Inaugural Annual Meeting of the New Champions

Dalian, People’s Republic of China 6-8 September 2007

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Page 3
Introduction

Page 4
Going Global – Make It Happen

Page 8
The views expressed in this publication do not necessarily
reflect those of the World Economic Forum.
New Frontiers, New Models

Page 12
The DNA of New Champions

Page 16
World Economic Forum The Shifting Landscape
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© 2007 World Economic Forum
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No part of this publication may be reproduced or
transmitted in any form or by any means, including
photocopying and recording, or by any information Page 26
storage and retrieval system.
Founding Members of the Community of Global Growth Companies
REF: 250907
Page 27
Mentors of the Inaugural Annual Meeting of the New Champions
 Introduction
“In this meeting, we were all bound together by the
same spirit. The spirit of entrepreneurship and the spirit
of social engagement.”
Klaus Schwab, Founder and Executive Chairman, World Economic Forum
Embodying the dynamism of the Global Growth
Companies, Dalian provided the perfect setting for the
Inaugural Annual Meeting of the New Champions. More
than 1,700 participants from 90 countries convened for a
meeting that culminated in the official formation of the
Forum’s Community of Global Growth Companies.
What defines a Global Growth Company? Above all,
leadership and global vision. These are companies that,
more than anything else, share a recognition that they are
operating in a global environment and that success
requires the ability to look beyond conventional wisdom to
run their businesses. They face unfamiliar challenges,
novel responsibilities and unprecedented opportunities.
Joining the Global Growth Companies in Dalian were other
New Champions. They included over 200 of the Forum’s
Community of Young Global Leaders – exceptional young
leaders who share a commitment to shaping a global
future; Technology Pioneers – companies involved in the
development of life-changing technological innovations
that have the potential for a long-term impact on business
and society; as well as the leaders of fast-growing regions
and competitive cities from around the world.
Throughout the Meeting’s many workshops and sessions,
participants shared their experiences of leading in fast-
paced and sometimes volatile environments. They also
heard in-depth appraisals of these changing dynamics
from world-renowned academics and experts. The rapidly
changing global economic and political landscapes, whose
fragility was underscored during the Meeting by the
unfolding sub-prime mortgage crisis in the United States,
are themselves yielding growth opportunities for
enterprises willing to seize them.
However, the hazards of going global are manifold and
daunting. Going global requires a company to master the
puzzle of how to cater to different markets, navigate
2 | Inaugural Annual Meeting of the New Champions
conflicting regulatory regimes, manage complex supply
chains and build an international brand. But the payoff is
inestimable. Going global gives a company better access
to truly global talent – a scarce resource these days. It
diversifies market risk and lends companies the power of
distributed management expertise – something that can
keep them nimble and innovative even as they become
larger and stronger. In the process of disrupting incumbent
businesses, Global Growth Companies are also
recognizing that investing in improving the markets is a
social and commercial imperative
China’s experience offers a similar example. It is all too
easy to dwell on China’s many obstacles, such as its rising
labour costs, labyrinthine regulatory environment and
chequered past on intellectual property. Global Growth
Companies are able to look beyond these problems to
harness China’s rapid transformation and invest in sectors
where it is starting to excel. Breakneck urbanization and
explicit targets to lower pollution provide ample
opportunities for investors who can help China pursue a
cleaner path to modernization. This kind of corporate can-
doism imbues the mindset of the Global Growth
Companies and their leaders – a sense that becoming a
truly global citizen is the most profitable way to move
forward as a business. The Forum is proud to recognize
these New Champions.
The Inaugural Annual Meeting of the New Champions has
provided the first platform specifically aimed at the kinds of
companies taking advantage of these shifts. In many
ways, then, the Meeting of the New Champions serves as
a complement to the World Economic Forum Annual
Meeting in Davos – a “Summer Davos”, dedicated to the
kind of rapidly growing companies that like China itself are
redefining the global economy. Next year, the New
Champions can look forward to convening for another
exciting and provocative Summer Davos in another of
China’s new urban hotspots, the coastal city of Tianjin.
3 | Inaugural Annual Meeting of the New Champions
Going Global – Make It Happen

The New Champions, the new breed of high-growth Penetration of Markets Seen as the Most Important Supply Chain Risks (2) Management Tools and Trends
enterprises that are reshaping the business landscape, Opportunity for Growth
Labour, regulatory and reliability issues are the foremost risks. Survey responses to: "Which of the following
In a survey of 1,221 global executives, corporate blogs ranked lowest
are by definition global in outlook. A recent survey of Survey: "Which one of the following do you see as the major
supply chain risks concerned your company during its most recent strategic/operational cycle?"
in satisfaction among 30 management tools and trends
these companies by the World Economic Forum and the opportunity to grow your business in the next 12 months? 50%
High 3.95
Harvard Business Review found that two-thirds of the 30% 40
Customer segmentation
Strategic

Percentage of respondents
Customer relationship mgmt planning
M&A
CEOs who responded said that they would focus more 25
3.85
Core competencies
Strategic
30 alliances Scenario/ Benchmarking
attention overseas than on their domestic market over Averages Total quality mgmt contingency
Percentage of respondents

Supply chain management planning Mission/vision

3.75 Growth strategy tools statements
20 Average: 3.72
the next 12 months. A key reason, according to the 20
Offshoring
Lean operations
Collaborative innovation
BPR

Satisfaction*
Outsourcing
report: to build confidence. These corporations may be 15 10
3.65
Six sigma
Shared service centres

leading the pack at home, but the real challenge for them 10
Consumer ethnography
Loyalty management tools Balanced scorecard

Western Europe
0 RFID Knowledge management

North America
Latin America

General availability,
cost, quality of labour

Regulatory concerns

Reliability of suppliers

Commodity shortages/
price fluctuations

Fluctuations in
foreign-exchange rates

Intellectual property theft

Obsolescence of product
inventory or technology

War, terrorism, other

geopolitical concerns

Problems with supply

chain infrastructure

Plant breakdowns/
mechanical failures

Natural disasters

Other
3.55
is to prove their mettle abroad.

Asia Pacific
5

CEE

Average: 62%
3.45
0
Yet, the urge to go global must surely be much more Improved
supply chain
Improved
customer
Access
to key talent
Technological
innovation
New product
development
M&A Access new
geographic
Expand
existing
Corporate blogs
mgnt service markets markets
than an exercise in building corporate self-esteem. It is Low
3.35
20 30 40 50 60 70 80 90%
Source: PricewaterhouseCoopers
about pursuing potentially lucrative opportunities and Source: McKinsey & Co. survey
Note: Data weighted by GDP of constituent countries.
Percentage usage

* Score of 1=not satisfied, 5=Satisfied

sensible, even necessary, strategies. For an enterprise to

achieve and sustain high growth in the age of Once taken, the decision to go global immediately throws Source: Bain & Company, Management Tools and Trends 2007

globalization and the great surge in emerging markets
such as China and India, a global strategy is essential.
There is of course the opportunity to enter new markets.
But going global also offers a company a way to increase
efficiency by sourcing from low-cost suppliers that can
match or possibly even exceed the quality of its local
contractors. Then, there is the risk mitigation advantage.
Going global allows a company to spread its exposure
across markets, diversifying risk by reducing dependence
on any one location for production, sourcing, supply
chain management or sales. In addition, going global
affords an enterprise the opportunity to widen its
knowledge base by tapping the fresh talent pool and the
global innovation system to gain access to the best
people and ideas to fuel new growth.
up enormous challenges for the corporation. There are
many issues to consider – where to go, when to make a
move, what sort of presence to establish. The company
must also be more conscious of conditions in the global
economy, the status of global trade negotiations, the
political situation in the countries and regions where it
operates especially the growth hotspots, and other risk
factors it should consider including the impact of public
health threats and climate change.
Supply Chain Risks
How has the amount of supply chain risk faced by
your company changed in the past 5 years?
Decreased
slightly
There are strategic matters too: What does a move
overseas mean for the company’s business model? How The enterprise must also consider the regulatory
will it manage being in multiple markets? And how will it environment, particularly the tax regime and the
build an effective presence or significant market share? If enforcement of intellectual property rights regulations.
the corporation already manages a brand, it must figure Other crucial factors to focus on include the availability of
out whether to take that brand overseas, create a new talent, access to financing, rule of law standards and the
one, or perhaps acquire an established brand in the local business culture. Mindsets in the company will also
target market. “The difficulty when you’re building a brand have to change to accommodate its global ambitions. In
on a global basis is to have the right touch points,” said any global company, a key challenge “is to make sure
Maurice Lévy, Chairman and Chief Executive Officer, you don’t have homogenization,” warned James J.
Publicis Group, France. “If you use purely international Schiro, Group Chief Executive Officer and Chairman of
ideas, you will obviously be characterized as an the Group Management Board at Zurich Financial
Risks are rising, but companies are not formally assessing them
international brand, and you will not be a household Services in Switzerland. “When solving problems, you
How does your organization assess
the risks to its supply chain? name.” need diversity of thoughts and ideas. You have to have a
Decreased
significantly
conceptual framework for decision-making. You don’t
2% With detailed models
of cash flow at risk There is no formal

7%
Increased
significantly
assessment
want a formulaic approach.”
15%
23% 24%

No change 26%

28%

With rough
quantitative estimates 34%
42%

Increased
slightly Qualitatively/
intuitively

Note: Data weighted by GDP of constituent countries.

Source: McKinsey & Co. surveys

4 | Inaugural Annual Meeting of the New Champions 5 | Inaugural Annual Meeting of the New Champions
 “You can be new champions not only of
commerce but of conciliation. Not only
of trade but of tolerance. Not only of
profit but of peace and understanding.”

H.M. Queen Rania Al Abdullah of the Hashemite Kingdom of

Jordan

Top-10 Global Brands

Another level of corporate engagement that emerged in
the discussions at the meeting was a call for corporate
Global companies can draw significant value from successful brands global citizenship. H.M. Queen Rania Al Abdullah of the
Hashemite Kingdom of Jordan referred to it in her
Brand value of top-10 companies, 2007 (US$, million)

$70,000 70%
address to participants when she encouraged the
Brand value, percentage of recent market cap

Brand value (left axis)

60,000 60
assembled Global Growth Companies to be “new
50,000 50
Brand value/market cap (right axis)
champions not only of commerce but of conciliation, not
40,000 40

only of trade but of tolerance, not only of profit but of

30,000 30

20,000 20
peace and understanding.” The Dalian “spirit of
10,000 10
entrepreneurship and social engagement”, as Klaus
0 0
Schwab, Founder and Executive Chairman of the World
Coca Cola Microsoft IBM General
Electric
Nokia Toyota Intel McDonalds’s Disney Mercedes*
Economic Forum, put it, suggests that in going global,
* After Chrysler spinoff the New Champions could somehow bring people
Source: Interbrand; Wall Street Journal together in ways that governments and large flagship
corporations may not be able to do. This is after all a
fellowship of the ambitious and the pragmatic, the
Going global in the globalization age also involves resolute and the open-minded. They are reshaping the
responsibilities. A company, for example, will have to way the world does business – why should they not also
review whether its existing governance structures and have as significant an impact on society?
procedures are appropriate for implementing a global
strategy. Once it expands overseas, it will have to take Most Valuable Global Brands
into account a wider community of stakeholders. “For any
New Champion that wants to build a long-term brand, US share of top brands getting smaller

corporate social responsibility is essential,” said Sir Martin

Sorrell, Group Chief Executive, WPP, United Kingdom. A 100
7 11 Asia
Interbrand's top 100 global brands

responsible enterprise must consider whether suppliers

Number of companies listed in

80
30
36 Europe
and contractors adhere to sustainable practices and 60

ethical conduct. At the consumer end, a company must

40
ensure that its products and services meet or exceed any 63
53 US*

standards mandated in the target market. Going abroad 20

may also raise the fiduciary responsibilities a company 0

2001 2007
has to its shareholders or the reporting requirements it
* includes Bermuda-based Bacardi in 2001. All companies must do substantial foreign business to be considered a "global" brand.
must attend to in its home market such as US
companies do under the Sarbanes-Oxley regulations. Source: BusinessWeek; Interbrand

6 | Inaugural Annual Meeting of the New Champions 7 | Inaugural Annual Meeting of the New Champions
New Frontiers, New Models

Necessity is no longer the mother of invention; Internet. Such trends demand a new conceptual model in
opportunity is, and the market has been filled with order to reach consumers. “We have to get away from
opportunities of late. The rapid pace of change in advertising as interruption,” said Marko Ahtisaari, Brand
advertising, finance, technology and environmental and Design, Blyk, Finland, “and towards advertising as
science has meant that companies must constantly engagement, as a conversation.”
disrupt their own models – or die from inertia. A
confounding truth in each of those fields, noted several Global Advertising Expenditure
participants, is that success eliminates the recognized
need for innovation, and thus breeds failure.
Total $326 billion
100%
5%
3%
Opportunity, Not Necessity, Is the Mother of Invention
Percentage of world advertising spend
underperforming management. “I’d like to break with the Even in China – a country that has suffered a great deal
notion that we are trying to do something to you,” said of criticism for its environmental record – innovators are
Chris Rowlands, Managing Partner, Asia, 3i Investments, looking for better ways to use incumbent technologies to
Singapore. “We are trying to do something with you.” protect the environment and preserve resources. “This
isn’t actually a cost for us, but rather a business
“We are being called to get better all the time,” said Max opportunity,” said Zhang Yue, Chairman and Chief
Burger-Calderon, Senior Partner and Chairman, Asia, Executive Officer, Broad Air Conditioning Co., People’s
Apax Partners Worldwide, Hong Kong SAR. “But the Republic of China. “Every day, every minute, you can cut
Internet advertising to exceed radio by 2008 issues that haunt us are not even on the table at the energy consumption by half by simply changing layout.”
$413 billion $470 billion $521 billion moment.”
5% Forecast 5% 5% Outdoor
7%
9% 10% Internet
Global Growth Company Profile

9%
80
15%
8% 8% 8% Radio One thing is certain: the industry must not percolate in
13% 13%
Necessity motive more prevalent in low- and middle-income countries 12% Magazines
self-congratulation, but rather push for responsible
60

100%
Other Necessity motive Opportunity motive
33% 29% 28% 27% Newspapers* change. “Private equity can be a catalyst to change a
90 40 whole range of factors within countries,” said Rowlands.
Percentage of entrepreneurs

80

70 Television “And it isn’t just with the blunt instrument of leverage.”

20 36% 38% 38% 39%
60

50

40
0 Some innovations, particularly technological innovations,
2001 2006F 2008F 2010F
30

20
* Newspaper website advertising counted in both Newspaper and Internet categories beginning in 2003, but not double-counted for totals. involve taking someone else’s ingenuity and doing it
10
Source: PricewaterhouseCoopers, Wilkofsky Gruen Associates, better. While the iPod was not the first MP3 Player, its
"Global Entertainment and Media Outlook: 2006-2010"
0
design made it the industry standard. Across sectors –
Croatia
Brazil
Philippines
China
Turkey
Colombia
Uruguay
Jamaica
India
Mexico
South Africa
Thailand
Czech Republic
Russia
Chile
Argentina
Peru
Hungary
Latvia
Indonesia
Malaysia

Germany
France
Greece
Finland
Italy
UAE
UK
US
Spain
Canada
Ireland

but particularly in mobile technology, nanotechnology and

Middle-income countries High-income countries
Another undeniable trend, the erosion of intellectual biotechnology – new innovations are shaping the way Qiagen
property rights, hinders innovation. Or does it? At least businesses interact with consumers. They are also forcing
Source: Global Entrepreneurship Monitor, GEM 2006 Summary Results
Qiagen is a Netherlands-based holding
one participant freely advertises his concepts and new lightening-fast adaptations, particularly for companies
models on an open source blog, even before he enters involved in health research and communications. The company which is a leading provider of
“I am constantly looking out for ways that others would development. “I don’t believe in secrecy,” explained ultimate goal, said one participant, is not for you to learn innovative sample and assay technologies
make our existing products obsolete,” said Magid Martin Varsavsky, Chief Executive Officer, Fon, Spain, every new technology, but “for technology to learn you.” and products for DNA and RNA based
Abraham, President, Chief Executive Officer and Co- who describes his new ideas online to fertilize what he molecular diagnostics, research for life
Founder, Comscore, USA. Abraham’s company was not called “an ecosphere of disruption.” In so doing, he has Other innovations are more than a matter of preserving sciences and applied testing.
the first to measure browsing patterns of Internet users, bonded with other innovators and nurtured a self- businesses – they are a matter of preserving the
but through innovation it was faster, more accurate and sustaining group of forehanded investors – and, at the environment. But once again, with fossil fuel extraction
more cost-effective than its competitors. same time, he built his company into the world’s largest still cheap, and thus the “felt need” for new energy “Traditional drugs were like rusty
Wi-Fi network. sources, such as biofuels, not yet dire, innovation may hammers where you hit a patient on
One of Abraham’s primary subjects, the advertising lag behind rhetoric. “Beware of magical thinking,” warned the head to see if the drug works or
industry, is facing upheaval at the moment, thanks to the In the world of investment, no industry has been more David Hobbs, Vice-President and Managing Director, not. Now we are leading the way
proliferation of fast ads in mobile technology and the disruptive than private equity. And, while many praise and Global Research, Cambridge Energy Research towards personalized medicine.”
envy private equity firms for their stunning returns, many Associates Inc. (CERA), USA, who described himself as
others have accused industry leaders of taking short-term “a gloomy pragmatist.” Peer M. Schatz, Chairman and Chief Executive Officer,
approaches and overzealously wielding hatchets with Qiagen, Netherlands

8 | Inaugural Annual Meeting of the New Champions 9 | Inaugural Annual Meeting of the New Champions
 Public Financing for Renewable Energy Global Growth Company Profile
Alternative energy commitments follow the real price of oil
Crude oil prices (US$ per barrel, 2005 dollars)

$2,500 $100
Real worldwide government renewable
energy R&D budgets (US$, million)

2,000 80

1,500 60
Crude oil prices
(right axis)
1,000 40

500 20

0 0
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

Renewable energy R&D by type (left axis)

Solar Wind Ocean Biomass Geothermal Hydro Other
JASDAQ Securities Exchange
Source: OECD/IEA, BP Statistical Review of World Energy 2006
Inc.
JASDAQ is a Japanese securities
Yet, while new environmental innovators look to disrupt exchange providing a stock market
old models, they are often met by the inertia of old specializing in new ventures and SMEs.
orders. Zhang, who is also the Vice-Chairman of the
Sustainable Building and Construction Initiative of the UN
“Things are becoming more globalized
Environment Programme, shared his perspective stating:
“I think that government products are not really linked and investors would like to invest
with the economic results. If they were, [the government] ‘borderlessly’. So stock exchanges
would be more focused on energy conservation.” should be more globalized too. The key
should be collaboration. We need better
Ultimately, government and international regulation will cooperation among exchanges.”
only succeed in protecting the environment if it is
combined with a shift in consumer behaviour. The Takashi Tsutsui, President and Chief Executive Officer,
popularity of Toyota’s Prius shows that such a shift is JASDAQ Securities Exchange, Japan
already underway; but a deeper sense of buyer
responsibility for everyday purchases could lead to new
models of production. “It may be that what causes the
greening of China is not the Chinese government, but
American consumers,” said Hobbs.

10 | Inaugural Annual Meeting of the New Champions 11 | Inaugural Annual Meeting of the New Champions
The DNA of New Champions
“Being good in business is the most fascinating kind of
art,” said Andy Warhol. Today, the most understudied
new “artists” come from rising power countries like Brazil,
China and India. But their canvas is the global
marketplace. What are the dominant traits of these new
Global Growth Companies? The New Champions are a
varied lot, but certain themes recur. Those that survive
and thrive keep and retain talent; lead with vision and
foster an attractive corporate culture; and look globally
and adapt quickly to competitors’ innovations.
Unsurprisingly, most CEOs of Global Growth Companies
find that, while financial resources are often available
internally, human resources are a scarce commodity.
“New Champions, Global Challenges,” a survey of some
50 such CEOs by the Harvard Business Review and the
World Economic Forum, found that a plurality felt that
“finding seasoned executives” was their toughest
challenge.
The challenge is not limited to recruitment. Today’s
college graduates can expect to change jobs a dozen
times. Many will also change careers, even countries,
more than once. “I believe the war for talent is over,” said
Kevin L. Kelly, Chief Executive Officer, Heidrick &
Struggles International, USA. “Talent won.” But for Global
Growth Companies, the wide-open labour market can
also be an opportunity. Three-quarters of the CEOs
surveyed in the HBR-Forum survey revealed that they
employed foreign nationals. “Talent has no passport,”
explained Ben J. Verwaayen, Chief Executive Officer, BT,
United Kingdom.
Even more than money, what often wins over talent is
effective leadership. “Only 30% of individuals move for
compensation,” said Kelly, who fronts a leading executive
search firm. To woo the remaining 70%, “create an
environment in which the best can work with the best,”
advised Verwaayen. By enhancing core competencies, by
fostering a sense of urgency and by creating an attractive
corporate culture, chief executives can build a
corporation that employees do not want to leave.
12 | Inaugural Annual Meeting of the New Champions
Features of Companies Built to Last
Enduring companies built on continuity and culture, not big ideas and charismatic leadership
Core ideology
Max
Mechanisms for
self improvement
Min
4 Built-to-Last companies*
Management continuity
Purposeful evolution
* 18 operating US-based firms founded in 1945 or earlier, identified in a survey of CEOs as a "highly visionary" company.
Source: Jim Collins and Jerry I. Portas, Built to Last (Harper Business, 1994)
Elemental to building a sustainable business is including
space for potentially innovative – if temporarily disruptive
– ideas. “If you’re one of the New Champions,” said Sir
Martin Sorrell, Group Chief Executive, WPP, United
Kingdom, “you have to ask if the vision and energy of the
individual is leading the business.”
A business structure that fosters communication between
employees and employers – yet puts the customer first –
will be the most sustainable model over the long term.
“Traditional leadership was about leading primarily
vertically; but leading a network is much more challenging
because it requires horizontal leadership skills,” said Julie
Louise Gerberding, Director, Centers for Disease Control
and Prevention, USA. “Communication is absolutely
critical; listening and learning is essential.”
Beyond staffing issues, Global Growth Companies face
significant competitive pressures. “The strongest model is
a uni-branded model that grows organically,” said Sorrell.
“But that takes time to grow.” Another traditional model is
one that relies on innovation. But the HBR-Forum study
found that the most frequent concern of the New
Champions was how to be a “fast follower”, and take
advantage of competitors’ innovations by making them
better or more cheaply.
“Whereas in the past, the advantage may have come
from the partitioning of information, in the future,
marketplaces will come from innovation and new ideas.”
Craig R. Barrett, Chairman of the Board, Intel Corporation, USA
Finally, one of the most complex challenges facing the
New Champions is how to go global. Conventional Global Growth Company Profile
wisdom holds that companies will first attempt to capture
their domestic market, then expand slowly by entering
11
12 markets of geographic neighbours. The idea is best
8
9
10
Use of “Big Hairy Audacious Goals” represented by the Singaporean government’s
5
6
7
Comparator companies
encouragement to national companies to look first to its
“seven-hour radius,” which includes 2.8 billion people.
By contrast, in a surprising finding, the HBR-Forum
Evidence of “cultism”
survey revealed that a plurality of Global Growth
Companies look first to enter the US markets, despite the
common worry that foreign consumers would shy away Dalian Wanda Group
from unknown brands. The corollary challenge is fostering
Wanda Group is one of the earliest joint
corporate management that can traverse different cultural
contexts – and think globally. “We need people who can stock enterprises in China's northwest,
understand the local culture of a country,” said Maurice involved in commercial real estate,
Lévy, Chairman and Chief Executive Officer, Publicis residential real estate, the cultural industry
Group, France, and Member of the Foundation Board of and grand hotels.
the World Economic Forum.
“For our company, it is not simply
The challenge of creating a globally-oriented
about keeping costs down and
management is made more difficult by the split between
younger executives – who are much more in tune with
relying on connections to do
the needs of foreign marketplaces – and the business. Companies like us must
management board, who tend to be over 60 and more focus on conducting fair
provincial in their outlook. “The board and the transactions. We also implement
management are the last to get the idea that going global energy-saving and environmentally
is an imperative,” said Anand P. Raman, Senior Editor,
Harvard Business Review, USA, the author of the HBR-
friendly practices. We try to be in
Forum study. areas where there is a good
environment. We give to charity.”
Ultimately, the business of being a Global Growth
Company is not for the faint of heart. The risks are high - Wang Jianlin, President, Dalian Wanda Group, People's
but so are the rewards. “Be brave, be innovative and Republic of China
never cease in this endeavour,” Wen Jiabao, Premier of
the People’s Republic of China, told the leadership of the
New Champions.
13 | Inaugural Annual Meeting of the New Champions
14 | Inaugural Annual Meeting of the New Champions 15 | Inaugural Annual Meeting of the New Champions
The Shifting Landscape
While companies struggle to respond to a rapidly shifting
global landscape, Global Growth Companies have
become a powerful force of their own on the global
scene. “The global growth enterprises,” said China’s
Premier Wen Jiabao, “are playing a key role in world
economic development.” For the Global Growth
Company CEO, running the business increasingly
requires anticipating the potential impact of events half a
world away. “Business leaders need to have a truly global
perspective,” said Wen. “They should not only know what
is happening in the world now, but also in the future.”
Simply reacting to these trends is not enough. In a fast-
moving world, risk is opportunity. Global Growth
Companies, therefore, must recognize and exploit their
long-term ability to affect and improve the landscape and
so gain new markets, scale and productivity. “We don’t
need a CEO that manages only the business,” said
Mohammed Al Gergaw, Minister of State for Cabinet
Affairs of the United Arab Emirates, and Executive
Chairman, Dubai Holding. “We also need him to
understand the social aspects of working in a lot of
countries – and the political aspect. So he is a CEO and
politician, or a policy-maker at the same time.”
Despite predictions for 4.9% global economic growth in
2007, the global backdrop appears decidedly uncertain,
particularly in a country long associated with stability –
the United States. Distracted by a deeply unpopular
policy in the Middle East, the US appears to be
relinquishing diplomatic leadership in other regions, such
as Asia.
The unfolding crisis in the mortgage lending industry
threatens US consumer spending and economic growth.
Many question whether the global economy can
withstand a downturn in both the US economy and the
US dollar. Some believe that robust economies and
massive foreign currency reserves will insulate Asia, but
others warn that the region is still too dependent on
exports not to be affected. Much of Asia’s reserves are
also invested in the US and stand to suffer from falling
asset prices there.
16 | Inaugural Annual Meeting of the New Champions
But China and India have emerged as economic
locomotives in their own right, helping to support a
recovery throughout the developing world and in other
mature economies such as Europe and Japan.
While the pressures of China’s growth are well publicized,
those pressures are also yielding business opportunities.
The mass migration into China’s eastern cities, for
example, underpins strong demand for fixed assets.
China’s efforts to reduce consumption of raw materials
and lower pollution are a bonanza for providers of clean
energy.
India, too, faces problems of pollution and urban
congestion. But its government has called for a near-
doubling of investment to 8% of GDP to improve urban
services and broaden development. The devolution of
power from Delhi to the states, while creating regulatory
headaches for investors, is fostering competition for
investment. And an influx of overseas Indians is injecting
expertise and connections that could boost India’s allure
to foreign investors in the wake of the latest market
turmoil.
The tsunami of wealth being created in China and India is
reverberating far abroad. South-East Asia has recovered
from the financial crisis a decade ago and is promoting
economic integration to position itself as a hub for goods
and services between the two giants.
Investment by China in Africa’s raw materials and
infrastructure is fuelling economic growth where Western
aid failed, turning the continent into an important energy
player. Resource-rich Latin America is also experiencing
newfound optimism, with Colombia staging a remarkable
turnaround and Brazil enjoying a retail and services-led
boom. Despite its own political turmoil, the Middle East is
showing signs of a revival, spurred by high oil prices, and
fuelling a real estate and infrastructure boom that is
swelling the ranks of an Arab middle class.
Even Europe has been revitalized, thanks to low-cost Whether lobbying against protectionism in the US or
manufacturing and rising consumer spending in eastern advocating more transparent regulations in Africa,
Europe. Germany has bounced back from its costly companies need to take a proactive role. Partnering with
reunification to become a centre for investment in regulators helps educate them on the industry’s needs,
biotechnology and IT. Now Japan is also re-emerging formulate smarter policies and maintain a constructive
after a “lost decade” of moribund growth. Despite dialogue. Many companies mistake light regulation with
continued political stagnation, the reforms of the past few good regulation, but the unfolding product safety scandal
years set in motion the privatization of the country’s in China underscores how problems in one country can
massive public savings bank. That event promises to hurt a company’s reputation worldwide.
unleash a torrent of capital that can combine with rising
spending by the country’s retirees to finance new growth.
Global Growth Company Profile
And despite the uncertainty surrounding its economy,
opportunities in the US still abound. Manufacturing jobs
may be going to China and services to India, but the
spread of e-commerce has positioned the US as the
storefront of the world. US companies also stand to
benefit from the push by China and other nations into
cleaner energy. As in Europe, Americans over 45 are
taking advantage of improving health to extend their
productivity, start businesses and add more value to the
economy.
Companies hoping to seize these global opportunities Monex Inc.
need to do their homework. “When you invest money Monex is the sole online investment bank
abroad it’s very important to realize that there are certain in Japan offering online brokerage, mutual
rules and regulations one has to recognize. Some of funds and alternative investment funds as
these rules are written and some are not written,” said well as IPO underwriting services. It seeks
Soud Ba’alawy, Executive Chairman, Dubai Group,
United Arab Emirates.
to create a new nationwide infrastructure
capable of replacing the post office.
Perhaps the biggest risk facing companies going
overseas is the backlash against globalization, particularly
“The last thing Japan should do is worry
in the US. Weakening economic signals during a
presidential election year raise the likelihood that too much about Japan.”
legislation imposing trade sanctions on China will be
passed. Oki Matsumoto, President and Chief
Executive Officer, Monex, Japan
17 | Inaugural Annual Meeting of the New Champions
Companies need to conduct strict audits of their supply
chains and make sure they do not apply varying Global Growth Company Profile
standards from one country to another. They should
encourage regulators to adopt the highest international
standards for their industry, thereby encouraging scale
and innovation across borders. Those venturing into new
markets should even consider teaming up with local
competitors, combining their strengths to help open
regulatory doors.

Above all, Global Growth Companies have to recognize

that with their influence comes responsibility. Making
profits for shareholders is no longer enough, said E. Neusoft
Neville Isdell, Chairman and Chief Executive Officer,
Neusoft is a leading software and service
Coca-Cola Company, USA. “If we’re not seen both in
perception and in reality as being an integral and provider and the largest offshore software
functioning part of every community and society we and service outsourcer in China.
operate in, I think that the model that we have is in
danger.” “The IT services sector will keep up 20-
30% growth over the next 10 years for
Global Growth
both local and international businesses
Developing world sets the pace for global economic growth doing business in China. More
outsourcing of services will come to
8%
Emerging market and
developing countries China. But we still face challenges - how
6
World
to change our image with regard to the
protection of intellectual property, for
GDP growth

4
Advanced
economies example. Also, can we provide the talent
2 we need?”
Forecast
0 Liu Jiren, Chairman and Chief Executive Officer, Neusoft,
1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007F

2008F

People's Republic of China

Source: IMF

18 | Inaugural Annual Meeting of the New Champions 19 | Inaugural Annual Meeting of the New Champions
Inside China
“China is in the process of accelerating industrialization and urbanization. It’s
quite true that energy demand will increase in the future but, in the meantime, we
will also pay greater attention to energy saving and environmental protection.”

Zhang Xiaoqiang, Vice-Chairman, National Development and Reform Commission, People's Republic of China

As a venue for the Inaugural Annual Meeting of the New More Chinese Entering the Middle Class Income Distribution in China Has Broadened Over 30 Years
While it is true that the tight labour market in some
Champions, Dalian embodied the dynamism inherent in sectors has made job-hopping a problem, many
the New Champions and highlighted the ongoing 100% 140,000
companies are able to cope and retain staff by making
transformation taking place across Chinese society. The Global affluent
(Incomes* >200,000 RMB)
the right first hires and offering employees a career
city is one of China’s fast-growing, “second-tier” 120,000
development path. And, while hobnobbing with
Share of total urban disposable income

80
Mass affluent
municipalities, quickly turning into a globally connected (100,001-200,000 RMB) 100,000 government officials on the golf course or in karaoke

Number of people
hub for manufacturing and services. Dalian is one of 60
80,000
clubs may have been a good way to secure approvals in
China’s new champion cities. And China is an economy 40
Upper middle class
(40,001-100,000 RMB) World
1970
World
2000
the old days, today a more effective strategy may be to
60,000
that is facing many of the same challenges that the New recognize the professionalism and quality of government
Champion enterprises must address such as managing 20
40,000

China China
officials at every level and keep relationships proper and
Lower middle class
rampant growth, dealing with the pressures of (25,001-40,000 RMB)
20,000
1970 2000
at a high level.
Poor (<25,000 RMB) $100 $1,000 $10,000 $100,000
globalization and addressing the responsibilities of global 0
1985 1995 2005 2015 2025
Income per year

citizenship. Like many of the Global Growth Companies * Base year 2000, 1RMB=$0.12
Forecast Consumption Growth in China
Source: Xavier Sala-i-Martin; Gapminder.com
that met in Dalian, China is at an inflection point in its Source: National Bureau of Statistics of China; McKinsey Global Institute analysis
transition to a global leader. Overall spending expected to increase almost 9% per year

“Policy-making is much more complicated than before,” Food

Recreation,
Education
Housing,
Utilities
Transportation,
Communication Healthcare Apparel
To borrow the motto of the Olympic movement, China is Of course, China has been opening up to the world for
explained Fan Gang, Director of the National Economic
running faster, rising higher and becoming stronger. Next more than three decades. While the Olympics will serve 2025
Research Institute at the China Reform Foundation.
year’s Olympics are likely to be as significant a validating as a catalyst for further economic progress and social
Achieving economic growth is no longer the paramount 7% 9.5
%

milestone for China as previous Games were for South change, many of the fundamental transformations the R:
6.
CA
GR
:
CAG
R: 1
1.8% Household
products
objective. Addressing environmental and social pressures CA
G Personal

Korea in 1988 and Japan in 1964. It will be an country is undergoing have been playing out for years. products

are now major priorities for the central government.

opportunity for China to showcase its achievements. “We Consider, for example, the drop in the incidence of
Chinese policy-makers “have more diversified goals than
in the West don’t understand the magnitude of what this poverty. According to the World Bank, between 1981 and 2004

even five years ago,” added Fan Gang. “They have to

represents for China and the Chinese people,” said 2001, the proportion of Chinese living in poverty fell from
think about many other issues. Even economic policy
Maurice Lévy, Chairman and Chief Executive Officer, 53% to 8%. Today, the biggest concern is rising 0 5,000 10,000 15,000 20,000

itself is more difficult to make. It is more difficult to make Real consumer spending (RMB, billion)

Publicis Group, France. “People’s mindsets will change. It
is also about national pride. This country has been locked
for 50 years. It is absolutely huge.”
inequality, the widening gap between rich and poor,
quick changes because of the constraints.” Source: National Bureau of Statistics of China; McKinsey Global Institute analysis
particularly in urban areas. A key focus of policy-makers:
how China can shift from its dependence on Companies still hesitant about introducing their
Companies new to China and veterans alike will have to
manufacturing for export to a more consumer-driven, technology to China for fear that their intellectual property
grasp the ways in which China has changed, and
knowledge-based economy. rights will be violated may lose out to rivals who
continues to change, if they are to adopt the strategies
they need to succeed in this Olympic-sized market. For appreciate that the IPR situation has clearly improved.
any China player, perhaps the biggest mistake would be While enforcement remains inadequate and the
to make outdated assumptions about the market. For punishment for violators not harsh enough, by most
example, in some sectors, China has become a highly accounts, the commitment of the Chinese leadership to
competitive playing field, with local enterprises competing IPR protection is strong and consistent. Knock-offs are
not just among themselves but also with foreign entities. harder to find in the big cities, and Chinese consumers
are becoming more conscious of IPR. As the number of
Chinese-held patents continues to increase sharply, more
local enterprises are joining the fight to enforce IPR.

20 | Inaugural Annual Meeting of the New Champions 21 | Inaugural Annual Meeting of the New Champions
 Acknowledgements

The World Economic Forum wishes to recognize the support of the following companies as Partners or Supporters of
the Inaugural Annual Meeting of the New Champions.

Strategic Partners Dalian Partners

ABN AMRO Bank ARTOC Group for Investment & Development

Accel Partners Atos Origin
Accenture Cambridge Energy Research Associates (CERA)
Alcan Dalian Wanda Group
American International Group (AIG)
Apax Partners
Audi
Avaya Dalian Supporters
Bain & Company
Booz Allen Hamilton Agility
Patent Activity Picking Up In China... Chinese Equity Markets BT CH2M HILL Companies
... driven by Chinese companies
Trading volumes have increased 30-fold within 7 years
The Coca-Cola Company Financial Technologies (India)
300,000 4,500 Deloitte HCL Technologies
Chinese applications for
Deutsche Bank International Bank of Azerbaijan
Bars – Patents granted by China patent office

4,000 $75,000 1000

international patents
250,000 under the Patent
3,500
Foreign
Cooperation Treaty
Dubai Holding International Finance Corporation (IFC)
Line — Chinese applications
for international patents*

companies 60,000 800

3,000

China-DS Market, Total return

Volume
China-DS Market, Volume
(millions of shares traded)

200,000
Ernst & Young Neusoft

(100=31 Dec 1999)

2,500
Chinese
45,000 600
companies

150,000
2,000
Total return index
Goldman Sachs Ogilvy Public Relations Worldwide
1,500 30,000 400
Heidrick & Struggles International Phoenix Satellite Television Co.
1,000
100,000

500
15,000 200 HP Shamil Bank of Bahrain
50,000 0
0 0
Infosys Technologies TCL Corporation
2001 2002 2003 2004 2005 2006
31 Dec 1999 31 Dec 2003 31 Jul 2007
* under the Patent Cooperation Treaty
Intel Corporation Troika Dialog Group
Source: State Intellectual Property Office of the PRC; World Intellectual Property Organisation Source: Thomson Financial KPMG Underwriters Laboratories
Kudelski Group
Manpower
China is changing faster than even veterans of the market Indeed, any China player should resist thinking of this
Marsh & McLennan Companies (MMC)
can fathom. Fail to appreciate how quickly the Chinese unique market as being x number of years behind the
markets are expanding and a company could find itself US, Europe or Japan. Even if it may lag now, the McKinsey & Company Dalian Service Provider
running behind its rivals. The swift rise in prominence of likelihood is that China will leapfrog ahead and not simply Merrill Lynch
the Chinese capital markets – the biggest IPO last year follow from behind or catch up and converge with the Morgan Stanley China Mobile Communications Corporation
was in Shanghai – is an example of just how fast China pacesetters. Like the New Champion enterprises that Nike
can move when conditions are right. There is now serious gathered in Dalian, China is setting its own path to global NYSE Euronext
talk about combining the Shanghai, Shenzhen and Hong competitiveness.
Kong markets into one platform to compete more
PepsiCo
effectively against New York and London. Such an idea PricewaterhouseCoopers
would have been unthinkable just five years ago. Reliance Industries
Reuters
Siemens
SK Group
Standard Chartered
Unilever
UPS
Xenel Group
WPP
Zurich Financial Services

22 | Inaugural Annual Meeting of the New Champions 23 | Inaugural Annual Meeting of the New Champions
Founding Members of the Community of
Global Growth Companies*
Abbasi Group, United Arab Emirates
Aditi Technologies Pvt Ltd, USA
Advanced Chemical Industries Ltd,
Bangladesh
Advantage Partners LLP, Japan
Aecon Group Inc., Canada
Air Arabia, United Arab Emirates
AK BARS Bank, Russian Federation
Alvarion Ltd, Israel
Amalgamated Bean Coffee Trading
Company Ltd, India
Ameria CJSC, Armenia
APCO Worldwide Inc., USA
Apollo International Ltd, India
Asset Management Company Ukrainian
Realty Group, Ukraine
AVentures Group, Ukraine
Axiom Telecom LLC, United Arab
Emirates
Azersun Holding, Azerbaijan
Basis Management Company, Russian
Federation
Bematech, Brazil
Cayan International Ltd, Saudi Arabia
CBC Capital, People’s Republic of
China
Cephalon Inc., USA
China Bohai Bank, People’s Republic of
China
CJSC Industrial Association Konti,
Ukraine
CMS Computers Ltd, India
Colite International Ltd, USA
Compass Group, USA
Cox Industries, USA
Crompton Greaves Limited, India
CYBIRD Holdings Co. Ltd, Japan
Dalian Dayang Trands Co. Ltd (Dayang
Trands), People’s Republic of China
Dalian Hi -Think Computer Technology
Co. Ltd (DHC), People’s Republic of
China
Dalian Wanda Group Co. Ltd, People’s
Republic of China
Dashang Group Co. Ltd, People’s
Republic of China
East African Cables Ltd, Kenya
Egyptian Traders Co., Egypt
EPS Co. Ltd, Japan
Etihad Airways, United Arab Emirates
Far East Holding Group Co. Ltd,
People’s Republic of China
Fawaz Alhokair Group, Saudi Arabia
Financial Technologies (India) Ltd (FTIL),
India
Fujia Group Company Ltd, People’s
Republic of China
Future Technologies Inc., USA
Globis Group, Japan
Golden Gate Business, Ukraine
Gradient Company Ltd, Russian
Federation
26 | Inaugural Annual Meeting of the New Champions
GROUPE Socota, Madagascar
Gruma SAB de CV, Mexico
Gulliver International Co. Ltd, Japan
Health Integrated, USA
Hill International Inc., USA
Hunter Dickinson Inc., Canada
IDEO Inc., USA
iGATE Global Solutions Ltd, India
IHS Inc., USA
Industrial Construction & Engineering
Company (SIAC), Egypt
Inner Mongolia Mengniu Dairy Industry
(Group) Co. Ltd, People’s Republic of
China
Inner Mongolia Yili Industrial Group Co.
Ltd, People’s Republic of China
Inter Car Group, Ukraine
International Bank of Azerbaijan,
Azerbaijan
International Investment Bank, Russian
Federation
Intralot SA, Greece
JASDAQ Securities Exchange Inc.,
Japan
JSC Holding Company “AK BARS“-
Russian Federation
JSC Shipbuilding Plant «Severnaya
Verf», Russian Federation
Kio Networks, Mexico
Kolibri Capital, USA
LANIT Group of Companies, Russian
Federation
M.P. Technologies Inc., Japan
MARITIME BANK, Russian Federation
MB Holding Company LLC, Oman
MDS Holdings BVI, Lebanon
MENA Financial Group Ltd, United Arab
Emirates
Metro International SA, United Kingdom
Mineks International, Turkey
MKS Consulting Limited, Japan
Monex Inc., Japan
Moser Baer India Ltd, India
Muvis Srl, Italy
National Oilwell Varco Inc., USA
netprice.com Ltd, Japan
Neusoft Group Ltd, People’s Republic of
China
NeuStar Inc., USA
Odontoprev, Brazil
OJSC KINTO, Ukraine
OJSC Ukrgasbank, Ukraine
OJSC Ursa Bank, Russian Federation
Option NV, Belgium
Organização Jaime Câmara, Brazil
OTKRITIE Financial Corporation Ltd,
Russian Federation
Politec, Brazil
Praj Industries Ltd, India
Qiagen NV, Germany
Rajshree Sugars & Chemicals Ltd, India
Ransat Group, United Kingdom
Mentors of the Inaugural Annual Meeting
of the New Champions
Regus Group Plc, United Kingdom
Rupa & Co. Ltd., India
SAG Gest, Solucoes Automovel Globais
SGPS SA, Portugal
SamCorp, Peru
Schoeller Industries GmbH, Germany
Sekunjalo Investments Ltd, Saudi Arabia
Shanfari Group of Companies, Oman
Shoreline Energy International, Nigeria
Shuaa Capital PSC, UAE
SoftBank Investment (SBI Holdings) Inc.,
Japan
Solid Technologies Inc., Republic of
Korea
Suntone Business (Group) Co. Ltd,
People’s Republic of China
Synergy Healthcare Plc, United
Kingdom
Tag-it Pacific Inc., USA
Tantash Investments, Japan
THine Electronics Inc., Japan
Tianjin Bohai Chemical Industry Group,
People’s Republic of China
Tianjin Jinbin Development Co. Ltd,
People’s Republic of China
Tianjin Materials Group Corp., People’s
Republic of China
Tianjin Pipe (Group) Corporation,
People’s Republic of China
Tianjin Port (Group) Company Limited,
People’s Republic of China
Tianjin Tasly Pharmaceutical Co. Ltd,
People’s Republic of China
Tianjin Teda Group Co. Ltd, People’s
Republic of China
Tianjin Zhonghuan Electronics and
Information Group Co. Ltd, People’s
Republic of China
Tianjin Zhongxin Pharmaceutical Group
Corporation Limited, People’s Republic
of China
TIBCO Software Inc., USA
Unison Capital Inc., Japan
Univera, Republic of Korea
UTV Software Communications Ltd,
India
Vozrozhdenie Bank, Russian Federation
WiseKey, Switzerland
Wockhardt Ltd, India
Xi’an Dagang Highway Machinery &
Electricity Co. Ltd, People’s Republic of
China
Peter Bakker, Chief Executive Officer, TNT, Netherlands James J. Schiro, Group Chief Executive Officer and Chairman of
YES BANK Limited, India
Yida Group Co. Ltd, People’s Republic Craig Barrett, Chairman of the Board, Intel Corporation, USA the Group Management Board, Zurich Financial Services,
of China Samuel A. DiPiazza Jr, Global Chief Executive Officer, Switzerland
PricewaterhouseCoopers, USA Sir Martin Sorrell, Group Chief Executive, WPP, United Kingdom
Mohammad Al Gergawi, Minister of State for Cabinet Affairs of Ben Verwaayen, Chief Executive Officer, BT, United Kingdom
the United Arab Emirates; Executive Chairman, Dubai Holding Wang Jianzhou, Chairman and Chief Executive, China Mobile
Jiang Jianqing, Chairman of the Board, Industrial and Communications Corporation, People’s Republic of China
Commercial Bank of China Limited, People’s Republic of China Wei Jiafu, Group President and Chief Executive Officer, China
Maurice Lévy, Chairman and Chief Executive Officer, Publicis Ocean Shipping Group Co. (COSCO) , People’s Republic of China
Groupe, France Yang Yuanqing, Chairman of the Board, Lenovo Group Limited,
William R. Rhodes, Chairman, President and Chief Executive People’s Republic of China
* As of 20 September 2007 Officer, Citibank NA, USA
27 | Inaugural Annual Meeting of the New Champions
Contributors

Peter Torreele is Managing Director of the World Economic Forum. Jeremy Jurgens is Director, Chief
Representative and Head of Global Growth Companies, World Economic Forum Beijing. The Inaugural
Annual Meeting of the New Champions was under their direct responsibility, with Denise Burnet, Director,
Head of Events, Stéphanie Janet, Director, Head of Annual Meeting Operations, and Laura de Wolf,
Senior Specialist, Events.

Report Writers: Wayne Arnold, E. Benjamin Skinner and Alejandro Reyes

The World Economic Forum would also like to express its appreciation to the summary writers for their
work at the meeting.

Associate Director, Editing: Nancy Tranchet

Design and Layout: Kamal Kimaoui, Associate Director, Production and Design

Photographs: Doug Kanter

28 | Inaugural Annual Meeting of the New Champions