Business / Summer Davos 2015

China will see more open economy, convertible yuan

(China Daily) Updated: 2015-09-09 10:39

6. What’s your advice to China's young entrepreneurs? Is it wise to focus so much on online business as so many are doing? What are the most important factors should they watch out for in order to achieve success?

I believe to young entrepreneurs and consumers, “online” is merely a platform on which their businesses and lives are conducted. It’s no different from fish swimming in water and cars running on highways. I also believe that in the near future all businesses will have an online element and our cities and houses will all become “smart”. As long as an entrepreneur is clear that the Internet is a technology and not a trendy label, he will be able to focus on the right things.

7. How will China move away from low-cost manufacturing to high-end manufacturing/innovation? What opportunities does the Belt and Road Initiative provide?

International collaborations such as the OBOR Initiative offer many benefits to China’s export industry. OBOR will accelerate both the standardization and the customization of exported goods and services, as well as stimulate export growth. At a micro level, narrowing the education and income disparities between blue and white collared labor forces would enable and incentivize job seekers to develop satisfying careers in manufacturing. Deutsche Bank’s home country Germany is known for its robust and export-oriented Mittelstand (small- and medium-sized enterprises); this is courtesy of the country’s highly skilled labor force resulting from a dual educational training system. We need to foster a strong intellectual property protection system so that the innovators can benefit from his/her creative activities.

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