(Yicai Global) June 28 -- An increasing number of Chinese enterprises have expanded abroad in recent years and Chinese firms have thus now become critical to global economic growth. Over the 40 years of reform and opening, in trade and investment, many of the country's companies, products and brands have won endorsement all around the world. Chinese firms have stepped up their social influence by going global, creating jobs, and improving infrastructure in every corner of the planet.
The opening ceremony for the Yicai 2018 China Corporate Global Influence Award was held in Shanghai yesterday. Initiated by Yicai Media Group, Yicai Research Institute, Yicai Global and presented by ACF Group, the event aims to assess the international impact and social influence of Chinese firms. It documents and tells the stories of Chinese companies, entrepreneurs and business leaders who epitomize great business value.
2018 is a milestone year for China's economic development, Yicai Media Group general manager Chen Sijie said in his opening speech of welcome. "Forty years ago, China began a great era of reform and opening up, and it made great strides in development over each decade. Now we find Chinese firms standing at the center of the era. Especially in the past decade, Chinese companies have presented a very strong momentum of development to the world. We feel that setting a professional perspective on the China Corporate Global Influence Award has become an increasingly urgent task. I hope that Yicai's evaluation will provide an international exchange platform for all Chinese firms and contribute to China's economy, and even the world economy in the future."
The integration of finance and technologies in China will undoubtedly bring a consumer-to-business-based (C2B) financial lifestyle called Finlife that centers on clients, Wu Weiyang, the president of ACF Group, said in her speech. "This enables finance to better serve people's daily lives. As a comprehensive wealth manager oriented toward Chinese clients worldwide, ACF Group perceives that the core value of the future financial sector and the strategy of 'life + finance' supported by fintech platforms will be the main direction of the company's future path. ACF Group will also closely attend to the development of global Chinese firms and Chinese families and strive to be both a witness to and facilitator of Chinese elites' global influence."
The evaluation will employ an indicator system that Yicai Research Institute devised to gauge Chinese enterprises' internationalization and influence. The Institute will invite finance and economics scholars, brand experts, strategy and management researchers, and business representatives to constitute the judging panel.
During the kick-off ceremony, Dr. Yang Yanqing, the deputy editor-in-chief of China Business News and president of Yicai Research Institute, Prof. Jiang Qingtuan of the School of Management at Fudan University, and He Xinhao, the general architect of the ROI Festival, addressed the ceremony on behalf of the panel of judges.
Dr. Yang said she was looking forward to two kinds of innovation in the evaluation. First, from the perspective of indicators, special attention might rest on enterprises' social responsibilities, such as the concept of Environmental, Social and Corporate Governance, she hoped. The evaluation procedures should adopt specific measurements on Chinese firms' discharge of their social responsibilities and stance on environmental issues, two factors which are supposed to lead the revolution in China's industries.
Second, Yang expects some innovative models and breakthroughs in methodologies. For instance, evaluating companies' performance and influence using big data still presents a challenge, but judges hope nonetheless to see some breakthroughs here.
After Yang's speech, Lin Chunjie, the vice president of Yicai Research Institute, elaborated on the Indicator System for the Evaluation of Chinese Enterprises' Global Influence.
Qin Shuo, the founder of Chin@Moments and an initiator of the Commercial Civilization Research Center of China, was also invited to chair the judging panel. He delivered a keynote speech titled 'Chinese Enterprises are Driving Globalization 2.0' during the ceremony. The interaction between China and the global economy has been improving over the last four decades since reform and opening, which may be summarized as the three phases of penetrability, influence, and leadership, Qin said. Chinese companies have become powerful enough to build up their confidence worldwide. Surely, ever more Chinese firms will rank in the world's top 100 in the future and, in its own way, the evaluation event also seeks to help more companies build their confidence.
During the themed presentations, the host invited various business leaders, including Xu Fei, president of Southwest Jiaotong University, Chen Jiayi, director of Ant Financial's international business group, Han Mei, chief operating officer of Hellobike, Alan Lan, Twitter's Head of Greater China business, and Ping Fan, co-founder of Lang Sheng Investment to share their presentations.
Starting from their own professions and sectors, they explained the globalization of China's high-speed rail and the significance of China's 'transport power' strategy. They continued with cross-border advancement and a vision of revolutionary payment tools, overseas expansion plans for innovative bike-sharing businesses, internationalized social media platforms, as well as unicorns and Chinese capital investment's global influence.
A round-table discussion then ensued presided over by Professor Jiang of the School of Management at Fudan University, with He Xinhao, Chen Jiayi, Han Mei, Alan Lan, and Peng Hao, managing director of Yongnuo Asset Management. Focusing on the theme 'How to improve Chinese firms' global influence, they also shared their views on how Chinese companies should set their globalization goals and strategies.
As the event's exclusive international digital marketing platform speaker, Twitter's Greater China General Manager Alan Lan said, "Today Chinese multinationals are growing their global presence at an increasingly rapid pace and they are charged up with ambition to reach and engage with their customers worldwide. For Chinese companies that want to build a global brand, Twitter is an international digital marketing platform that provides insight, speed, and influence to connect them to important global entertainment, sports and cultural events."
The results of the Yicai 2018 China Corporate Global Influence Award will be announced at the annual award ceremony to be held at the end of this year. There will be a themed seminar named after the 2018 World Economic Forum called 'Summer Davos.' Moreover, CBNWeekly will help host the 'New Generation Made-in-China Transnational Corporations' event, which will feature briefing sessions and presentations detailing the due progress of the evaluation.