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Chairman Frank Ning Attended the 2019 Summer Davos Forum

Date:2019-07-11 Source:Sinochem Group

From July 1 to 3, Mr. Frank Ning, Chairman of Sinochem Group, attended and co-chaired the 2019 Annual Meeting of the New Champions (AMNC), also known as Summer Davos Forum. He expressed his views on hot topics concerned by the global industrial and commercial community and carried out in-depth dialogues with relevant guests.

On the morning of July 1, Mr. Ning discussed the theme, agenda and expected objectives of the Summer Davos as co-chair at the meeting with Mr. Schwab, Davos Forum Founder, and the management. He also had a one-on-one meeting with Mr. Schwab and talked about the current international economic and trade situation and how business community could play a greater role  in the World Economic Forum (WEF).

Mr. Frank Ning delivered remarks at the press conference of the Forum on how manufacturing industry is transforming itself.. He pointed out that the development of full industrial chains of refineries and the petrochemical industry proves the on-going transformation of Chinese enterprises. For example, the newly built modern refinery in Dalian initially focused on improving efficiency and reducing costs, then used the automation technology, and now applies artificial intelligence widely. As the refinery scales up, the high-end AI technology can better help traditional manufacturing industries such as oil refining to achieve optimal results and automation, even smarter than the human brain. I hope that the industry could increase exchanges and experience sharing to advance the continuous transformation of the manufacturing industry and materialize large-scale development, which will affect our daily life. According to Mr. Frank Ning, as time goes by, China may face many challenges and opportunities amid development. Today, China places great emphasis on and will create more technologies in the next decade in strong momentum.

Later, Mr. Frank Ning participated in the discussion on China Economic Outlook as a panelist. He talked with Mr. Kevin Sneader, global management partner of McKinsey & Company, Mr. Zhu Min, Dean of the National Institute of Financial Research (NIFR), Tsinghua University, Ms. Jing Ulrich, Vice Chairman of Asia Pacific at JPMorgan Chase, and Mr. Joachim von Amsberg, Vice President of Policy and Strategy of the Asian Infrastructure Investment Bank about the uncertainties and opportunities in the current global economy, especially the opportunities and challenges in high-quality growth of real economy, transformation and upgrading, structural reforms, and integration into the global market against the backdrop of China economic outlook. Mr. Frank Ning contributed a lot of wonderful ideas on such topics as China economic outlook, the transformation and upgrading of Chinese enterprises, and the application of 5G and AI technology, triggering a strong resonance. 

On July 2, at the opening ceremony, Mr. Frank Ning praised the special address delivered by Premier Li Keqiang to be clear and inspiring, signaling the world that China’s economy is sustained, healthy and stable and announcing firm confidence in further deepening opening-up and vigorously supporting free trade investment.

Then Mr. Frank Ning held a one-on-one dialogue with Mr. Hans-Paul Bürkner, CEO and President of the Boston Consulting Group, on the topic of Leadership 4.0.

When it comes to globalization, free trade and investment, Mr. Frank Ning argued that the current world situation is complex and volatile. We used to support globalization, but now globalization has stopped and even encountered crises in some regions. As leaders of companies, especially of multinational companies, we are actively engaged in globalization, hoping to find resources of the lowest costs, new markets, and different technologies and labors globally by pooling the most efficient resources through market forces and commercial forces. However, some governments still take measures to isolate globalization and attempt to block the trend of globalization. No country or company can be highly efficient and competitive in a small area. Globalization, whose superiority is beyond all doubt, can help companies improve efficiency. Globalization does benefit everyone to different extent.

When it comes to corporate social responsibility, Mr. Frank Ning said that Sinochem Group has not only benefited from globalization, but also helped local people in more aspects. But we cannot rely on business community to address all problems. A company does not have to be efficient, competitive, and low-cost at the same time. As Chairman of a multinational company, I find it necessary to for business community to work closely with the media, society, and philanthropy, but we cannot replace social institutions or change immigration policies. For example, education is the real crucial factor in creating employment. China offers everyone the opportunity to be educated and trained, with 13 million new jobs created in urban areas each year and more than 15 million this year.

When it comes to leadership, Mr. Frank Ning argued that in the context of globalization, leadership includes many aspects such as decision-making power, vision, horizon and execution. Leading a company with “heart” or “power” determines different styles and methods of leadership. You may not build a good board of directors with indices such as age, gender, skin color, educational background or industry. In particular, for a global company, it is more important to balance in many aspects, including whether it respects local culture, whether it is friendly to people, and whether it has correct execution and decision-making power. Efficient organizational operation, clear division of responsibilities, and a leader with decision-making power, competitiveness, and responsibility is key to leadership. Personally, decentralization and decentralized management of leadership means no management. There is no one to make decisions, to evaluate and to take responsibility, but someone must make decisions and give instructions.

On the afternoon of July 2, Mr. Frank Ning attended the dialogue meeting between Premier Li Keqiang and representatives of Chinese and foreign enterprises. Subsequently, Mr. Frank Ning, together with the team led by Mr. Hao Peng, Secretary of the Party Committee and Director of the State-owned Assets Supervision and Administration Commission, attended the closed meeting of the heads of the central enterprises and Bulgarian President Rumen Radev. At the meeting, strengthening cooperation between the central enterprises and Bulgaria under the “Belt and Road” Initiative was discussed in-depth.

Later Mr. Frank Ning attended the exchange meeting of Chinese and foreign enterprises as a panelist. He discussed the strategic choice of the international business community for mutual benefit and win-win cooperation with Mr. Hans-Paul Bürkner, CEO and President of the Boston Consulting Group, Mr. Liu Qitao, Chairman of China Communications Construction Company Limited, Mr. Liu Yanhui, Chairman of Dalian Bolong Holdings, and Mr. Deepak Krishnamurthy, Chief Strategy Officer of SAP.

Mr. Frank Ning said that free trade, global economy and globalization we used to talk are fading away. No one is talking about globalization, instead, many people are talking about America first and domestic affairs. I hope to introduce win-win cooperation. Enterprises must have a consensus that they are global and countries are regional. There are many normal technological transfer and cooperation among enterprises, and this issue should not be politicized.

During the Forum, Mr. Frank Ning also accepted an exclusive interview with CGTN to express his views on issues related to globalization. He said that in the face of disruptive changes in the global supply chain, businesses will find their way out. Business has been globalized, business value chains are converging, and business will find a way  beyond people’s expectations. No company has moved back to the United States. The transfer of the supply chain has not yet begun, and the worst result is the transfer of production bases and technology bases. But people would not do that, not even politicians. They may do that for elections, but finally people will pay the price.

Mr. Frank Ning was optimistic about the impact of China-US trade on corporate investment because China’s domestic consumption is strong, China’s economy is growing, Southeast Asia and Russia are developing, and these regions are still open to investment from China. He also emphasized the demand for more technological innovation in the Chinese industrial market. China’s history of industrialization is not long and its industrial base is not strong. However, China has accumulated certain advantages and resources. In the next decade, China will become a more technologically driven country. (Click here to watch the program of CGTN)