultural Revolution that ended in 1976.

a major dip between 1989-1991, butachieved an average growth rate of over

10% in the “take-off” period (19922000) and the “WTO dividend” period(2001-2007) leading up to the Global
Financial Crisis (2008-2009).

The Chinese economic miracle wouldof national governments today, and notask more apparent than in China.

In pursuit of efficiency
and equity – Chinese-stylemodernisation

never have happened if not for the aban-

No economy, no matter how success-central-planning policies, coupled with

There must be a levelling-off period at

industry base necessary to become thein growth has been viewed as the “newthat it had in the face of rampant glo-of its transition from a quantity-based

donment of the closed-economy andful, can enjoy surging growth forever.

China’s abundant labour and a maturingsome point. For China, this reduction

world’s factory, and the good fortune

normal” – an almost inevitable symptom

balisation and exploding demand for af-

economy to a quality-based one.

fordable manufacturing.

Crucially, the will is now present at the

China’s economy flourished as Deng

top of Chinese leadership to make thisset of economic policies, but balancing

equitable. Chinese-style modernisation,

Xiaoping forged an ‘efficiency first’

new stage of economic growth more

October, aims to create an economy thatmaximum equity, with the most impor-perity. This has begun with the ongoingprocess of lifting hundreds of millionsof Chinese citizens out of poverty. Beijing claims it will go beyond this goalwith the active redistribution of wealthto close the inequality gap. How andwhen this will work out in practice remains to be seen.

The future outlook for the
Chinese economy
The end of the zero-COVID policy andthe subsequent opening-up may signal

will continue to shape deeper economic
tive. The country’s future economic
success will depend on its political leadership providing greater certainty and a

deeper commitment to an open market
economy in which government main-

tains a reliable and good-faith actor role.
This is no small task, and Chinese-stylemodernisation won’t be fully achieved
overnight. It will be years, possibly

decades, before we can see tangible

signs that everyone in Chinese society is
enjoying the fruits of greater efficiency
more equally.

the end of this short-term shock that

hit the Chinese economy hard between
2020-2022. How well the economy can

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Cutting interest rates toboost consumption and investment may have limited effectWeaker-than-expectedthat further interest rate cuts have limited

tors since the second

investment in the short term. In particu-

economic indica-

China does not havethe macro conditions
and foundation forsustained interest
rate cuts.

quarter of this year

reflect the uneven recovery of China’s
economy. The central bank in June cut

the policy interest rate, and the loan

prime rate (LPR) was also lowered, amove seen by some market analysts as

the beginning of a downward policy interest rate trend. However, would further

interest rate cuts effectively stimulate
consumption and investment in the shortterm?

Given that the expectations of economic
entities have not substantially improved,

risk aversion has increased, and asset
prices remain relatively low, we believeeffect on stimulating consumption andlar, consumption and investment are notisolated from each other; they each promote and complement the other. Simply

put, the interest elasticity of demand is

not simply a sum of the interest elasticity
of consumption and that of investment,

but is more likely to have a multiplier ef-

fect. Weak household consumption will
reduce business investment demand andlead to sluggish employment, incomes,
and consumption, ultimately affecting

aggregate demand. Considering the cur-rent social, economic, and livelihood
developments, China does not have themacro conditions and foundation for sustained interest rate cuts.

01

02

Consumption and investment more sensitive to interest rate changes during
economic expansion

Risk aversion limits
the interest rateelasticity of household
consumption

Based on China’s past experience, theSince the beginning of this year, interest

interest rate elasticity tends to be higher
when the country maintains a strong

momentum of growth, and vice versa.
This is because during economic upturns,
when people have higher household in-come, they are more willing to consume

and pursue investment returns, making

the impact of interest rate adjustmentson consumption and savings more pronounced. During economic downturns,
however, people tend to increase savings and delay consumption as a resultof weakened household income growth,which limits the effectiveness of interest
rate cuts in stimulating consumption.

Similarly, during economic expan-

sion, businesses generally enjoy higher
returns, and their financing needs are

more sensitive to interest rate changes.
However, risks weigh more heavily on
businesses when making investment de-Sheng Songcheng
CEIBS Adjunct Professor of Economics and Financecisions during economic downturns, andthey may be reluctant to borrow even if
financing costs are lower. Therefore, theinvestment elasticity of interest rates isalso low during economic downturn.

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rates have been declining while consumption growth has slowed, indicatingthat relying solely on lowering deposit
rates may be insufficient to boost house-

hold consumption. There are several reasons behind this conundrum.

First, in anticipation of future income
declines, people tend to be cautious

about current consumption choices.

Second, low asset prices will reinforce
households’ willingness to reduce leverage, further suppressing consumption.
Lastly, residents’ gradually accumulated

precautionary savings will also create adrag on current consumption. In recent

years, deposit rates have tended to decline, but household savings keep rising.

From 2018 to 2021, the average annual
increase in deposits for households was
9.5 trillion yuan. Last year, this number

surged to 17.84 trillion yuan. The very
first quarter of this year witnessed a 9.9

trillion yuan increase in household sav-

ings, which is partly due to deposit rates

decline eroding household wealth income
and accelerating precautionary savings.

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Weak private sector financing supply and demand
makes it difficult to translate financing into effective
investment, thereby reducing the interest rate elasticity of investment
Despite reasonable and ample liquidity

businesses based on mechanisms such as

consumption, especially at a time whenerators. Compared to SOEs with ample

build precautionary savings, and it could

collateral channels and financial accelfinancing channels, these mechanisms
tend to be more definitive in determin-

ing the business operations of the private
sector.

04

funding supply in commercial banks, as

financing scale and broad money supply

Due to low interest rate elasticity, sus-

well as the stable growth of the social
since the outbreak of the COVID-19 pan-demic, China didn’t see a significant increase in investment growth (around 5%).

From the perspective of financing demand, private and small to medium-sized enterprises (SMEs) hold relatively
smaller assets and are less resilient torisk shocks.

Therefore, they’re more

likely to suffer from shrinking financing demand during economic downturns

as their investment decisions are driven

more by risk considerations rather thanprofit. In contrast, state-owned enterprises (SOEs) possess relatively larger

asset sizes and are more resilient toshocks. The interest rate level is not acore consideration for SOEs’ investment

and financing decisions; hence, their loan
decisions are not sensitive to interest ratelevels.

In terms of funding supply, economic

downturns are often accompanied byasset price adjustments, which reduces

the willingness of funding providers(especially banks) to provide funds to
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further hinder the willingness of businesses to increase investment.

Given the current low interest rate elas-

How are foreign companies
doing in China?

ticity of investment and consumption inDistributional effects ofcontinued interest rate cuts
deserve closer scrutiny

in China’s financial market and sufficienthouseholds have a strong inclination totained policy interest rate cuts would notstrongly impact consumption, savings,

or the scale of investment and financing,but will instead manifest itself in the redistribution of profits among economic

entities. On the one hand, commercialbank loans currently mainly flow to
SOEs. On the surface, interest rate cuts

will reduce interest expenses and increase the profits that SOEs contributeto the government’s coffers. However, acontinuous interest rate cut would dragthe loan prime rate (LPR) down, narrow

the interest rate spread for commercial
banks, leading to a decline in their profits
and an increase in the potential financial

risks. This means that continuous interest
rate cuts could result in a situation wheremoney is transferred from one pocket
to another within the government’s fi-nances. On the other hand, to maintain acertain interest rate spread, commercial
banks tend to gradually reduce deposit
rates, shifting the pressure of decreasing
interest income onto households, which01

China, further interest rate cuts will have

limited effect in stimulating consumption
and investment in the short term. Therefore, sustained interest rate cuts for thetime being may not necessarily produce
positive policy results, but could instead
lead to certain distributional issues andside effects.

MNCs are now much
more pragmatic about
doing business in
China – and gone
is the euphoria ofthe ‘indispensable’
Chinese market.

Over the past 30-

plus years, foreigncompanies in China

have experienced

ups and downs, while witnessing

Foreign companies’ journey in China

Multinational corporations (MNCs)

Beginning in 2008, policies intended toket for more than three decades. Thereforeign brands to enrich their producthave been operating in the Chinese marare at least two distinct dimensions of

their activities in China, both of which

are now experiencing headwinds for dif-First, China has long been considered2010s, however, fuelled partly by the“the world’s factory” – that is, MNCs

have been manufacturing and processing
products in China and exporting them toforeign markets since the 1980s.

the fact that China has evolved

Around the beginning of the 21st cen-

into a market for multinationals,

however, the passion of foreigncompanies for doing business here

China as an essential consumer market.

tury, foreign brands started to sell prod-

ucts in China (some of which were also
manufactured here).

seems to have cooled. So, how

From the 2000s to the late 2010s, for-market in their future expansion

in China, demonstrating the willingness

will they weigh the new Chinese
strategies? And, what impact willsuch changes bring to China?

basic products to high-end offerings.

The appeal of undifferentiated global

the country’s growing integrationfrom being “the world’s factory”

portfolio in China, moving from selling

ferent reasons.

Second, MNCs have long regarded

into the world economy. Despite

boost domestic demand also encouraged

eign consumer brands continued to growof Chinese consumers to purchase for-products started to wane in the late
growing popularity of traditional Chi-nese culture and domestic brands, suchas Hanfu (a style of traditional Chinese
clothing) and Chinese sportswear brand

Li-Ning. The COVID pandemic further

disrupted retail and logistics operations,
weakening the development of foreign

brands in the country, while geopolitics

gave rise to a number of popular domestic products.

As a result, MNCs are now much more
pragmatic about doing business in China– and gone is the euphoria of the “indispensable” Chinese market.

eign products during that period.

in turn reduces their deposit returns. Thisruns counter to stimulating household

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Strategic transformation in Chinese companies

China should focus
on encouraging
MNCs to increase
their commitment
to the Chinese
market and attract
new MNCs.

Daniel Han Ming Chng
CEIBS Professor of Strategy and Entrepreneurship

02

While MNCs in China are now strug-

China should focus on encouraging

margins due to slowing market growth,

to the Chinese market and attract new

gling with rising costs and declining

many don’t see emerging Chinese players as a critical challenge yet since they

possess organisational and management

MNCs, especially those from other ASEAN countries.

capabilities that are more effective, ef-

In this way, China could evolve from

customer segments. Chinese companies,

tablished Western MNCs to an enabler

ficient, and sustainable for their targetedeven the most successful ICT giants, forexample, still suffer from structural, organisational, and management issues thathinder their ability to compete directlywith MNCs for middle and high-income

Who will stay in China?

MNCs to increase their commitment

customers, though they are making pro-being the “factory of the world” for esof emerging market MNCs. Moreover,

China should allow them to use its production base and market to compete withmature MNCs and local Chinese companies as a way of promoting development.

gress.

They continue
to benefit froman efficient andestablishedmanufacturing
ecosystem that
ensures highproductivity.

In short, foreign companies such as

customer needs (such as H&M and GAP)

manufacturers with well-establishedand high-quality, reliable products andSiemens, ABB and other non-high-tech

China-based production facilities and ongoing business needs in China and Asia

are more likely to stay here. Although
their operating costs in China are grow-ing, they continue to benefit from an efficient and established manufacturing eco-services (such as Coca-Cola) or thosethat offer more comprehensive solutions
than those of Chinese manufacturers(such as Phillips Lighting) can also succeed.

system that ensures high productivity. In

While foreign tech and internet, con-includes logistics infrastructure (such as

whose shares in China’s consumer mar-addition to factories, this ecosystem also
ports and roads), as well as well-trained
workers.

Luxury and strong global brands cancontinue to do well in the Chinese

market, while those that fail to provide

differentiated products and meet local

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will lose ground. Brands with unique IPs

sumer goods and electronics companies

ket have declined over the past decade
will likely leave, in the short term, theirdeparture may not have much impact on

China’s manufacturing industry, which
will soon be harnessed by other companies or industries.

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Trade, climate and geopolitics will dictate
China’s path to economic recovery

G“China’s rapid long-term growth in peroffered a look at China’s economic out-

the prospect for world growth will becapita GDP [is the result of] higher sav-

look within a global context.

lower than otherwise – and lower worldings than other developing countries;

growth in the future, inevitably means awhile a relatively higher quality of“From a broad picture perspective, I

lower growth for China,” he said.

education has allowed China to absorb

see the Chinese economy facing two
main challenges. The first one is avoid-

Given the size of its economy and level

lobal demand, decarbon-

As such, it is necessary for business-have to come up with an answer to theWestern technologies and develop in-

ization and internationales and business leaders to gain a firm

question of ‘Shall I stay or shall I go?’”digenous innovation capacity, leading

ing what economists call the ‘middle

of influence, Prof. Lamy continued,

relations will factor heavily

understanding of the complex issues

to faster technological catchup,” heincome trap,’ and the second one is

China is now in a position to take on

in China’s post-pandemic economic

facing China’s economy in order tosaid.

achieving its decarbonization,” Prof.

greater responsibility in addressing

Lamy said.

global issues.

In the first keynote speech of the event,

growth and profoundly affect those do-navigate competing risks and seek out

CEIBS Professor of Economics anding business here, according to views

new opportunities, Prof. Zhang added.

author of Catching up to America: Cul-

As such, he explained, China’s compar-

ture, Institutions and the Rise of China

ative strength in economic development

The middle income trap describes a“This is where the EU and China have

Zhu Tian said that, when consideringhas been – and likely will continue tosituation where a country fails to tran-

something in common. Both of us

BASF Chief Representative in China

China’s post-pandemic economic tra-be – more cultural than political or tac-sition to a high-income economy due

should try and do our best so that [this]The event, co-organized by CEIBS

Joerg Wuttke offered a welcome speech

jectory, what matters most is the longtical.

to rising production costs and declining

relationship goes in the right direction,and the European Chamber, welcomed

in which he said that consumption, for-term, not the short term.

competitiveness. Decarbonization israther than the wrong one. And this, innearly 200 participants for talks and aeign direct investment and geopolitics“Fluctuation may be inevitable, andcentral to combating global climate

my view, is the defining issue, which

panel discussion on the theme of How

will continue to dominate the minds“Can China continue to grow faster thangrowth can be slowed down somewhatchange.

we have to work on together,” he con-will China’s economic recovery playof foreign businesses in China for themost other countries, say, at 5% a year

by geopolitics or policy mistakes; but

out beyond the Two Sessions?

foreseeable future.

over the next 10-20 years? [...] If that is

as long as China stays the course of

The issue in overcoming these and oth-the case, it is going to have a huge im-market reforms and opening up [...],

er challenges, Prof. Lamy added, is not

The event wrapped with a panel dis-

pact on all of us,” Prof. Zhu said.

the country can still achieve a relatively

with economic globalization, but withcussion moderated by CEIBS MBA

high long-term growth rate in the next

political tensions and pressures to sever

Programme Director and Professor

10-20 years,” he concluded.

interdependence.

of International Business and Strat-“China needs vibrant world growth,

CEIBS alumni and representatives

shared during an innovation forum in
Beijing in March.

Next, European Chamber President and“Faced with significant headwinds, Chi-

“You really have to be not just a man-na needs to bring positive change for theager, but also a policy-savvy person

world economy. It is clear that the de-to maneuver and steer your company

He continued that although consump-

cisions China makes will have a strong

through these troubled waters,” Mr.

tion, investment and exports often grab

cluded.

egy Shameen Prashantham featuring

impact on foreign businesses operating

Wuttke said. He added, “We have tothe headlines, the strength of China’s

Speaking via a pre-recorded message,in and engaging with China,” CEIBS

now reconnect China, we have to actu-

long-term growth instead stems fromformer Director-General of the Worldand its goal should be to rebalance ge-from PwC China, SEB, Valin Arce-

Vice President and Co-Dean Zhang

ally communicate to our headquarters

its rapid accumulation of physical andTrade Organization and CEIBS Dis-

opolitical and geo-economic forces. If

lorMittal Automotive Steel and Sch-

Weijiong said in a welcome speech.

what China looks like [and then] wehuman capital and new technologies.

tinguished Professor Pascal Lamy also

geopolitics were to prevail, I’m afraid

neider Electric.

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Regional strengths and global integration
key to long-term growth of China’s
Greater Bay Areatunity for representatives from academia, business

different China 15 years from today,” he said.

you have Shenzhen, a major innovation hub; andand government to come together to discuss the
future of the region.

“You have Hong Kong, a global financial sector;

Moreover, Prof. Zhu added, three key factors haveyou have the GBA for advanced manufacture andserved as the main drivers of China’s development

innovation of the supply chain – all that is within

He added that, “As part of the school’s current de-over the past 40 years and will likely play a leading

one hour,” he said, adding that the region also

velopment plan, helping the GBA is one of CEIBS’role in the future of the GBA.

serves “as an international platform for where East
meets the world.”

strategic priorities.”“China’s rapid growth in per capita GDP has been
Prof. Turpin was followed by Secretary for Com-helped by its higher savings than other countries andIn his closing address, CEIBS Assistant President,

merce and Economic Development, HKSAR

its relatively higher quality of education. These have

Chief Representative of Shenzhen Campus andGovernment Algernon Yau, who emphasized themade it capable of absorbing existing Western tech-

Alumni & Development Office Director Hobbs

rospects for long-term growth, integration

opportunities and importance of the GBA’s role innologies and developing indigenous innovation ca-

Liu noted the importance of events such as thewith the global economy and the ability to

China’s economy.

pacity leading to faster economic catch-up,” he said.

Innovation Forum Hong Kong in promoting ex-Pchange on topics related to the transformation ofcapitalize on regional strengths will deter“The regional government will work with people

Executive Director, Office for Attracting Strategic

cau Greater Bay Area (GBA).

from all walks of life to promote financial inno-Enterprises, Financial Secretary’s Office, HKSAR

vation, business experience sharing and the future

Government Charles Ng also delivered a keynote“CEIBS has been rooted in Southern China forThis was just part of the message delivered todevelopment of the GBA so that everyone can ben-speech in which he highlighted some of the advan-

more than 20 years and we now have more thanan audience of more than 260 participants at theefit,” Mr. Yau said.

tages and opportunities available to the GBA.

3,000 alumni in the GBA. In the future, we will

CEIBS Professor of Economics and author of“Fast-forward ten years from now and the GBA

regional cooperation, participate more actively inCatching up to America: Culture, Institutions andeconomy is going to double in size to over 4 trillion

the construction of the GBA, and contribute more

The event, which was organized by CEIBS andthe Rise of China Zhu Tian then offered the forum’s

dollars, equivalent to the sixth or fifth largest econ-

to China’s regional and national development,” he

The Hong Kong Chinese Enterprise Association to-

first keynote, in which he pointed out that when

omy in the world or the German economy today.

said.

gether with the CEIBS Alumni Hong Kong Chap-

discussing the future of China and the GBA, it is

There are not a lot of countries or regions in the

ter and CEIBS Shenzhen Campus, took a deep diveimportant to keep an eye on long-term – rather thanworld where you have this kind of growth,” he said.

into the topic of China’s Greater Bay Area: Trans-

short-term – growth.

continue to discuss topics such as digitalization and

CEIBS Innovation Forum Hong Kong 2023 inJune.

The event was hosted by CEIBS MBA Programme
Director and Professor of International Business

Mr. Ng added that, as an important part of China’sand Strategy Shameen Prashantham and featured a“So, our question is, can China continue to growstrategic direction, the GBA has many of the in-panel discussion and Q&A with CEIBS alumni andIn his welcome address, CEIBS President (Europe-

relatively faster than most other countries – atgredients needed to transform into a hot spot for

representatives from Sun Yat-sen University, Inves-an) and Professor of Marketing Dominique Turpin

around 5% per year – for the next 10 to 20 years? Ifdevelopment and one of the main engines of thetHK, SF Group, UBS Global Wealth Management

noted that the forum presented a valuable oppor-

the answer is ‘Yes,’ then we are going to see a very

country’s national economy.

and DBS Bank.

forming the Future.

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mine the future of the Guangdong-Hong Kong-Ma-

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CEIBS 2023 Innovation Forum Series makes
stops in Fuzhou, Jinan and Foshan
Fuzhou

Jinan

Digital intelligence in the spotlight at Fuzhou forum

Jinan forum offers businesses a map for navigating the digital economy
The CEIBS 2023 Innovation Forum series madeAlso speaking during the event, CEIBS Profes-

a stop in Jinan in Shandong province in May tosor of Economics and Decision Sciences Fang

explore the underlying logic of the digital econ-

Yue pointed out that digital transformation is not

omy and business competitions in the new era.

simply a technological change, but an upgrade ofOver 300 CEIBS alumni and business represent-

the enterprise value chain through digital tech-

atives attended the event.

nology application and organisational culturechange, ultimately creating value for customers

The first stop of the CEIBS 2023 Innovation Fo-“CEIBS develops in tandem with the Chinese

rum series kicked off in Fuzhou in Fujian prov-

economy, and we hope to integrate the wisdomince in March. Focusing on the theme of howof CEIBS faculty with the practises of enterpris-organisations can develop in the digital age, thees to fuel the development of the Chinese digital

event was attended by nearly 400 representatives

economy,” President Wang said. She also notedfrom CEIBS and local government along withthat the forum is designed to empower businessthe business and academic communities.

managers and facilitate local talent development

Addressing the forum, CEIBS President Wang
age management as one of its four signature

The event also featured a roundtable discussioninterdisciplinary research areas, and is commit-

where representatives from the business commu-

ted to disseminating knowledge and facilitating

nity shared insights about the digital practices ofbusiness’ digital transformation and innovative

their respective companies, data asset govern-

development though academic research, caseance and OpenAI.

studies, lectures and forums.

through a collaboration between government,
Addressing the event, Fujian government of-and society.

Hong noted that the school has included digitalindustry, academia and research communities.

ficial Kang Tao stressed that the province isat the forefront of digital transformation, and

CEIBS Associate Professor of Strategy Chenhopes to strengthen cooperation with CEIBS to

Weiru also gave a keynote speech on the indus-

promote digital intelligence in more emerging

trial internet. He pointed out that companies canindustries.

visualise, quantify and optimise their operations
through digital tools, which in turn enables the

CEIBS President Wang Hong then delivered amanagement of the entire chain.

welcome speech, in which she applauded Fujian’s endeavour in developing the digital econo-

The Fujian Chapter of the CEIBS Alumni Asso-my and spirit of innovation and entrepreneurship.

ciation was established during the event.

FoshanFoshan forum taps into Chinese branding strategy in the digital age
The CEIBS 2023 Innovation Forum series stopped

companies boast strong manufacturing and R&D

in Foshan in Guangdong province in May to tap into

capabilities, they still require brand building, mainte-

the Chinese branding strategy in the digital age. Overnance, and communication.

200 participants attended the forum.
Therefore, the key to transforming Chinese prodDuring the event, CEIBS President Wang Hongucts into Chinese brands with international compet-

pointed out that brands are an important symbol ofitiveness is to build “strong brands,” she said.

high-quality development.
The forum also featured a roundtable discussion,
FuzhouJinan

Foshan“Amidst CEIBS’ efforts to serve regional develop-

moderated by Prof. Wang, on the long-term per-ment strategies and empower its alumni, we will

spective of brands and digitalization.

strive to empower business managers in Foshan and
the Greater Bay Area, promote regional talent train-

Launched in 2015, the CEIBS Innovation Foruming, and contribute to local economic development

series is aimed at disseminating the school’s man-through management education, various forums, andagement knowledge and making intellectual con-quality alumni services,” President Wang said.

tributions to social and economic development.
This year’s series features eight stops, including

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During a keynote speech, CEIBS Professor of Mar-

Beijing, Hong Kong, Urumqi, Chongqing, andketing Wang Yajin noted that though many Chinese

Nanjing.

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Meet Our New Faculty

Prof. Frank Bournois
Appointed New Vice President and DeanCEIBS welcomed Professor of General

Bournois noted that his “joining CEIBS was mo-Management and Leadership Franktivated by a passion for the school’s international

Bournois as the new Vice President

dimension.”We’re only half way through 2023, but we have already welcomed several new professors to the CEIBS family! Read on to learn more about thenewest members of our faculty team!

Dr. Majid Ghorbani
Majid Ghorbani joined CEIBS as an Associate Professor of Management Practiceand Academic Director of CEIBS E-Lab in January 2023. Prior to joining CEIBS, heand Dean in April. Prof. Bournois succeeded
Professor of Accounting Ding Yuan.

was an Associate Professor of Management and the Academic Director of the Inter-“I’m honoured to be here. I know that ‘honour’

national MBA Program at Renmin University of China. His research interests mostly

means not only to be honoured or to be proud;
Prior to joining CEIBS, Prof. Bournois served as

it also has the same root as ‘onus,’ which means

Executive President and Dean of ESCP Businessweight. Honour comes because there is with it

School in Europe and, before that, as a full Pro-

the weight of duty, and that is for the good of our

fessor of General Management and Cross-Cul-school,” he added.

tural Leadership at Paris Panthéon-Assas University.

Prior to joining CEIBS, Prof. Bournois served as
Executive President and Dean of ESCP BusinessProf. Bournois is a FRSA-Fellow of the Royal Society of Arts (UK) and holds a Ph.D. in
Business Strategy from the University of Lyon
(France), an MBA from Aston University (UK),a Master in Management from EM Lyon (France)
and DSc from City University of London (UK).

School in Europe.

focus on the influence of government, policy and political systems on corporate social responsibility, and innovation and entrepreneurship strategies.

Dr. Jiang Yuan
Dr. Yuan Jiang is an Associate Professor of Management of CEIBS. Prior to joining
CEIBS, he was a member of the faculties at Indiana-Purdue University Fort Wayne,
Shanghai Jiao Tong University, Harbin Institute of Technology, and Sun Yat-Sen University. He is an adjunct faculty at emLyon Business School Shanghai and a doctoral advisor
at Business School of Sun Yat-Sen University. Prof. Jiang’s primary areas of expertise include leadership, collaborative teamwork and innovation, cross-cultural and Chinese human resource management, and managing for green behaviour and performance at work.

He is an expert in corporate governance and how
large firms identify, manage and develop their future leaders. He has provided consulting services
for companies such as Airbus, Bouygues, EDF,
L’Oréal and Safran. He also served as a Memberof the Global Supervisory Board of Mazars, aleading audit and advisory firm where he alsochairs the Audit Committee.

Dr. Hu Guangzhou (Albert)
Dr. Guangzhou (Albert) Hu is Professor of Economics at CEIBS. Prior to joining
CEIBS, he taught at the National University of Singapore. Dr. Hu received his Ph.D.
in international economics from Brandeis University, and B.A. in international finance from Nankai University. Prof. Hu’s research interests center on the economicsof technological change and the Chinese economy.

During a special handover ceremony in The Maple Hall at the school’s Shanghai campus, Prof.

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Faculty Appointments

Faculty Awards and Honours

A number of our professors have been named to important new positions
this year! Take a look below to find out more about recent CEIBS faculty
appointments.

CEIBS professors have given us much to celebrate over the past few months. Here is a look at some of
the recent honours and awards they have received.

Prof. Bala Ramasamy appointed new member of the
CEIBS Management Committee
Professor of Economics and Associate Dean and Director of GEMBA ProgrammeBala Ramasamy was appointed as a new member of the CEIBS Management Committee from February 2023. Before joining CEIBS in 2006, Prof Ramasamy served as theProfessor of International Economics and Business and acting Director of Nottingham
University Business School at the University of Nottingham in Malaysia. His researchinterest focuses on Asian economies, Foreign Direct Investment, Corporate Social Responsibility and International Business Strategy.

1
CEIBS teams claim top prizes at The Case Centre Awards and Competitions 2023
Two CEIBS case-writing teams have been named winners in The Case Centre Awards and Competitions 2023 in February.
Wuling Hongguang MINIEV: A New Breedof Chinese Automaker by CEIBS Professor ofMarketing Wang Gao and Senior Researcher
Zhu Qiong won the Outstanding Case Writer
Competition. Meanwhile, Daddy Lab: A Chinese Social Enterprise’s Dilemma by CEIBS
Professor Daniel Han Ming Chng, Senior Case
Researcher Liman Zhao, Professor Byron
Lee and Professor Peter Moran, together with
Research Assistant Hellen Sun took home theProf. Zhao Xiande appointed Director of CEIBS Instituteof Supply Chain Innovations

prize for Outstanding Case Writer: Hot Topic
Competition.

JD.COM Chair Professor of Operations and Supply Chain Management Zhao Xiande wasappointed Director of CEIBS Institute of Supply Chain Innovations starting from February
2023. Professor Zhao’s expertise is in the areas of Operations and Supply Chain Management. His research interests mostly focus on supply chain management and innovation,
network-based service and business model innovation, supply chain finance, supply chain
integration, digital supply chain, and supply chain optimization using big data.

2

CEIBS faculty shine on highly-cited Chinese researchers list
A historic high 16 CEIBS faculty have madethe 2022 list of Highly-Cited Chinese Researchers released byworld-leading academic publisher Elsevier in late March. Amongst
those listed, 14 CEIBS faculty have been named for their contribu-

More faculty promoted to new positions in early 2023

tions in the category of Business Management, while another two

Prof. Huang Sheng was promoted to Full Professor, effective from January 1, 2023, while Prof. Sae Younglargest number of faculty on the list in the field of Business, Man-

Lee was promoted to Assistant Professor, effective from May 1, 2023. Profs. Travers Barclay Child and Wei

agement and Accounting for six consecutive years.

appear on the Applied Economics list. CEIBS has also boasted theYang were promoted to Associate Professor, effective from July 1, 2023, and Profs. Taiyuan Terry Wang andDaniel Han Ming Chng were promoted to Full Professor, effective from July 1, 2023.

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4

CEIBS teams win top prizes in global case writing
contestCEIBS team emerges as big winner in EFMD
case contest

In March, five CEIBS case studies were winners in

A CEIBS team emerged as one of the big winners in

the 2022 Global Contest for the Best China-Focusedthe 2022 EFMD Case Writing Competition in April.

Cases. The cases cover a range of topics spanning in-

A case entitled Aspiration, Action, Determination:

novation strategy and organizational transformation in

Zhu Jing, Founder of Sunkwan Group by Professor

China’s healthcare industry, mergers and acquisitionsof Management Jean Lee, Research Assistant Xinof public Chinese companies, the turnaround of a fa-(Michelle) Zheng and Senior Case Researcher Limanmous Chinese coffee brand following financial fraud

Zhao took home the top prize in this year’s Womenand the digitalisation of the manufacturing sector.

in Business category, while a case entitled ApiYoo: A

CEIBS Faculty in the Media
From macroeconomy and the geopolitical landscape, to ESG and other business issues of the day, CEIBS faculty regularly offered their thoughts to media during the first half of 2023. Read on for some of the key insights
shared during the past six months.

January 17

New Breed of Entrepreneurship by Professor of Marketing Wang Gao, Senior Case Researcher Zhu Qiong
and Research Associate Zhang Rui captured the top
prize in the Entrepreneurship category.

January 31“China is known for its gradualism approach in policy implementation. As the
Dynamic zero-COVID policy continued to be emphasized in October 2022 at the20th National Congress of China’s Communist Party (CPC), it was widely believedthat China would adopt a gradualism approach in adjusting the COVID-19 policy.
To everyone’s surprise, the government opted for a big-bang approach by lifting
all the imposed COVID-19 restrictions almost overnight in early December 2022.
In just one month, China passed half way in achieving community immunity as
majority of China’s population is believed to have been infected.”— CEIBS Professor of Economics Xu Bin | Diario Financiero“All indicators point to a relatively healthy recovery... The government has put
economic growth back at the centre of policy.”— CEIBS Professor of Economics Zhu Tian | The Globe and Mail

5

February 28

President Wang Hong’s proposal honoured by Shanghai municipal government“China has the biggest pool of rare diseases and patients in the world, and thus
could turn this issue to its advantage and make it a differentiating point in its
strategy for innovation.”— CEIBS Adjunct Professor of Management Eric Bouteiller | South China Morning Post

In February, President Wang Hong’s research proposal Research on the Most Important Bottlenecks and Problems Restricting the Development of Shanghai’s High-level Service Industry Market Regulatory System was named the key project on Decision-making Consultation of Shanghai

March 6

Municipal People’s Government.

CEIBS faculty claim more academic paper prizes— CEIBS Adjunct Professor of Economics and Finance Sheng Songcheng |Bloomberg

6

CEIBS Assistant Professor Michelle Zheng’s paper Time Will Tell or Will it?: Power Inequality
Hinders Trust Meta-Accuracy Development Over Time won the 2023 Academy of Management
Meeting best paper proceedings, while CEIBS Lecturer of Management Dr. Gyamfi, Nana Yaa A. was among the finalists forthe 2023 IM Division D’Amore-McKim School of Business, Northeastern University Dissertation Award.
Prof. Tae-Yeol Kim’s co-authored paper entitled Untangling the Relationship between Creative Self-Efficacy and Intrinsic“I would say achieving a growth of around 5% or even higher is a high probability
event, provided that there won’t be any unexpected risks.”

March 15

“If a brand can meet the cultural consumption needs of Generation Z for ‘rewarding,’‘deep experience,’ and ‘authentic feelings,’ and explore new possibilities ofcultural commercial power in the context of China’s creativity, technologicalempowerment, and local culture, it would help create unique Chinese Z brands
with cultural characteristics, thus winning the favour of Gen Z consumers.”— CEIBS Professor of Marketing Wang Qi | Economic Observer

Motivation in Influencing Creativity won 2023 Academy of Management Meeting best paper proceedings.
Prof. Shameen Prashantham was selected as one of the 2023 JIBS Best Reviewer Award recipients.
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March 27

“This is how entrepreneurs think – it is not by saying, ‘I would like to start abusiness,’ but by facing a challenge.”

April 19

— CEIBS President (European) Dominique Turpin | Diario Financiero“ESG is a guiding path for sustainable development and an important framework forbusinesses to understand the risks and opportunities ahead in the future. ESG is notjust ‘icing on the cake’ for existing businesses; effective transformation supported by
ESG can also help companies build sustainable competitive advantages.”— CEIBS Marketing Professor Wang Yajin | Bloomberg Businessweek Chinese Edition

April 1

“The geopolitical context and China’s economic recovery offer a window of opportunity
to deepen trade ties over the next three years, particularly for EU countries.”— CEIBS Professor of Economics Xu Bin | ABC

April 10“The joint visit of the French President and the President of the European
Commission to China will be a milestone in the history of China-EU cooperation.
It sends an important signal that EU has reached an agreement regarding
cooperation with China. It also signifies that dialogue and cooperation with China
is indispensable in reaching peaceful resolution of the Russia-Ukraine conflict.”

April 29

— CEIBS Professor of Strategy and Entrepreneurship Daniel Chng | Straits Times

May 9— CEIBS Vice President and Dean Frank Bournois | International Finance News

April 12“To further develop entrepreneurial spirit in the new era requires a more suitableenvironment in terms of industries, economy, and policies. There is no way toknow exactly which behaviours will guarantee success. What we need is to shape asystem that allows various economic entities to collide, collaborate, and gradually
evolve together towards common goals.”— CEIBS Assistant Professor of Strategy and Entrepreneurship Bai Guo |China Business News

April 14

April 17

“The internet’s story is far from over. In its early stages, internet applications in
China mostly focused on the consumer side. Although Chinese enterprises werelatecomers, an enormous domestic market enabled the country to catch up with andeven surpass pioneers in the consumer internet space. The situation is quite similarin the industrial internet domain. Though China started late, the starting point was
not low, thanks to the popularity of the consumer internet in the country.”“The Chinese enterprises venturing into international markets require a supportive
policy environment that ensures stability. On the corporate level, my suggestionis learn to tap global resources and talent to understand local consumers and fit
into local communities. As localization deepens, companies may explore businessmodels that feature ‘capital from China plus global manufacturing resources.’
Hence, the next goal for Chinese entrepreneurs is to become global businessleaders and seek market opportunities worldwide.”— CEIBS Marketing Professor Wang Gao | Business Management Review

June 1“The frequency of competition, disruption, and paradigm shifts among Chinese
enterprises is remarkably high, along with the rapid pace of technological iteration.
This is a significant difference between the Chinese and Western developed markets.
Only enterprises that are adept at identifying key trends and taking targeted measures
can turn challenges into opportunities and gain first-mover advantage.”— CEIBS Professor of Entrepreneurial Management Practice Gong Yan |Forbes China“COVID-19 and global tensions, including the Ukraine-Russia conflict, haveaffected the international supply chain, transport and logistics. China and the Westhave been relatively slow in reverting to more open and efficient transportation.”“By comparing Chinese and international companies, it’s clear that Chinese
unicorn companies are insufficient in overall strength, industry competitiveness,and regional resource allocation. To address these gaps, it’s crucial to foster a better
environment and innovation ecosystem, optimise innovation landscape, enhance
policy guidance, and bolster supportive frameworks for technology companies thatcaters to their practical needs.”— CEIBS President Wang Hong | Economy Magazine

June 2“The return of corporate leaders to China is putting the country back on the ‘radar’of the business world. To what extent is this going to help the political side? I’m
still a bit sceptical.”— CEIBS Professor of Economics Bala Ramasamy | Financial Times

June 2“There are still significant numbers of people who want to come and study in
China.”— CEIBS President (European) Dominique Turpin | Bloomberg— CEIBS Honorary Professor Xu Xiaonian | 21st Century Business Herald

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Electric mobility remains resilient
amid auto slowdown
By Effy HeJapanese native and CEIBS MBA 2015
alum Ichijo Futakawa is the President of
Nissan Mobility Service and VP of China
New Business Development at Nissan
China Investment. We caught up with him to discuss his work at the Japanese automaker, and thecurrent state and future prospects for electric vehicles (EV) in China.
Following nearly 10 years at Toyota, Ichijo joined
Nissan after completing the CEIBS MBA programme. He assumed a new position in China in
2021, after steadily growing his career to reach ahighly demanding role spanning business devel-

opment and operations for mobility service andother non-traditional OEM business in the Chinese market.
As a seasoned professional in the auto industry,
Ichijo notes that although the COVID-19 pandemic presented challenges to global auto sales – disrupting supply and logistics chains and reducing
consumer demand – the EV market has shown
positive momentum against the downturn trend,
especially in China.
“EV is actually progressing, because while thepandemic reduced the demand for cars, it didn’t

Autonomous driving is notindependent technology – itis just a ‘brain’ which sits in a
vehicle (the ‘body’).
Ichijo Futakawa
CEIBS MBA 2015

stop engineering and R&D efforts. Given thefact that “intelligent” EVs require more software skills, people could actually work fromhome instead of being on site to test the hardware,” he says.
Recent Chinese government policies aimed at
stimulating electric mobility have also contributed
to the growth of EV sales, with the emergence ofnumerous domestic EV makers and start-ups andenticing purchase incentives.
“Intelligent EV is a national trend backed by aseries of supportive policies. The country-levelstrategy means that the government is investing
more resources in technology, production facilities, talent and the market [...]. If you buy EV, thenyou get a lot of subsidies, and the requirementsfor obtaining an EV license plate are also different
from traditional fossil-fuel vehicles, which is very
unique in China,” Ichijo explains.
As with other foreign companies in China, Nissan
is seeking ways to partner with local market players to best engage with the country’s auto market.
One of the ways to do so, Ichijo points out, is to

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work together with leading Chinese autonomous
driving start-ups, such as WeRide, to achieve winwin results.
“Our strategy, particularly in China, is that we
made an investment in WeRide five years ago. In
China, we are not only doing our own development in intelligent EVs, but we also aim to help
Chinese companies to thrive with our strategic
support,” he explains.
“Autonomous driving can’t be realized only withdriving technology, you need a body, which is
our core asset and strength. So we help them andthey help us, and we integrate both assets together
to make autonomous driving mobility happen.
That’s how we are working in China,” Ichijo says,
adding that Nissan’s country-by-country strategy
reflects the speed of the market development andthe partnership that the company wants to build ineach region.
Now, eight years on since graduation, Ichijo continues to reflect on everything he learned during
his time at CEIBS. While there are plenty of industry-specific factors to consider when looking to
expand beyond China’s borders, he believes thatthe key considerations are more cultural in nature.
“Leverage your international experience. It’s agood opportunity to understand the intercultural
gap and how to adapt to those gaps. Go out andimmerse yourself to understand how you are different from Chinese people. There is no good way
to copy and paste what the Chinese do, so you
need to identify the intercultural gap and adapt toovercome it.
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35

Flexibility emerges as newnormal in post-pandemic
auto industry
By Effy HeF

rom lockdowns and travel restrictions to global supply chain disruptions, the automotive and mobility
industries were amongst the hardest
hit by the COVID-19 pandemic. Now, as China
reopens, what is the current status of the industry? And, what opportunities and challenges areout there?

To answer these questions, we caught up with
Global EMBA 2018 alum Pierre-Yves Demeer
to hear about how COVID-19 has affected theauto industry and what is ahead for years tocome.
With a technical and business background in the
US, France, and Chile, Pierre-Yves has morethan 20 years of experience in the automotive,
transport and chemical industries. He now leads
the purchasing and global commodity business unit of French Automotive OEM NovaresGroup APAC in Shanghai, and he is responsible
for finding the best solution to different functions in the company at the most competitive
price.
Having lived and worked in China on and off
for over 15 years, Pierre-Yves has witnessedand been part of many big changes in the country’s auto market.

Pierre-Yves Demeer, Global EMBA 2018TheLINK 2023

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36

37

our supply chain – such as equipment, toolingsand project investment for future markets,” hesays, adding that as a Purchasing Director, heand his team had to work 24/7 to support thecompany to keep machines rolling and makethe impossible possible.
“As an automobile manufacturer, it’s impossible to stop manufacturing and delivering toour customers, not only because of huge cost
penalties; but also because the impact on the organisation and the market is always greater than
expected,” he explains.

considered a mobility commodity which has led
to a change in the development cycle,” he says.

Stable volumes and forecasts that were the essence of
the automotive market in the past; are now gone andflexibility has become the norm.

“The competitive landscape in the industry iscompletely different now. Stable volumes andforecasts that were the essence of the automotive market in the past; are now gone and flexibility has become the norm,” Pierre-Yves says.
Along with unpredictability comes shifting
market demand, Pierre-Yves admits, as consumers nowadays don’t see vehicles as a symbol ofstatus, but rather as a commodity to fulfill theirmobility needs.
“In the old days, the auto industry competed onprestige; you would label your car as high end or
economy, sports or family. But now, vehicles are
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“What used to be a seven-year project life cycle
could turn into a one-to-two-year cycle, whichputs a lot of strain on supply chains,” PierreYves adds.
Despite increased pressures on purchasing timelines, the new trend also presents opportunities
for companies to stand out from the crowd.
“If your company can be more agile and flexible to meet customer demands, you could havean enormous competitive edge,” he says.
As with multiple industries across different geographic regions, the pandemic brought a hostof unforeseen challenges to Pierre-Yves and his
company, and Novares was pushed to the edgeof bankruptcy due to a lack of cash in 2021.
“Our customers withdrew or postponed payment
commitments while we had already invested inWith a good understanding of shifting trends inthe global supply chain, the senior procurement
professional put “localisation” at the very coreof his business strategy.
“Even before the pandemic, the global trend
for supply chains was steadily shifting fromglobalization to glocalization. ‘Global approachand local supply’ means that you
could have global suppliers thathave local manufacturing plants.
The pandemic just accelerated
this trend,” he says.

Experience is essential but being able to listen to others'
perspectives that challenge your own assumptions isequally important.

with other people in the organization,” he says,
adding that understanding local codes and culture is essential when addressing a market.
Ultimately, he says that it is very important tounderstand that what you encounter today ispart of who you will be tomorrow.
“Experience is essential but being able to listen
to others’ perspectives that challenge your own
assumptions is equally important,” he concludes.

With COVID-19 now playedout and the world reconstructing itself, Pierre-Yves reflects
on everything he has learned at
CEIBS and how he puts his China knowledge to practical application in a European company.
“The Global EMBA programme
is a great balance between theory
and practice. It helped me learn
more about myself and change
my mindset to better interact
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38

From nothing
to Forbes:
The couplepreneurs behind
Chinese electric
two-wheeler
brand Yadea
By Thalia Jiang

39

As couple-preneurs, Dong is the one who controls theaccelerator, while I'm on the brake.

C

ompared to new energy cars, twowheel electric vehicles have remained largely out of the limelight.
A high-profile trailblazer in thisfield, however, is Chinese electric two-wheeler
brand Yadea, whose ads recently popped up at
the 2022 FIFA World Cup in Qatar as part of thecompany’s plans to expand its global footprint.

Throughout it all, they have reminded themselvesto never leave others with the false impressionthat they are a perfect couple – as arguments areinevitable in every relationship. That said, they
do deserve the title of “model partners.”

Born in Wuxi in Jiangsu Province, Yadea’s sales
exceeded 13.8 million RMB in 2021, and it has
maintained its position as the industry leader innational sales for five consecutive years, taking
nearly 30% of the market share. In 2016, Yadea
Technology Group was listed in Hong Kong,
making it the first to become the first two-wheel
electric vehicle brand to go public in China.

Born in a poor, mountainous area of Anhui Province in 1970, Dong was recruited into the armyat the age of 17. It was there that he learned

Starting a business in two-wheel
electric vehicles

To the surprise of many, the company was founded by husband-and-wife team Dong Jinggui and
Qian Jinghong, who serve as Yadea Chairman
and CEO, respectively. From humble beginnings,
the couple started a small motorcycle assemblyplant from scratch, which has since grown it into
what Yadea is today.

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41

Despite the overwhelming workload, the couple
would spend half an hour every night having intimate conversations, which helped them develop
good communication habits. The benefit of starting a business together as a couple was instantcommunication, while the downside was the factthat the discussion “never ends.”“We used to make a rule that we would have
no work talk at home, then no work talk in the
bedroom, and finally no work talk after going tobed. But each time either he or I broke the rules,”Qian says.
As couple-preneurs, Dong is the one who controls the accelerator, while Qian is on the brake.
about auto mechanics and became a repairman.
Meanwhile, Qian started a garment business with1,000 RMB from her parents after graduatingfrom high school. The two met on a blind datewhen they were about 20 years old and fell inlove at first sight.

ness, the couple had simple goals: “First, it was
to produce products of better quality; second, it
was to find good suppliers and turn good materials into good products; third, we wanted employees to grow together with the company eachyear,” Qian says.

After getting married, the couple started a motorcycle parts assembly plant in a 1,000-square-metertin-roofed factory, and grew their business from a
few dozen motorbikes per month in 1998 to 5,000
in 2000. With the implementation of a motorcycle
ban across the country, however, the two-wheel
electric vehicle industry took off in 1997.

“Back then, we had no idea of brand positioning,and knew little about the concept of positioning thebrand as high-end and selling at a high price. We
just wanted to make the best product,” she adds.

“The two-wheel electric vehicles were hot products back then. Companies were running out of
supply, and even our OEM found it hard to deliver on time,” Qian recalls.

During the first 15 years of their start-up, Dongand Qian worked around the clock.

When starting out in the electric scooter busiTheLINK 2023

One controls the gas pedal while
the other controls the brakes“We were so busy at that time that we barely
looked up at the sun – only the stars and themoon,” Dong says.

“Sometimes we can work together very well, butsometimes it can be complicated,” Qian says,
adding that there are times when they disagreewith each other about corporate decisions. Nevertheless, they always reach an agreement in theend.
To mitigate corporate risks and avoid disagreements between the couple, Yadea has adopted acollective decision-making system in its daily
operations, where important proposals and decisions require the approval of 80% of the company’s committee members. Dong and Qian eachhave one vote and one veto per person.
In 2020, with a total wealth of 21.6 billion
RMB, the business partners were ranked 170th
on Forbes China’s Top 400 Richest in 2020, andhave moved up the list continuously since then.
Having been married for three decades, the cou-

When starting out in the electric scooter business, we
had simple intentions: First, it was to produce productsof better quality; second, to find good suppliers and turn
good materials into good products; third, we wanted
employees grow together with the company each year.

ple admits that while arguments are inevitable instarting a business, it is mutual understanding,trust, and love that has made them inseparable.
In 2008, Qian enrolled in the Advanced Management Programme (AMP) at CEIBS, where
she developed a strong thirst for knowledge anda management philosophy in talent development.

Exploring the global market
Despite topping national sales as a listed company, Yadea aims to explore overseas markets.
With global efforts to cut energy consumption
and emissions to achieve the carbon goals by
2050, there is great potential for promoting electric bikes.
In 2019, Yadea set up an overseas production
base in Vietnam, the first of its kind in its industry. The Yadea couple is well on its way, fueledby an ambition to become an integral part of a
global market made up of industries that are constantly evolving.
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43

Transitioning from traditional media
to the digital world

Ten years on, how did a
new media company stay ahead
while ensuring profitability?

In 2019, China entered an era of microblogging
with massive amounts of online user-generated
content are now being produced and disseminatedin a faster, more convenient and insightful way
through social media platforms. This shift brought
about disruptions in two essential components ofcommunication — the way content being produced
and the way it is distributed.

By Thalia Jiang
In 2012, Huxiu CEO Li Min (CEIBS EMBA 2010)
resigned as Executive Editor of China Entrepreneur magazine and secured an angel investment of
1 million RMB to start a tech news platform.
With the aim of being a business information platform with a unique perspective, Huxiu focused on
major internet companies before expanding to thebroader business sector.
“We needed to discover the potential needs of users
before serving them with our capabilities, resourcesand values,” said Li, adding that Huxiu’s goal has never been to help users kill time, but to offer them more
efficient access to business and tech information.
Bearing that in mind, Li reorganized the business’
approach to content production and distribution.
Unlike traditional media, more than half of Huxiu’s
content comes from a pool of external writers instead of its in-house editorial team.
“The internet is already over-saturated with information. There’s no need to create original content
unless it’s exclusive or in-depth coverage,” Li says.
“What we aim to do is to screen information anddeliver the most relevant information to our users.
That’s our mission,” she adds. To date, Huxiu has
built up a large pool of nearly 9,000 authors.
Unlike other platforms which measure the value of
published content by traffic, Huxiu promotes information to users with different priorities based on certain
algorithms, and the platform is driven by “content”
rather than “technology.” In this sense, content is notequal to traffic. “That’s the limitation of Huxiu, but
that’s also what makes it what it is,” Li said.

How to commercialise
good content

What we aim to do is to screen
information and deliver themost relevant information to
our users. That's our mission.

In 2019, the company started to build a paid-content APP named ProHuxiu, a platform dedicated toproviding decision-making-oriented information services for secondary market investors with a focus on
research analysis and the latest updates on promisingareas and companies in the secondary market.
Li believes that companies in the A-share market
will become more mature and more promising

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CEIBS STORIES

44

月捐计划

爱中欧 筑未来businesses will be listed on the domestic capital
market. On the other hand, investors need to hone amore rational understanding of industries and companies to obtain valuable information.

Giving for a Better CEIBS

However, there’s a significant information asymmetry between enterprises and retail investors.
“There’s no investor-facing content service platform in the market,” Li says.
As such, she adds, it is often hard to tell whether
the equity research reports issued by securities
brokerages are targeted at “buyers” or “sellers”(companies or users), and most of the content isquite general. What ProHuxiu aims to do is toshield investors from the chaotic market by providing authentic information, such as interpretation
and analysis of data, analysis of the factors behindindustries’ development and companies’ future development. With an annual subscription fee of 1,298
RMB, ProHuxiu has not yet posted a profit due to alimited paid user base.
“It’s impossible for a new-born baby to make aliving right away. Unlike media businesses that
require low threshold and a small initial investment, ProHuxiu and the think tank business Huxiu
is working on need to develop relatively solid
products and services that users are willing to buy,
which poses a big challenge for our product andoperational capabilities,” Li says.

Entrepreneurship is along-term endeavor
As CEO of a startup, Li faces lots of complex
questions: How can we grow a business? What
are our users’ needs? How can we serve users’
long-term needs? How can we create greater
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At the end of the day, it's all about organisation. It's about
whether a CEO can make the organisation more efficient,enabling better and faster improvement of employees'
personnel skills and the synergies between them.

business value through services? Why is there a gap
between reality and expectations? And, how can webridge this gap?
“In the end, corporate competition is about your core
team’s judgment of things and circumstances, and about
whether they have the ability and efficiency to build asystem around this judgment to achieve corresponding
goals,” Li explains.
“At the end of the day, it’s all about organisation. It’s
about whether a CEO can make the organisation more
efficient, enabling better and faster improvement of
employees’ personnel skills and the synergies between
them. A failure in doing that will present challenges,” Lisays.
In a year-end summary of Huxiu’s second year of business, Li reflected that, “New media won’t become what
it is unless it breaks away from the content-driven mindset (I do not mean that content is unimportant or unnecessary). Entrepreneurship is a long-term endeavor.”

涓涓细流 以汇江海
寸寸丹心 同筑未来
Little drops of water make the mighty ocean
Join hearts and hands to build a shared future每月一捐Give monthly

支持中欧可持续发展Join us to support CEIBS

ALUMNI NEWSALUMNI NEWS46

47

CEIBS Alumni
Representative Conferencemarks council reshuffleT

he reshuffle of the 5th Council of the CEIBS
Alumni Association (CAA) was announced
during the annual alumni meeting in Beijing
in April.
Li Wen (EMBA 2010), Executive Vice President of the
4th Council, was elected President for the new term.
Addressing the event, CEIBS President Wang Hongspoke highly of the impressive achievements of the 4th
Council in areas such as alumni services, organisational development, and promoting social responsibilities,
adding that she hopes the CAA can forge closer ties
with CEIBS while providing quality alumni services.
CEIBS President (European) Dominique Turpin also
gave a speech in which he noted that the school’s
alumni are one of the key pillars and ambassadors of
CEIBS, and that their success today is the foundationof CEIBS’ success tomorrow.
He said he hopes that the alumni will continue toapply what they have learned at CEIBS to their busi-

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Annual alumni conference zeros
in on ESG

nesses and make an even greater contribution to theChinese and global economies.
Out-going CAA President Zhao Lijun then provided
an update on the work done by the 4th Council overthe past three years. He also put forward expectations
and suggestions for the next council.
The new Council of CAA is made up of 79 alumni
representatives from a range of programmes, regions
and industries around the world.

C

EIBS and the CEIBS Alumni Association (CAA) hosted the fifth CEIBSESG Forum and Alumni Corporate
Social Responsibility Annual Conference inBeijing in April.
Addressing the event, CEIBS President Wang
Hong noted that with the transformation ofChina’s economic growth model and the country’s ‘dual carbon’ strategy, sustainability is nolonger a mere concept, but a global consensus
that needs to be implemented.

“As an international business school committed to nurturing leaders versed in ‘China
Depth, Global Breadth’, CEIBS is a championof social responsibility and ESG practices
through its teaching, case development, academic research, and school operations,” shesaid.
CEIBS President (European) Dominique
Turpin also gave a keynote speech in which
he said that CEIBS is not only tasked withpromoting research in ESG, but also withTheLINK 2023

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49

CEIBS Alumni in Numbers

Alumni28,094

CEIBS President Wang Hong

CEIBS President (European)
Dominique Turpin

CEIBS Professor of Finance andAccounting Oliver Ruispreading the concept of sustainability to ourstudents and alumni, and inviting more entrepreneurs to share their best practices.
“One of the challenges that we’re facing now
is that we’re still too slow in making progresson ESG,” he said, adding that business schools
should work together with entrepreneurs to facilitate transformation in ESG.
CEIBS Professor of Finance and Accounting
Oliver Rui then elaborated on the differences
between CSR and ESG. He stressed that theformer is driven by corporate managers’ independent decisions, while the latter has gained

CEIBS Professor of Marketingand ESG Research Area Director
Wang Yajin

wide attention from investors, and serves as abridge between investors and companies.
The forum also saw the release of the 2023
ESG White Paper by CEIBS Professor of Marketing and ESG Research Area Director Wang
Yajin. With a focus on ESG and sustainableconsumption, the report brings together cutting-edge thinking and the research findingsof CEIBS faculty on international trends,
practices in China, the practices of alumni
companies, CEIBS professors’ ESG academic
research, and research regarding A-share listedcompanies’ ESG reports.

Global alumni distribution

91

countries & regions

CEIBS Alumni
Association establishment

Number of CEIBS alumniorganisations

Number of graduatedclasses

May 1995

152

521

63%

8

14

of CEIBS alumni hold top management positions in their companies*

CEIBS alumni are listed inForbes' China Best 50 CEOs

CEIBS alumni serve as Chairmen/Presidents of 149 Fortune
Global 500 companies in China

58

394

CEIBS alumni serve as Chairmen/Presidents of 56 of China’s
Top 500 Private Enterprises

CEIBS alumni serve as Founders,
Chairmen, Presidents or General
Managers of 363 A-share listedcompanies in China

1.8

billion RMB

Cumulative amount of donations
from CEIBS alumni and alumni
enterprises in the first month anda half following the outbreak of
COVID-19 in 2020

Data as of April 2023
*Note: Top management positions include: Directors, Founders, Presidents, General Managers,
and other company helmsmen as well as senior corporate executives

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51

Reuniting and creating new memories

13 CEIBS alumnae
listed on Forbes
China 100 Top
Businesswomen
rankings for 2023

T

hirteen CEIBS alumnae have been listedon the 2023 Forbes China 100 Top Businesswomen List. They are from industries
such as electrical manufacturing, healthcare, biopharmaceuticals, retail, new energy, and high-tech.

The inaugural CEIBS Africa Alumni Reunion in Kigali, Rwanda, brought together
alumni from Nigeria, Ghana, francophone
Africa, and around the globe. Attendees traveledfrom as far as Singapore and China, including
representatives of the CEIBS Alumni International Chapter (CAIC). Distinguished School leaders
joined from Ghana and Switzerland. The event
was held in April.
On the Opening Day, over 70 alumni gathered for
CEIBS President (European) Dominique Turpin’s
welcome address. CEIBS Africa Executive Director Mathew Tsamenyi emphasised that such reunions offer a vital platform to remain connectedwith the alma mater.
Rwanda was an inspirational backdrop for the
event. Boasting Africa’s second-fastest-growing
economy, Rwanda has the highest percentage ofwomen in Parliament globally and a rising number of female leaders in key sectors.
Day 1 featured insightful sessions by local busi-

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ness experts and CEIBS faculty members. Topics
included Africa’s imperative to foster brands,
explored by Professor Turpin, and CEIBS Switzerland CEO Robert Straw’s look at strategies forbuilding resilience.
On Day 2, the group visited the Kigali Genocide
Memorial, a solemn reminder of the consequences of inhumanity and brutality. On behalf of thegroup, Professors Turpin and Tsamenyi paid tribute to the victims.
The reunion also featured a city tour, company
visits, and an expedition to Akagera National Parkto witness Africa’s iconic “Big Five” wildlife.
A theme throughout was the Kinyarwanda word
“Ubumuntu,” which means humanity, generosity,and kindness.
By the end of the three-day programme, CEIBS
alumni had learned much from one another anddiscovered, through everyone’s differences, themany things they have in common.

Dong Mingzhu, chairwoman of China’s largest
air conditioner maker Gree Electric Appliances
was ranked second - up 10 places from last year.
Forbes China’s ranking takes into account business performance, market capitalization, market
size, industry influence and innovation of thecompanies.
The 100 female executives on the list have an average age of 51, with some 35 being new entries
including four CEIBS alumnae making their debut. Over 60% have a Master’s degree or above(including MBA and EMBA), and 25% overseas
study experience. The total market value of the
100 companies managed by the women is over
5.5 trillion RMB this year, exceeding the total
GDP of Sweden and Argentina. Geographically,
Shanghai, Beijing, and Hangzhou have the mostnames on the list.
On behalf of the school’s faculty, alumni, stu-

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53

CEIBS honours alumni
companies and classes forgenerous donations

dents and staff, CEIBS President Wang Hongexpressed her congratulations to those on thelist.

roles. Of the 24 female multinational executives
on this year’s list, five are on their companies’
global executive boards.

“Resilience, empathy and a work ethic are qualities found in great abundance among female
leaders, and these characteristics are vital in
helping firms deal with the turbulence of the
global economy in recent years, ” President
Wang said.

It is also noteworthy that among the women on
the list, 15 are second-generation entrepreneurs
taking the helm of their family businesses. Withan average age of 43, half were born in the
1980s, indicating that women are playing an
increasingly important role in family businesses
on par with their male counterparts in the Asianbusiness community.

She noted that the CEIBS listees had faced toughchallenges to forge ahead, to create an extraordinary impact on their industries and contributeto economic and social development. Such resilience and freedom can inspire more women to becourageous and ambitious, she added.
Female executives of multinational companies
also figured prominently on this year’s list.
Thanks to the huge potential of the Chinese market, more and more female executives of Chinese ethnicity are occupying senior management

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Despite the gloomy global economy of the past
three years, the Forbes list indicates that there
are many outstanding businesswomen leading
their companies through adversity with resilienceand charisma. CEIBS will continue to provide
cutting-edge management education for womenand empower them to improve their leadershipskills to drive economic and social progress anddevelopment.

Addressing the ceremony, Alumni Relations
and Development Office Director Hobbs Liu
expressed sincere gratitude to the alumni donors
and highlighted that a strong donation fund helps
CEIBS enhance its resilience to risks.

CEIBS President Wang Hong (left) and CEIBS President (European) Dominique Turpin (right) presented donation certificates to students and alumni representatives

A ceremony to honour alumni donors was held
during the school’s Annual Alumni Meeting in
Beijing this April. The event was attended by
CEIBS leadership and over 400 alumni representatives from across China.
During the event, Shenzhen China-Europe Rabbit Fund Management donated 5 million RMB
to name a lecture theatre at the school’s Shenzhen campus, while Beijing Zhi-Tech Group
donated 3 million RMB to support dining hallrenovations at the Beijing campus. EMBA 2012
Shenzhen Class 2, EMBA 2020 Shenzhen Class
1 and 2 also made donations to support school
facilities.

Another donation ceremony to support the R&Dof the CEIBS Wealth Management ResearchCentre was also held in April. CEIBS FOP Club
donated 1 million RMB while the Xuanwu Family Office donated 300,000 RMB.

CEIBS Professor of Finance and Accounting Oliver Rui (middle) receives donations from CEIBS FOP Club on behalf of
CEIBS

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CAMPUSES AROUND THE WORLDCAMPUSES AROUND THE WORLD54

Highlightsfrom Our Five
Campuses
Around the
World

55
CEIBS launches new series events at ShanghaiCampus in celebration of its 30th birthday
In celebration of CEIBS’ 30th anniversary in 2024, the school
launched a brand-new CEIBS Outlook Series with an aim to bring
together top minds in management, humanities and sciences from
China and around the world to share their insights. The first session
was held at CEIBS Shanghai Campus in May. It featured Former
Minister of the State Council Information Office and Former Vice
Mayor of Shanghai Zhao Qizheng along with CEIBS President
Wang Hong. The theme was Presenting China to the World.

Shenzhen Campus hosts reading and sharing session
CEIBS Shenzhen Campus hosted a reading
and sharing session at a local bookstore
in April, featuring Professor of Chinese
Literature at Peking University and authorof How to Teach Literature: A Perspectivefrom Humanities Chen Pingyuan. During thesession, Prof. Chen expounded on humanities
and social issues during the past 30 years
and shared his views on personal growth andliterary education.

SHANGHAI CAMPUS
BEIJING CAMPUS

CEIBS Africa welcomes new cohorts offemale entrepreneurs and leaders

SHENZHEN CAMPUS

The 2023 cohorts of the acclaimed CEIBS Women

ZURICH CAMPUS

Entrepreneurship and Leadership for Africa (WELA)
programme kicked off in March and May in Accra and

ACCRA CAMPUS

Lagos, respectively. Since it’s launch in 2012, close to 300
women have graduated from the programme. WELA is apractical, hands-on programme that examines the issues,challenges and opportunities women face in creating,managing and leading companies in Africa. In addition tomodules held in Accra and Lagos, the programme features

Beijing Campus launches series of events to build social, alumni ties
CEIBS Beijing Campus launched

CEIBS, Swiss-Chinese organisations partner
for look at what 2023 holds for Chinaa series of events entitled CEIBS

CEIBS Switzerland partnered with the Swiss Chinese

and its Friends in February. Hosted

Chamber of Commerce, Swiss Centers, Economiesuisseby CEIBS friends and alumni, theand Integrated China to host a conference on China inevents welcomed nearly 20 guests

2023: Impact and Outlook at the school’s Zurich Campus

from universities, think tanks,

in March. The event was held in the presence of Chinese

enterprises, cultural and media

Ambassador to Switzerland H.E. Wang Shihting ando rg a n i s a t i o n s t o h a v e i n - d e p t h

Swiss Ambassador to China H.E. Jürg Burri (online), withdiscussions on different topics. With

over 100 people in attendance.

a China immersion module in Shanghai, and more.

over 400 alumni spanning 20 cohorts
in attendance, the events further
consolidated the school’s bond with
its alumni community.

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CEIBS Briefing

CEIBS partners with Chinese battery
producer CATL to launch custom EMBA
programme
CEIBS MBA repeats as #1 in Asia in FT
ranking for seventh consecutive year
CEIBS has again placed #1 in Asia (and #20 in theworld) in the Financial Times’ global ranking of MBA
programmes for 2023. This year’s list features six Chinese and a total of 16 Asia-based business schools. It is
the seventh consecutive year CEIBS has claimed the top
spot in Asia. The school’s Global EMBA (GEMBA) programme is currently ranked #2 in the world.

The CEIBS-CATL EMBA (CCEMBA) – a custom
degree programme jointly developed by CEIBS andChinese battery producer Contemporary Amperex Technology (CATL) – was inaugurated at CEIBS ShanghaiCampus in March. The new initiative is part of a broader
effort to promote the integration of industry, academia
and research – one which aims to help companies cultivate high-calibre talent and build talent pools in a more
systematic and well-rounded manner.

New book offers wealth of inspiring
quotes on business, life and more

CEIBS and Frankfurt School ofManagement and Finance host alumni
mixer

A new book compiled by CEIBS President (European)and Professor of Marketing Dominique Turpin offers
a wealth of inspiration for executives, academics andthose interested in reflecting on some of the best things
ever said. The Essential Book of Business and Life
Quotations includes more than 10,000 unique and original quotes – almost all of them properly sourced – on
everything from Aristotle and accountability to Zoom(the video conferencing software) and Mark Zuckerberg.

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CEIBS Switzerland and the Frankfurt School of Financeand Management hosted a special mixer at the Frankfurt
School’s campus in January. Over 50 people attended, including a mix of alumni and students from bothschools. The event was part of an ongoing partnership
between CEIBS and the Frankfurt School and offereda chance for members of both schools’ communities toexpand their networks.

New book offers insights on how to beinnovative to the core

Riding out the storm: How to advance theChina-US partnership for a better future

A new book co-authored by CEIBS Professors Juan Antonio Fernandez, Emily David, and Sophie Chen takes anin-depth look at the components of innovative culturesand outlines how both countries and organizations can be
more innovative. Drawing on extensive interviews withindustry and thought leaders, Innovative to the Core:
Stories from China and the World details how talent management, leader behaviours, organizational systems andnorms, and company culture combine and interact to create environments that are highly innovative.

The ongoing rivalry between the US and China is perhaps the world’s most important and concerning development, and one that affects practically every othernation on the planet. To better understand the nature ofthis relationship, CEIBS Dean Emeritus and Harvard
Professor John Quelch was joined by CEIBS Professorof Economics and Finance Xu Bin for a fireside chat at
CEIBS Shanghai Campus in June to explore the most
pertinent factors shaping the US-China relationship.
They also shared some key insights into the role the US
plays in the global economy and how it continues tothrive even in times of economic downturn.

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Never Say Goodbye: Global EMBA 2019
& 2020 Graduation
Nearly 130 CEIBS Global EMBA students from 18
countries and regions across the world came together in
April for the biggest graduation ceremony in the programme’s history. Most of the graduates from the GEMBA 2019 and 2020 cohorts gathered at CEIBS ShanghaiCampus, with another seven joining the ceremony online from our Zurich campus and a further six remotely
accessing the livestream from their homes around theworld. The hybrid, multi-campus and livestreamed graduation ceremony was also witnessed by our graduates’
friends and family members.

CEIBS Celebrates MBA 2023 Graduation
The CEIBS MBA Class of 2023 enjoyed theirlong-awaited graduation day ceremony in April, the culmination of a lot of hard work undertaken during someof the most volatile years in modern history. With theworst of the pandemic and subsequent lockdown events
seemingly behind us, it was the first MBA graduation
event to be held on campus without COVID-related restrictions since 2019 – a welcome contrast for everyone
involved.

TEDxCEIBS Marks 10th Anniversary
Inspired by the theme of Beyond, TEDxCEIBS 2023
was held at CEIBS Shanghai Campus by MBA students
in May. Exploring topics such as rural revitalization,
innovative elderly care, economic transformation, aerospace, international e-sports and rare diseases, the event
featured a feast of cutting-edge ideas from seasoned experts, millennials and Gen-Zs alike.

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