On November 3, Mr. Frank Ning, Chairman of Sinochem Group, attended the Third China Enterprise Reform and Development Forum in Jinan City, Shandong Province, and gave a keynote speech at the main forum.
Under the theme of “accelerating the transformation of development drivers and promoting high-quality development”, Mr. Frank Ning addressed on the topic of “Analysis of the Gap between China and the United States in High-quality Economic Development”. By comparing Chinese and American enterprises on the Fortune 500 list from the perspectives of total profit, sales margin, return on net assets, etc., he pointed out the essence of differences between Chinese and American industries and enterprises. Mr. Frank Ning put forward the following solutions to improve the development quality of Chinese enterprises: First, comprehensively and thoroughly aligning with international standards; second, continuously focusing on the strategy and main business; third, upgrading the industry, i.e. transforming old drivers into new ones; fourth, continuously advancing innovation and R&D; fifth, reforming the mechanism and evaluation system; sixth, maintaining sustainable development.