Event Recap: On the Ground in China Panel Discussions
AustCham Shanghai, supported by the Australia-China Business Council (ACBC) and the Australian Financial Review (AFR), had the great pleasure of hosting two “On the Ground in China” panel discussions on Friday 12 May. Over 60 guests attended the event at Glam.
Moderated by China Correspondent for the AFR Lisa Murray, the first panel explored Chinese consumers’ changing purchasing habits, the impact of ChAFTA on Australian exporters operations and the opportunities and challenges for Australian companies looking to tap into China’s growing demand for imported, high-quality consumer goods.
Elders China CEO Craig Aldous opened the first session by sharing his company’s journey in China, and warned against the hype sometimes spread in foreign media about China’s market potential. Benjamin Liu, CEO of Dominos Pizza China, supported this view, telling the audience that it took over 20 years for the famous pizza chain to establish its reputation in the country. Jackie Yun, Co-founder of Wagas, shared her company’s success story, whose clientele is now mainly composed of Chinese customers.
The three panelists all agreed that China should not be considered as an individual market, and shared their insights on how to adapt marketing and distribution strategies for first-tier and second-tier cities.
Our second panel was made up of China boardroom and governance experts – Lily Ho, Partner at Ernst & Young; the Honourable John Brumby, Chairman of ACBC and Board Director of Huawei; John Macpherson, Senior Partner at Control Risks; Michael Wadley, Principal at Wadley Consulting Shanghai and former Board Director of Bellamy’s; and Richard Coote, National Manager, Senior Trade Commissioner and Deputy Consul-General (Commercial) at Austrade.
The panelists discussed the importance of China-literacy in Australian boardrooms, as well as corporate governance in the China market. John Macpherson, Senior Partner at Control Risks, opened the discussion - arguing that while geopolitical risks should be considered, the priority for Australian boardrooms should be to focus on navigating China’s regulatory framework and have a long-term vision when it comes to hiring new talent to represent a company’s interests in China.
All panelists agreed with the Honourable John Brumby, National President and Chairman of ACBC, who stated that Australian boardrooms need to develop CQ (cultural intelligence), through regular visits on the ground in China.
