Zhai Jun, director of Deutsche Bank Greater China on Private Enterprises
The first private corporate transparency is not high. Second, is the pot of gold have any questions, leave policies touch ball. Can be said that you can legally say no legitimate, no clear boundaries. But now it is legalized, he can provide their own information, can be used on-line development goals to reduce short-term behavior. Back to look at what state-owned enterprises, state-owned enterprises is long to return. Where is the incentive mechanism? His boss happy to make state-owned enterprises. He was more to do from the political decision-making, rather than making decisions on economic interests. Why incentives are not well implemented, is experiencing a number of policy barriers. If the object of management's commitment to investors 12% return or how much, in accordance with the incentive mechanism can be getting rewards, he did not dare to take, if there are a number of laid-off workers will get trouble. These laid-off workers can not, say you want to control me. Is a listed company to investors in terms of management, staff is concerned is the government. Therefore, the leadership of state-owned enterprises is very difficult to dry. In addition, he did well, investors can hope that you continue to do so, but transferred, and no long-term delegate full authority, but the results had to run a successful business. However, once successfully and after the big scale, the situation changed.
And after large-scale, parents, or as in the past, although you are capable, but the conditions changed, the objective form is different, you tube small business line, you tube big business right? You simply line the market, the complexity of your market it? Parents made the decision to invest in the results failed, so family members do not trust the. This family arises in the generation gap. Generation gap is the experience of parents may be wealth, it can be a burden. It led to investment mistakes, so the family does not trust the parents, so the company split, collapse. There are a large family business that is employing the pro-fault, not the employer is Yin. This is my brother, this is my sister-in-law, this is my old men, I trust. But trust is a variable, which you did trust him in that environment, you can delegate some of his things, but the company changed, he is also changing, especially those who have special status in the enterprise to occupy an important jobs, rules and regulations will not work, is dominated by a special character, thus losing the trust of the masses of workers, loss of public trust in you. As confidence in some people, it has lost more confidence. So private enterprise to do a good job, is also a question of trust. Property rights of private enterprises must be open, which is trust.
Professor Wu Changqi on state enterprise reform and competitiveness
Ladies and gentlemen, teachers, students, and we are very pleased to share with me on a number of state-owned enterprise reform achievements, and their state-owned enterprise reform and enhance the competitiveness of enterprises view. Because last year some may know, last year's New Year's forum has a problem, when China had just entered the WTO, whether it is owned either enterprises or private enterprises, we all worry about survival, after a year the relative increase everyone's confidence, but on the state-owned enterprises reform of state-owned enterprises to improve competitiveness issues, theory and practice is always not a good solution.
Chinese state-owned enterprise reform issue is not just China's problem, it is a world problem, and why? In the 1986 days when the most authoritative journal of economics, wrote the article, the Chinese state-owned enterprise reform is effective, the Chinese state-owned enterprise reform through gradual reform of property rights through the administrative system reform, decentralization of state-owned enterprises through greatly increased efficiency. This is the 1986 findings of the study.
Later this idea was not accepted in the international academic community. The results we now see that theory has not become a reality, we see that all of Russia, although the privatization of enterprises, but he has not resolved itself, the competitiveness of enterprises. Now the Russian economy by selling basic resources. My colleagues and I have a very detailed data from 1980 to 1999, 700 companies found that organic factors actually affect the performance of state-owned enterprises, such talk has a very interesting phenomenon, in the market environment, the general competitive enterprises will performance or the performance drop, but the state-owned enterprises, but competition makes the performance of state-owned enterprises and performance has improved, why? In fact state-owned enterprises have their own considerable resources, resources are not being used effectively.
In the face of competitive conditions, these resources use efficiency, so actually increase profits increased. That is a very important reason for the reform of property rights, property rights reform in China this morning, talked about ways in fact a very innovative, more Russia and other countries. However, our results showed that the reform of state-owned property, will increase business efficiency and management reform, will improve business efficiency, but the reform of property rights in an enterprise and management reform, if combined, then this is more effective.
Why? For this reason is very simple, after the resolution of this issue, does not mean that the competitiveness of enterprises solve the problem, and if so, then why the United States, Europe, Japan market economy is relatively developed countries, every day, bankruptcy, problem-solving in the property After the second step the problem is, like how to enhance the competitiveness of the past, the state-owned enterprises are not really competitive, the issue difficult to see, value system, the competitive environment, the burden of state-owned enterprises, and now with China's accession to the WTO, as the market environment gradually. Now discuss these issues, in fact, the real state-owned enterprises do face a relatively fair competition platform for China's economic structure has changed, transnational corporations and private enterprises the power of three large state-owned enterprises in various industries to compete.
I want to analyze the competitiveness of state-owned enterprises, how to enhance competitiveness, I simply comes down to what the state-owned enterprises are mainly the existence of competition in the market there are two main areas: a private enterprise, a multinational, relatively speaking, multinational corporations, state-owned enterprises several advantages: a very important advantage is that it's government resources, I am here to talk about government resources, not the government of special protection, he and the state-owned enterprises have a deeper understanding of government policy, there are various links, I do not mean protection of the State.
Because many multinational companies to enter China after a lot of resources to develop relationship with the Government. He weakened multinational companies and Chinese state-owned enterprises in China mainland enterprises, especially compared to the visually impaired, they spend a lot of money of China, Samsung's president open to talk Sixteenth Congress, China's national conditions of understanding, he compared China's state-owned enterprises that we have in government resources gap, they reduce this gap, this is an advantage.
Another topic we talk about just now, the state-owned enterprises in a way my view, the consumers in other areas, there is a certain degree of trust, most consumers do not want to see the store the next day, gone the next day, here are the national Post Office, and he does not want a month gone, there is a trust issue, which is actually an advantage.
If enterprise tech professionals, such as technical ability to speak, for historical reasons, due to performance reasons, particularly strong in manufacturing state-owned enterprises, management structure, private enterprises began as entrepreneurial, he did not have a modern enterprise management framework. Comparison of the United States a well-known professor of corporate structure, these sectors are very close, and national enterprises by family blood relationship, state-owned enterprises began to structure a portfolio according to the modern enterprise, a division of labor, fit.
The third human resources, we can see the state-owned enterprises in technology, capital, state-owned enterprises more complicated, in fact, a group of business leaders, we the 2002 China top ten economic personalities of some very good leaders. Aspects can become a competitive advantage, this is a problem worthy of study.
The competitive play should have two problems, a state-owned enterprises have a long-term development strategy, corporate positioning and business strategy must be clear, the last state-owned enterprises by the government, now an independent business to survive, to see the future, to five years later that business would be like, in which market, which a good market, a business to be successful, his strategy is the most important, and does not finance, because the marketing department of any their long-term development is the competitiveness of expression.
Peking University Guanghua School of Management Business School, which is the nation's first awareness of the problem, and success of a strategic management system, we help private enterprises to help multinational companies develop their core competitiveness, discuss strategic issues facing enterprises, private enterprises to grow to a certain degree, he also has strategic issues, development issues.
The second problem in addition to strategies for the future, the strategy formulation, strategy implementation need someone, who, who are business leaders, because these decision-making, implementation of these strategies is the VIP to do, this one is business leaders, leading state-owned enterprises have their own businesses. The role of business leaders, or very, very important. There is no fixed answer to this question, the leaders in the global market leader in the growing environment, how can we remain invincible, the formation of long-term capacity of the core competitiveness. The best person to answer this question not me, is the guest of us here today.
State-owned enterprises need vision, ability and enthusiasm of the people to lead this business, it is I'm going to share with you, thank you!
Rainbow Group General Manager Anthony Meh on business
I am in favor of the teacher's point of view force, I think to improve our business competitiveness, the Government is not only a resource, or a subject, Why? I talk about our business, the Rainbow is the first place, Mr. CPT, CPT is still China's largest enterprises, the profitability of these two years is also among the best in the industry, but the competition we face is very serious, because Our competitors are world powers, the world's CPT powers in China, almost all of their joint ventures, wholly-owned enterprises.
Rainbow face of such fierce competition, of course, we must study the new products, to improve our competitiveness, put energy into research, we propose to do quality, low cost of doing so in the world, the quality of peer inside the most Well, the lowest cost, which is competitive.
And we think that this is the core competitive edge, this is not something people can learn a look, I believe that if peer inside the world the best you can do quality, lowest cost, not what can be learned. Rainbow through the implementation of quality strategy, the cost of the priority strategy, we initially achieve this, but in new product development, we feel powerless, we are not the first and the others in the same starting line, CPT invention and become a commodity has five or six years of history, the rainbow is only twenty years of history, a new product development, there must be time for the accumulation, have accumulated technology, there is a substantial input of funds.
Why is the core competitiveness of Chinese products enough? Why is not it? I think the market in the world to see China's products, read the Chinese-made, mostly labor-intensive, high-tech high value-added less, why? I think that today's world, the most basic of these countries inside the government to do research, and application of research is done in the enterprise, of course, the world's largest multinational corporations must also begin some basic research, applied research is investment is very large.
I think we Chinese do not lack of such a large multinational company, we have big companies, but the flop of the Government company, is a resource development, development of products by companies really small, we have the right car, I think in many ways we lack of competitiveness, one of the conditions, we insufficient capital investment, the development of a product requires a lot of money, and now our government has also stressed that enterprises should develop a large number of input costs, I just said that our colleagues who are 50 billion annual sales income of 60 billion, even is hundreds of billions of dollars, and we 100 billion yuan, 10%, that is a little Jige Yi, so we are 30 times, 50 times the difference, or even a hundred times the difference, how do we, and others compared. I think not only in enhancing the competitiveness of Zhengfu resources, I think it should also be subject, I recently test news, there is a report, now in plasma development in the world is ahead of Japan.
On such a situation, the Japanese Government will also study the plasma of five companies combine the best, and then they take half of the five funds, the Government still half of the funds to address the problem of plasma costs, quality issues. Therefore, we have the time difference, the difference between a starting point, the difference between a capital investment. Therefore, Chinese companies want to catch up and over the world, I feel the Government has a very important responsibility, we can not be developed together, but we have just embarked on a market economy, I think the opportunity to mature, we tend to first hit Nei business battle fighting a battle fought in no major economic input, we join the WTO, we need to join hands, we first beat themselves, you price cut I cut prices, the ability to play and so on with no input.
Into the international market, we research new products and compete with the world when the government has very important responsibilities, so I call upon all sectors to unite us, I hope the Government for more support to Chinese enterprises involved in greater input, catch up with peers beyond our world.
Hope that you will thank you!
Heng Yuan Xiang Liu Ruiqi, Chairman and General Manager on business growth
Thank you for this opportunity, Heng Yuan Xiang is a state-owned enterprises, but now not. When I was 87 years go, is a small shop with big business can not be compared, then only 39 employees, specializing in selling wool, and now to today, our management buyout in 2001, into a private enterprise, and change into a private enterprise after they have a great feeling, and now want to change back is to change the variable back, should not change Do not change, the state-owned enterprises have some control you, some organizations, I often meet, come to me after the meeting has changed did not, but the requirements of an enterprise self-discipline higher than in the past, it is clear about the business, tax higher than in the past I did not say that I mean the past taxes, transfer taxes in the past may be less.
Heng Yuan Xiang came after so many years how he is doing? State-owned enterprise reform is a very important question is what? We first identify how a situation of state-owned enterprise assets like? We have a saying, when a company's assets when the property is less than tangible assets, the tangible assets will be lost when the property rights of his own time to cover other tangible assets, it will bring more benefits, if so determined, then A good business operators, entrepreneurs, he relies on his wisdom, because wisdom to rely on intellectual property creation is, how to understand this value? I think this is very important.
If we are to recognize the wisdom of intellectual property rights brought wealth to create value, I would like to 杩欎釜 it define that easier, if the definition of out of it, that state businesses that he is certainly able to do a good job of, Guan Jian is we do not define, Suo Yi difficult to engage.
So I think we were state-owned enterprise reform, this determined to pursue them meaning. Heng Yuan Xiang results of the operations may be relatively good, because we have such a small asset, so make a lot of money, so I published 95 articles on this, in fact, operators, entrepreneurs, the problem is not how much, to the value of the problem , there is a recognition that if you he does not, what a big problem? Over the past that a stamp to write a letter, can unseat a good person, but also we speak in the past you do not recognize the value of an entrepreneur, then a 16 to open a red or white cover, this piece of paper can immediately change about, business can not be in accordance with the strategy to do so. We do have a wool industry experience, I propose that the state-owned enterprise reform, an idea.
Whatever the nature of our business, should have a capacity, I did not say why the core competitiveness of the market for our company to do when a small shop as I do, I can go to the market competition? Is not possible. I am with my ability to participate in this market, you do the knitting Heng Yuan Xiang do to do it? Heng Yuan Xiang wool in 1996 was to make the best, I say we had to do 10 million, I say if a world of Coke ads around 7% year out, there are about 200 million U.S. dollars, if he get 200 million U.S. wool in China, do you still Heng Yuan Xiang? No, of course, Coca-Cola can not do, our business is too small to compete in this platform. So we called the company saying competition is dead, who participate in the competition, who will seek death, how do we do? So say our ability to build our company's core expertise, we have our expertise, even if I was playing the message, you want to make you not hit me, I mean, I want the change of method, we use the best innovative ways to develop our own business and industry. This is our only way out.
If we are to compete, I have many friends to do whatever to do marketing consulting, as a concept is very clear that in China we have always said, the Chinese ask a hundred people, about 90 people that I would be the boss, to go abroad not, ask 100 people 90 people said that I will always be working, so companies do not, do so at some point, especially high intelligence of the industry, our company is also the way we build our company's capabilities, our core expertise, I also stresses the lunch time, our company establish what capacity? We are a team capacity, we are not personal capacity, we are beginning to promote, we are still small business in our company's core of Heng Yuan Xiang, leaving the staff, no one can be successful in our company which he may no sense, why? Because our team there are many resources can be shared use, to the outside if he could become a more excellent person, but he said two years later, after no team left our ability to support him, he could not succeed Now our company has been digging to find out our company successful.
As I finished last year after the acquisition so far has not dismiss an employee, but I have 83 employees fried squid. We create a good environment should be left behind, there will be no bad market, you should go. I think we should pass this core competence.
Two years ago I wrote an article called The Third Eye with the meaning of the United States third hand, what does that mean? Our own development strategies, if someone becomes part of a strategy, we can not succeed, then how do we let other people's strategy to become a part of our strategy, we will be successful. We should therefore build in capacity, based on expertise, what is it? Is the ability to mobilize resources for integration, if you can integrate the world's best resource mobilization, you will succeed.
Xu Haifeng, deputy director of Beijing Railway Bureau on enterprise reform and competition
People think that there is no competition, monopoly, in fact it exists, it mainly comes from the addition of new products, the threat of substitute products and competition within the industry. With the high road of development, with the improvement of living standards, especially the people of the very selective growing. Therefore, the railway as a transport mode, faced with competition between transport modes. And this competition is actually a redistribution of market share, and re-integration.
In that competition among railways, office of a very disadvantaged position, since 1997, a steady increase in the total society, while rail's market share continued to reduce. The formation of highway, so people on the trip of comfort and convenience have a higher demand, he a direct threat to the short-distance rail market in less than 200 km should be said that the formation of a high-speed transportation network is basically the market.
Railway since 1998 to reduce the rate of annual double-digit decrease, with the civil aviation system reform, with the increase in recent years of civil aviation routes and flights to adjust, especially the introduction of the aircraft, so long-distance rail transport in the air face challenges.
In recent years the pace of development pipeline soon, including Xinjiang, have now taken a pipeline transportation. So, the long-term reliance on rail transport of oil dragon gradually disappeared, so that this part of the railway greatly reduced the market share of business, railway transportation had become a regional short-haul long-distance direct transport, the railway's turnover dropped significantly, five modes of transportation, 4 different types of transport modes as a competitor, and different alternatives to form a strong rail competition.
This competition is vivid in my mind that this competition is rapidly changing, this competition is squeezing the railway to survive and how to face this challenge? How to adjust their decision-making? How to survive in the marketplace and development? Is faced by the railways, a pressing problem.
Some say it could reform, it was said restructuring can be implemented, then the railroad should do way? I think that the railway should follow the law of the railway. Yinggai in Le Jie He Fenxiguke Xuqiushangqu Xunzhaochulu. Railways should change our ideas, to change the way we organize ideas and concepts to find ways to change up. Should be in a larger context to make good use of resources and industrial advantages go make efforts.
So I say monopoly faces competition, but competition is very cruel. It has been a threat to the survival and development of enterprises. Therefore, the concept of the railway must be changed. Premier Chang out of the question for us today, called the core competencies, what is the core competitiveness of the railway what? Low levels of the past, we believe that the competitiveness of the railway is safe, comfortable, convenient, fast, but in today's ever-changing market, we believe that as a state-owned enterprise's core competitiveness is the continued ability to grow. So how to ensure or guarantee that the state-owned railway companies to continue to grow, is a measure of the capacity and competitiveness of enterprises an important criterion.
Railway Administration through our practice, I realized that enhance the core competitiveness of enterprises, enhance the ability of a company's sustained growth should take hold of the five elements:
The first element is the idea, because ideas will be different for different policies, different policies decided in the course of your life in the market competition, the atmosphere, such as the past, we considered the iron rail boss, and believe that rail-dominated world, countries to develop the national economy can not develop without the railway. But with four modes of transport just said the rapid development of the railway is not in the iron boss, and the community overall growth of the speed of the speed rail rapid decline, forming a strong contrast. It shows where the gap? Gap is our lack of size up the situation on the changing market awareness, but when we change our thinking when iron boss, the effect will be significant changes, the railway from the iron boss walked the customer first, this concept of customer service, we set a series of measures, have made very effective results. Therefore, the policy rationale for its decision, the decision of the positioning concept, rationale for its decision to survive.
Second, I think it is the scale of state-owned enterprises should be said that for decades, and pay homage to the achievements of employees of state-owned enterprises, industrial army formation, including the effective management approach, not as a conversion on all abandoned, and should be read China's state-owned enterprises have a lot of different things, we talk about competitiveness, the main talk is different, the West many countries and enterprises have great admiration for Women, Yin Wei of China Tielubuguan from the volume and density to the forefront of the world, Ta Men the efficiency of China's railway marvel felt, why should we waste it, we can not summarize it, the times of want it in the new market competition among how with Chinese characteristics. So we, the railway, including state-owned enterprises, as have several veterans said, we can not split it, we should really form a fist.
I think that is the third segment, the success we are now many companies, precisely positioning the market which focus on market segmentation, Tielu Anzhaobutong levels of passengers, the needs of different visitors, different car to the visitors a customized solution tailored and I think there will be major railway development, in which we do a lot of practice.
In the product segments, we divided by speed, 160 km, 140 km, 120 km, divided third gear, that is, we can see green car, red skin car, blue leather car, we have the long-distance trains, and the opening of the train during the day We have the sunset red train for elderly, we also have tourist train, because of different levels to meet passenger demand, as long as it is recognized that to meet demand, it will enable you to benefit.
Fourth brand, an enterprise to be successful, what success? Depend on your unique product, this product has a consumer-oriented if the difference of principle and character, then it is different, different is the best competitive.
An enterprise to build its own brand in the market competition, only on their own core products, unique services, will occupy the commanding height of the market.
Lastly, management, and many enterprise restructuring, but without success, listed companies covering more and more serious, phenomenon of loss, we feel that corporate restructuring is to promote greater clarity in property rights, responsibilities more clearly, resources can be effectively integrated, if the change the system is not an issue in this respect, even if the forms change, but the content has not changed, you still can not change the fate of state-owned enterprises.
So how to strengthen the management? How to take hold of their own internal management and respond to market management, I feel that the core content is to establish a management model with Chinese characteristics. Any one model is not possible to rely on 10,000 enterprises, but I think a more important point is that state-owned enterprises should develop our own implementation of the strategic capabilities, to a good desire, through their own practice to realize it, the ideal something or pursue something through their own efforts to realize, this is precisely within the Chinese enterprises to create work needs to be done.
I believe that China's state-owned enterprises, under the guidance of the central government policy, the backbone of the efforts of these Chinese companies, Chinese companies as long as the accurate positioning in the marketplace, to grasp their own, a clear historical responsibility, to do solid work, improve their practical ability, I Chinese companies like there is hope, thank you!
Ren Zhiqiang, general manager of Huayuan Group on core competence
Thank you, 83 Hua Yuan started from established brands with a whole people, they became the state-owned enterprises. Also completed after the money, no investment, and do not know how going children also remains state-owned enterprises. When we had the highest total assets of 138 billion. State-owned enterprises are able to live together, the key is the head of state, the arms and legs are not state-owned body.
Because foreigners on the core competence is in terms of their firm's environment, our core competitiveness of state-owned enterprises should be from the perspective of our existing state-owned enterprise environment, how to create a competitive edge? We are experienced in this business process is likely that one of the corporate governance structure to give priority to the transformation. This is a systemic problem, the second is the issue of corporate culture, in front of some of the traditional leaders said that managers of state-owned enterprises are government officials, the first change of government officials, enterprise managers, which is a major change like Liu Zonggang only that the text of a paper official, officials can change at any time, if ever go to an official of state-owned enterprise managers, then he means by officials to study his strategy, how can I meet on an assessment ? Then how can I guarantee business performance so I went to an official.
The process of reform is no longer practical to become the first officer, he can do well in this business. We have just Railway Bureau official, the Secretary may still continue to have to go, because they are not businesses. I personally think that state-owned enterprises are a way of enterprise management, but these I do not think it is the enterprise, if an enterprise may be wrong.
We have divided into several categories inside Shiliu Da, and a class, and market competition, we are talking about market competition, the first of these individuals do not let him pull down an official, we MBO approach, like Liu Zonggang only that, as an official after the first you do not, you will take the social status of authorized capital markets, you become a manager. You have a capital market value, you can not consider me to an official, and considering I only enough for a manager. I may be famous, although we have no advertising, but we have seven million annual salary, as the management of state-owned enterprises have seven million annual salary, I've become a celebrity, our system would not let him appear as an official, but as all managers appear When you have some equity, you turn into business were taken from the remaining profits.
If the state-owned assets, the right to residual income and you have no business relationship manager, he will not manage their assets very seriously, and when he is a shareholder or officer that he was not longer, he may be more questions from the business point of view , how can my company long-term development. Identity transformation process, he no longer want to get promoted more Yong Li Yi, Er through Qiyefazhan more interest, Zhegeweizhi changed, hence, institutional reform, Keneng is Guoyou company wants to market a competitive basis 鍙備笌, property rights after the point.
So he put enterprise as a tool, now reversed, he would be the business as a resource. The reason we keep his head, is always and splicing of state resources, the state can enjoy a special resources are reserved, according to market economic point of view, more suitable for private enterprises to compete, since there is the advantage why not use the state-owned.
The second issue of corporate culture, when the manager or by way of holding part of the MBO option after the status of his idea of a series of changes may occur. For instance, we say that the problem of asymmetric information, if he shares suffer as a result words, asymmetric information is reduced, such as incentive mechanism, if he holds a stake and can gain more income, he will change.
Liu always said to more than 9000 million, a figure very high, if you only give him 95, he must not have the desire, 95 does not make sense to him, he thought knowledge was not recognized by the capital market, he he When there are 9000 shares a very high, and he was admitted, so incentives problem it wants to.
Of course, when we carry out institutional reforms, many officials give us their views, because any reform must go through an official approval, approval when they raised money Jiu hold you Take the Name What Duo up stakes and go can be so much 鍥芥湁 assets income, did a lot of people have this view, equal to MBO implementation, he fully investigated in a large number of state-owned assets of private property, services, reversed think, because he can stimulate the growth of private equity managers only to state-owned shares also followed for more more interest and revenue, which may be institutional changes.
Some effect because of this, we may produce a new corporate culture, corporate culture in the past, the staff called technological innovation, reasonable suggestions, you can listen to, because he was born with lower status than you, you are manager, he is the regulator, he is a worker, in turn, when he became a shareholder, you can not listen to him. This may occur if culture change, then the corporate culture in terms of competition is likely to reflect the role of cohesion problems, which the status of equal Gudongguanxi created the Chinese nation is no longer a simple concept, in our country inside is often said that we of the Chinese nation, we are very proud, so we have a Chinese, the Chinese concept of a land flowing with blood of Chinese people, foreigners going to China can not become Zhonghuaminzu years, and most of the national development Sudu speed Zhisuoyikuai, companies only that he was new to staff, staff and new staff had a difference between, the enterprise can not develop, if the other way round, as long as you enter the business is family, no matter what your past the blood stream, this time only the enterprise has a great impact, this company have innovative concepts, and we go to play a role in the community.
Internal and external corporate culture, and internal problems with employees, staff is not a trust company, talent is no longer a corporate competitive advantage, as any business can use the high salary or other means to attract talent, what is the competitive advantage may be the final result of corporate culture is the most knowledgeable people can stay competitive advantage. Others may be willing to spend more money, but if you have a corporate culture, or more competitive when the people do not because you can get a higher salary to leave the business, because the corporate culture may give you a bigger stage this time even if your business successful.
Otherwise you will always be people who poached the most successful people with high salaries to poach staff may. For example, we engaged in real estate, real estate market in this phenomenon often is because many businesses no good corporate culture, and Resources last year we broke up, probably more than half of this year, the backbone of all back, because we have excellent corporate culture The cohesion of the formation of a trust system. This trust is the trust companies to develop long-term concept. In turn to a trust in society, we are to create the brand, the brand is actually a social commitment, promise I can do this, the results of this trust is the trust of the enterprise, including employees and the community customers, this allows you to have a more competitive business.
I think Shi Liuda to our most basic concept is the updating process is actually Xiaoping put forward the theme of peace and development as when, we, as a senior manager of state-owned enterprises, in fact we are doing the process of peaceful evolution. Is actually a process of evolution, consistent with the spirit 鍗佸叚澶?the Sixteenth to China from state ownership into two wavering, our business through such a process can have a highly developed business process, which we are there is a core competitive.
The next step may be in accordance with Shiliu Da Spirit and active cooperation, including our ability to attract foreign investment, including our access to capital markets, including our access to WTO, and cooperation among countries in the world, If they succeed, then we might get a new achievements and new developments.
Thank you
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