There’s likely to be a shift in innovation soon which will challenge many of the existing assumptions about foreign and local expertise.
While product innovation has until now largely been driven by MNCs’ investments in design and R&D, growing numbers of local experts with a passion for innovation and creativity are emerging from Chinese universities.
For examples of Chinese innovation, just look at the rise of Huawei which is the world’s largest provider of telecom equipment and a leader in 4G mobile phone technology, Suntech Power with its breakthrough solar power technology, BYD with cutting-edge batteries as well as electric and hybrid cars, and Baidu with its massive search engine.
MNCs which can build relationships with universities, particularly graduate programmes, will benefit from healthier R&D pipelines and stronger design in future for local-born products which blend the best of East and West, a winning formula for 21st Century consumerist China. Effective partnerships and engagement on the ground in China will provide the basis for a sustainable, long-term ‘win-win’ for MNCs. The size of the opportunity is staggering, according to PwC’s estimates which indicate China will have the world’s largest market by 2020.
Is your organisation looking to enter or expand in the Chinese market? Take a look at a new series of white papers that are available to help. They look at working and winning together with local partnerships, security issues as well as balancing growth with sustainability. To find out more about how BT can help your organisation in China, visit our pages here.
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Tags: emerging markets, multi-nationals
