Inaugural Annual Meeting of the New Champions 2007

Inaugural Annual Meeting of the New Champions

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

The World Economic Forum is an independentinternational organization committed to improvingthe state of the world by engaging leaders inpartnerships to shape global, regional andindustry agendas.

Incorporated as a foundation in 1971, and basedin Geneva, Switzerland, the World EconomicForum is impartial and not-for-profit; it is tied tono political, partisan or national interests.(www.weforum.org)

Report

Page 3

Introduction

Page 4

Going Global – Make It Happen

Page 8

New Frontiers, New Models

Page 12

The DNA of New Champions

Page 16

The Shifting Landscape

Page 20

Inside China

Page 23

Acknowledgements

Page 26

Founding Members of the Community of Global Growth Companies

Page 27

Mentors of the Inaugural Annual Meeting of the New Champions

Contents

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REF: 250907

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2 | Inaugural Annual Meeting of the New Champions 3 | Inaugural Annual Meeting of the New Champions

Introduction

Embodying the dynamism of the Global GrowthCompanies, Dalian provided the perfect setting for theInaugural Annual Meeting of the New Champions. Morethan 1,700 participants from 90 countries convened for ameeting that culminated in the official formation of theForum’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 areoperating in a global environment and that successrequires the ability to look beyond conventional wisdom torun their businesses. They face unfamiliar challenges,novel responsibilities and unprecedented opportunities.

Joining the Global Growth Companies in Dalian were otherNew Champions. They included over 200 of the Forum’sCommunity of Young Global Leaders – exceptional youngleaders who share a commitment to shaping a globalfuture; Technology Pioneers – companies involved in thedevelopment of life-changing technological innovationsthat have the potential for a long-term impact on businessand society; as well as the leaders of fast-growing regionsand 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 alsoheard in-depth appraisals of these changing dynamicsfrom world-renowned academics and experts. The rapidlychanging global economic and political landscapes, whosefragility was underscored during the Meeting by theunfolding sub-prime mortgage crisis in the United States,are themselves yielding growth opportunities forenterprises willing to seize them.

However, the hazards of going global are manifold anddaunting. Going global requires a company to master thepuzzle of how to cater to different markets, navigate

conflicting regulatory regimes, manage complex supplychains and build an international brand. But the payoff isinestimable. Going global gives a company better accessto truly global talent – a scarce resource these days. Itdiversifies market risk and lends companies the power ofdistributed management expertise – something that cankeep them nimble and innovative even as they becomelarger and stronger. In the process of disrupting incumbentbusinesses, Global Growth Companies are alsorecognizing that investing in improving the markets is asocial and commercial imperative

China’s experience offers a similar example. It is all tooeasy to dwell on China’s many obstacles, such as its risinglabour costs, labyrinthine regulatory environment andchequered past on intellectual property. Global GrowthCompanies are able to look beyond these problems toharness China’s rapid transformation and invest in sectorswhere it is starting to excel. Breakneck urbanization andexplicit targets to lower pollution provide ampleopportunities for investors who can help China pursue acleaner path to modernization. This kind of corporate can-doism imbues the mindset of the Global GrowthCompanies and their leaders – a sense that becoming atruly global citizen is the most profitable way to moveforward as a business. The Forum is proud to recognizethese New Champions.

The Inaugural Annual Meeting of the New Champions hasprovided the first platform specifically aimed at the kinds ofcompanies taking advantage of these shifts. In manyways, then, the Meeting of the New Champions serves asa complement to the World Economic Forum AnnualMeeting in Davos – a “Summer Davos”, dedicated to thekind of rapidly growing companies that like China itself areredefining the global economy. Next year, the NewChampions can look forward to convening for anotherexciting and provocative Summer Davos in another ofChina’s new urban hotspots, the coastal city of Tianjin.

“In this meeting, we were all bound together by thesame spirit. The spirit of entrepreneurship and the spiritof social engagement.”

Klaus Schwab, Founder and Executive Chairman, World Economic Forum

4 | Inaugural Annual Meeting of the New Champions 5 | Inaugural Annual Meeting of the New Champions

The New Champions, the new breed of high-growthenterprises that are reshaping the business landscape,are by definition global in outlook. A recent survey ofthese companies by the World Economic Forum and theHarvard Business Review found that two-thirds of theCEOs who responded said that they would focus moreattention overseas than on their domestic market overthe next 12 months. A key reason, according to thereport: to build confidence. These corporations may beleading the pack at home, but the real challenge for themis to prove their mettle abroad.

Yet, the urge to go global must surely be much morethan an exercise in building corporate self-esteem. It isabout pursuing potentially lucrative opportunities andsensible, even necessary, strategies. For an enterprise toachieve and sustain high growth in the age ofglobalization and the great surge in emerging marketssuch 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 increaseefficiency by sourcing from low-cost suppliers that canmatch or possibly even exceed the quality of its localcontractors. Then, there is the risk mitigation advantage.Going global allows a company to spread its exposureacross markets, diversifying risk by reducing dependenceon any one location for production, sourcing, supplychain management or sales. In addition, going globalaffords an enterprise the opportunity to widen itsknowledge base by tapping the fresh talent pool and theglobal innovation system to gain access to the bestpeople and ideas to fuel new growth.

Once taken, the decision to go global immediately throwsup enormous challenges for the corporation. There aremany issues to consider – where to go, when to make amove, what sort of presence to establish. The companymust also be more conscious of conditions in the globaleconomy, the status of global trade negotiations, thepolitical situation in the countries and regions where itoperates especially the growth hotspots, and other riskfactors it should consider including the impact of publichealth threats and climate change.

Supply Chain Risks

Source: McKinsey & Co. surveys

Risks are rising, but companies are not formally assessing them

Note: Data weighted by GDP of constituent countries.

No change 26%

2%

7%

23%

42%

28%

15%24%

34%

Increasedslightly Qualitatively/

intuitively

With roughquantitative estimates

Decreasedslightly

Increasedsignificantly

There is no formalassessment

Decreasedsignificantly

With detailed modelsof cash flow at risk

How has the amount of supply chain risk faced byyour company changed in the past 5 years?

How does your organization assessthe risks to its supply chain?

Penetration of Markets Seen as the Most Important Opportunity for Growth

Source: PricewaterhouseCoopers

30%

25

20

15

10

5

0

Per

cent

age

of r

esp

ond

ents

Improvedsupply chain

mgnt

Improvedcustomerservice

Technologicalinnovation

Accessto key talent

New productdevelopment

M&A Expandexistingmarkets

Access newgeographic

markets

Averages

Survey: "Which one of the following do you see as the majoropportunity to grow your business in the next 12 months?

Latin

Am

eric

aC

EE

Asi

a P

acifi

cW

este

rn E

urop

eN

orth

Am

eric

aThere are strategic matters too: What does a moveoverseas mean for the company’s business model? Howwill it manage being in multiple markets? And how will itbuild an effective presence or significant market share? Ifthe corporation already manages a brand, it must figureout whether to take that brand overseas, create a newone, or perhaps acquire an established brand in thetarget market. “The difficulty when you’re building a brandon a global basis is to have the right touch points,” saidMaurice Lévy, Chairman and Chief Executive Officer,Publicis Group, France. “If you use purely internationalideas, you will obviously be characterized as aninternational brand, and you will not be a householdname.”

Supply Chain Risks (2)

Source: McKinsey & Co. surveyNote: Data weighted by GDP of constituent countries.

Labour, regulatory and reliability issues are the foremost risks. Survey responses to: "Which of the followingsupply chain risks concerned your company during its most recent strategic/operational cycle?"

50%

40

30

20

10

0

Per

cent

age

of r

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ents

Gen

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ava

ilab

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ualit

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lab

our

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conc

erns

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of s

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The enterprise must also consider the regulatoryenvironment, particularly the tax regime and theenforcement of intellectual property rights regulations.Other crucial factors to focus on include the availability oftalent, access to financing, rule of law standards and thelocal business culture. Mindsets in the company will alsohave to change to accommodate its global ambitions. Inany global company, a key challenge “is to make sureyou don’t have homogenization,” warned James J.Schiro, Group Chief Executive Officer and Chairman ofthe Group Management Board at Zurich FinancialServices in Switzerland. “When solving problems, youneed diversity of thoughts and ideas. You have to have aconceptual framework for decision-making. You don’twant a formulaic approach.”

Management Tools and Trends

Source: Bain & Company, Management Tools and Trends 2007

Percentage usage

Sat

isfa

ctio

n*

3.95

3.85

3.75

3.65

3.55

3.45

3.3530 40 50 60

Average: 3.72

Ave

rage

: 62%

70 80 90%20Low

High

* Score of 1=not satisfied, 5=Satisfied

In a survey of 1,221 global executives, corporate blogs ranked lowestin satisfaction among 30 management tools and trends

StrategicplanningCustomer relationship mgmt

Customer segmentation

Benchmarking

Mission/visionstatements

Core competencies

Outsourcing

BPR

Scenario/contingency

planning

Knowledge management

Strategicalliances

Balanced scorecard

Supply chain managementGrowth strategy tools

Total quality mgmt

Shared service centres

Lean operationsCollaborative innovation

Loyalty management tools

M&A

Six sigma

Offshoring

Consumer ethnography

Corporate blogs

RFID

Going Global – Make It Happen

7 | Inaugural Annual Meeting of the New Champions6 | Inaugural Annual Meeting of the New Champions

Going global in the globalization age also involvesresponsibilities. A company, for example, will have toreview whether its existing governance structures andprocedures are appropriate for implementing a globalstrategy. Once it expands overseas, it will have to takeinto account a wider community of stakeholders. “For anyNew Champion that wants to build a long-term brand,corporate social responsibility is essential,” said Sir MartinSorrell, Group Chief Executive, WPP, United Kingdom. Aresponsible enterprise must consider whether suppliersand contractors adhere to sustainable practices andethical conduct. At the consumer end, a company mustensure that its products and services meet or exceed anystandards mandated in the target market. Going abroadmay also raise the fiduciary responsibilities a companyhas to its shareholders or the reporting requirements itmust attend to in its home market such as UScompanies do under the Sarbanes-Oxley regulations.

Top-10 Global Brands

Source: Interbrand; Wall Street Journal

70%

60

50

40

30

20

10

0

$70,000

60,000

50,000

40,000

30,000

20,000

10,000

0

* After Chrysler spinoff

Global companies can draw significant value from successful brands

Bra

nd v

alue

of t

op-1

0 co

mp

anie

s, 2

007

(US

$, m

illio

n)

Brand

value, percentage of recent m

arket cap

MicrosoftCoca Cola IBM General Electric

Nokia Toyota DisneyIntel McDonalds’s Mercedes*

Brand value/market cap (right axis)

Brand value (left axis)

Another level of corporate engagement that emerged inthe discussions at the meeting was a call for corporateglobal citizenship. H.M. Queen Rania Al Abdullah of theHashemite Kingdom of Jordan referred to it in heraddress to participants when she encouraged theassembled Global Growth Companies to be “newchampions not only of commerce but of conciliation, notonly of trade but of tolerance, not only of profit but ofpeace and understanding.” The Dalian “spirit ofentrepreneurship and social engagement”, as KlausSchwab, Founder and Executive Chairman of the WorldEconomic Forum, put it, suggests that in going global,the New Champions could somehow bring peopletogether in ways that governments and large flagshipcorporations may not be able to do. This is after all afellowship of the ambitious and the pragmatic, theresolute and the open-minded. They are reshaping theway the world does business – why should they not alsohave as significant an impact on society?

Most Valuable Global Brands

Source: BusinessWeek; Interbrand

100

80

60

40

20

0

Num

ber

of c

omp

anie

s lis

ted

inIn

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rand

's t

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00 g

lob

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s

2001 2007

* includes Bermuda-based Bacardi in 2001. All companies must do substantial foreign business to be considered a "global" brand.

Asia

Europe

US*

US share of top brands getting smaller

63

30

7

53

36

11

“You can be new champions not only ofcommerce but of conciliation. Not onlyof trade but of tolerance. Not only ofprofit but of peace and understanding.”

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

9 | Inaugural Annual Meeting of the New Champions

underperforming management. “I’d like to break with thenotion that we are trying to do something to you,” saidChris Rowlands, Managing Partner, Asia, 3i Investments,Singapore. “We are trying to do something with you.”

“We are being called to get better all the time,” said MaxBurger-Calderon, Senior Partner and Chairman, Asia,Apax Partners Worldwide, Hong Kong SAR. “But theissues that haunt us are not even on the table at themoment.”

One thing is certain: the industry must not percolate inself-congratulation, but rather push for responsiblechange. “Private equity can be a catalyst to change awhole range of factors within countries,” said Rowlands.“And it isn’t just with the blunt instrument of leverage.”

Some innovations, particularly technological innovations,involve taking someone else’s ingenuity and doing itbetter. While the iPod was not the first MP3 Player, itsdesign made it the industry standard. Across sectors –but particularly in mobile technology, nanotechnology andbiotechnology – new innovations are shaping the waybusinesses interact with consumers. They are also forcinglightening-fast adaptations, particularly for companiesinvolved in health research and communications. Theultimate goal, said one participant, is not for you to learnevery new technology, but “for technology to learn you.”

Other innovations are more than a matter of preservingbusinesses – they are a matter of preserving theenvironment. But once again, with fossil fuel extractionstill cheap, and thus the “felt need” for new energysources, such as biofuels, not yet dire, innovation maylag behind rhetoric. “Beware of magical thinking,” warnedDavid Hobbs, Vice-President and Managing Director,Global Research, Cambridge Energy ResearchAssociates Inc. (CERA), USA, who described himself as“a gloomy pragmatist.”

Even in China – a country that has suffered a great dealof criticism for its environmental record – innovators arelooking for better ways to use incumbent technologies toprotect the environment and preserve resources. “Thisisn’t actually a cost for us, but rather a businessopportunity,” said Zhang Yue, Chairman and ChiefExecutive Officer, Broad Air Conditioning Co., People’sRepublic of China. “Every day, every minute, you can cutenergy consumption by half by simply changing layout.”


New Frontiers, New Models

Necessity is no longer the mother of invention;opportunity is, and the market has been filled withopportunities of late. The rapid pace of change inadvertising, finance, technology and environmentalscience has meant that companies must constantlydisrupt their own models – or die from inertia. Aconfounding truth in each of those fields, noted severalparticipants, is that success eliminates the recognizedneed for innovation, and thus breeds failure.

“I am constantly looking out for ways that others wouldmake our existing products obsolete,” said MagidAbraham, President, Chief Executive Officer and Co-Founder, Comscore, USA. Abraham’s company was notthe first to measure browsing patterns of Internet users,but through innovation it was faster, more accurate andmore cost-effective than its competitors.

One of Abraham’s primary subjects, the advertisingindustry, is facing upheaval at the moment, thanks to theproliferation of fast ads in mobile technology and the

Opportunity, Not Necessity, Is the Mother of Invention

Source: Global Entrepreneurship Monitor, GEM 2006 Summary Results

Cro

atia

Bra

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Phi

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Turk

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Col

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Uru

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Latv

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Fran

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Gre

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Finl

and

Italy

UA

E

UK

US

Sp

ain

Can

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Irel

and

100%

90

80

70

60

50

40

30

20

10

0

Per

cent

age

of e

ntre

pre

neur

s

Necessity motive more prevalent in low- and middle-income countries

Middle-income countries High-income countries

Opportunity motiveNecessity motiveOther

Internet. Such trends demand a new conceptual model inorder to reach consumers. “We have to get away fromadvertising as interruption,” said Marko Ahtisaari, Brandand Design, Blyk, Finland, “and towards advertising asengagement, as a conversation.”

Another undeniable trend, the erosion of intellectualproperty rights, hinders innovation. Or does it? At leastone participant freely advertises his concepts and newmodels on an open source blog, even before he entersdevelopment. “I don’t believe in secrecy,” explainedMartin Varsavsky, Chief Executive Officer, Fon, Spain,who describes his new ideas online to fertilize what hecalled “an ecosphere of disruption.” In so doing, he hasbonded with other innovators and nurtured a self-sustaining group of forehanded investors – and, at thesame time, he built his company into the world’s largestWi-Fi network.

In the world of investment, no industry has been moredisruptive than private equity. And, while many praise andenvy private equity firms for their stunning returns, manyothers have accused industry leaders of taking short-termapproaches and overzealously wielding hatchets with

Global Advertising Expenditure

Source: PricewaterhouseCoopers, Wilkofsky Gruen Associates, "Global Entertainment and Media Outlook: 2006-2010"

Total $326 billion $413 billion $470 billion $521 billion100%

80

60

40

20

0

Per

cent

age

of w

orld

ad

vert

isin

g sp

end

2001 2006F 2008F

Forecast

2010F

Internet advertising to exceed radio by 2008

Internet

Radio

Outdoor

Newspapers*

Television

Magazines

3%5%

9%

15%

33%

36%

7%5%

8%

13%

29%

38%

9%5%

8%

13%

28%

38%

10%

5%

8%

12%

27%

39%

* Newspaper website advertising counted in both Newspaper and Internet categories beginning in 2003, but not double-counted for totals.

QiagenQiagen is a Netherlands-based holdingcompany which is a leading provider ofinnovative sample and assay technologiesand products for DNA and RNA basedmolecular diagnostics, research for lifesciences and applied testing.

“Traditional drugs were like rustyhammers where you hit a patient onthe head to see if the drug works ornot. Now we are leading the waytowards personalized medicine.”

Peer M. Schatz, Chairman and Chief Executive Officer,Qiagen, Netherlands

Global Growth Company Profile


Yet, while new environmental innovators look to disruptold models, they are often met by the inertia of oldorders. Zhang, who is also the Vice-Chairman of theSustainable Building and Construction Initiative of the UNEnvironment Programme, shared his perspective stating:“I think that government products are not really linkedwith the economic results. If they were, [the government]would be more focused on energy conservation.”

Ultimately, government and international regulation willonly succeed in protecting the environment if it iscombined with a shift in consumer behaviour. Thepopularity of Toyota’s Prius shows that such a shift isalready underway; but a deeper sense of buyerresponsibility for everyday purchases could lead to newmodels of production. “It may be that what causes thegreening of China is not the Chinese government, butAmerican consumers,” said Hobbs.

Public Financing for Renewable Energy

Source: OECD/IEA, BP Statistical Review of World Energy 2006

$2,500

2,000

1,500

1,000

500

0

Rea

l wor

ldw

ide

gove

rnm

ent

rene

wab

leen

ergy

R&

D b

udge

ts (U

S$,

mill

ion)

$100

80

60

40

20

0

Crud

e oil prices (U

S$ p

er barrel, 2005 d

ollars)

Renewable energy R&D by type (left axis)

Alternative energy commitments follow the real price of oil

Hydro OtherBiomassWind Ocean GeothermalSolar

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

Crude oil prices(right axis)

JASDAQ Securities ExchangeInc.JASDAQ is a Japanese securitiesexchange providing a stock marketspecializing in new ventures and SMEs.

“Things are becoming more globalizedand investors would like to invest‘borderlessly’. So stock exchangesshould be more globalized too. The keyshould be collaboration. We need bettercooperation among exchanges.”

Takashi Tsutsui, President and Chief Executive Officer,JASDAQ Securities Exchange, Japan



Finally, one of the most complex challenges facing theNew Champions is how to go global. Conventionalwisdom holds that companies will first attempt to capturetheir domestic market, then expand slowly by enteringmarkets of geographic neighbours. The idea is bestrepresented by the Singaporean government’sencouragement 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-Forumsurvey revealed that a plurality of Global GrowthCompanies look first to enter the US markets, despite thecommon worry that foreign consumers would shy awayfrom unknown brands. The corollary challenge is fosteringcorporate management that can traverse different culturalcontexts – and think globally. “We need people who canunderstand the local culture of a country,” said MauriceLévy, Chairman and Chief Executive Officer, PublicisGroup, France, and Member of the Foundation Board ofthe World Economic Forum.

The challenge of creating a globally-orientedmanagement is made more difficult by the split betweenyounger executives – who are much more in tune withthe needs of foreign marketplaces – and themanagement board, who tend to be over 60 and moreprovincial in their outlook. “The board and themanagement are the last to get the idea that going globalis an imperative,” said Anand P. Raman, Senior Editor,Harvard Business Review, USA, the author of the HBR-Forum study.

Ultimately, the business of being a Global GrowthCompany is not for the faint of heart. The risks are high -but so are the rewards. “Be brave, be innovative andnever cease in this endeavour,” Wen Jiabao, Premier ofthe People’s Republic of China, told the leadership of theNew Champions.


The DNA of New Champions

“Being good in business is the most fascinating kind ofart,” said Andy Warhol. Today, the most understudiednew “artists” come from rising power countries like Brazil,China and India. But their canvas is the globalmarketplace. What are the dominant traits of these newGlobal Growth Companies? The New Champions are avaried lot, but certain themes recur. Those that surviveand thrive keep and retain talent; lead with vision andfoster an attractive corporate culture; and look globallyand adapt quickly to competitors’ innovations.

Unsurprisingly, most CEOs of Global Growth Companiesfind that, while financial resources are often availableinternally, human resources are a scarce commodity.“New Champions, Global Challenges,” a survey of some50 such CEOs by the Harvard Business Review and theWorld Economic Forum, found that a plurality felt that“finding seasoned executives” was their toughestchallenge.

The challenge is not limited to recruitment. Today’scollege graduates can expect to change jobs a dozentimes. Many will also change careers, even countries,more than once. “I believe the war for talent is over,” saidKevin L. Kelly, Chief Executive Officer, Heidrick &Struggles International, USA. “Talent won.” But for GlobalGrowth Companies, the wide-open labour market canalso be an opportunity. Three-quarters of the CEOssurveyed in the HBR-Forum survey revealed that theyemployed 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 iseffective leadership. “Only 30% of individuals move forcompensation,” said Kelly, who fronts a leading executivesearch firm. To woo the remaining 70%, “create anenvironment in which the best can work with the best,”advised Verwaayen. By enhancing core competencies, byfostering a sense of urgency and by creating an attractivecorporate culture, chief executives can build acorporation that employees do not want to leave.

Elemental to building a sustainable business is includingspace for potentially innovative – if temporarily disruptive– ideas. “If you’re one of the New Champions,” said SirMartin Sorrell, Group Chief Executive, WPP, UnitedKingdom, “you have to ask if the vision and energy of theindividual is leading the business.”

A business structure that fosters communication betweenemployees and employers – yet puts the customer first –will be the most sustainable model over the long term.“Traditional leadership was about leading primarilyvertically; but leading a network is much more challengingbecause it requires horizontal leadership skills,” said JulieLouise Gerberding, Director, Centers for Disease Controland Prevention, USA. “Communication is absolutelycritical; listening and learning is essential.”

Beyond staffing issues, Global Growth Companies facesignificant competitive pressures. “The strongest model isa uni-branded model that grows organically,” said Sorrell.“But that takes time to grow.” Another traditional model isone that relies on innovation. But the HBR-Forum studyfound that the most frequent concern of the NewChampions was how to be a “fast follower”, and takeadvantage of competitors’ innovations by making thembetter or more cheaply.

Features of Companies Built to Last

Source: Jim Collins and Jerry I. Portas, Built to Last (Harper Business, 1994)

12

8

9

5

6

7

11

10

4

Core ideology

Use of “Big Hairy Audacious Goals”

Built-to-Last companies*Comparator companies

Evidence of “cultism”

Purposeful evolution

Management continuity

Mechanisms forself improvement

Max

Min

Enduring companies built on continuity and culture, not big ideas and charismatic leadership

* 18 operating US-based firms founded in 1945 or earlier, identified in a survey of CEOs as a "highly visionary" company.

“Whereas in the past, the advantage may have comefrom 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

Dalian Wanda GroupWanda Group is one of the earliest jointstock enterprises in China's northwest,involved in commercial real estate,residential real estate, the cultural industryand grand hotels.

“For our company, it is not simplyabout keeping costs down andrelying on connections to dobusiness. Companies like us mustfocus on conducting fairtransactions. We also implementenergy-saving and environmentallyfriendly practices. We try to be inareas where there is a goodenvironment. We give to charity.”

Wang Jianlin, President, Dalian Wanda Group, People'sRepublic of China




Even Europe has been revitalized, thanks to low-costmanufacturing and rising consumer spending in easternEurope. Germany has bounced back from its costlyreunification to become a centre for investment inbiotechnology and IT. Now Japan is also re-emergingafter a “lost decade” of moribund growth. Despitecontinued political stagnation, the reforms of the past fewyears set in motion the privatization of the country’smassive public savings bank. That event promises tounleash a torrent of capital that can combine with risingspending by the country’s retirees to finance new growth.

And despite the uncertainty surrounding its economy,opportunities in the US still abound. Manufacturing jobsmay be going to China and services to India, but thespread of e-commerce has positioned the US as thestorefront of the world. US companies also stand tobenefit from the push by China and other nations intocleaner energy. As in Europe, Americans over 45 aretaking advantage of improving health to extend theirproductivity, start businesses and add more value to theeconomy.

Companies hoping to seize these global opportunitiesneed to do their homework. “When you invest moneyabroad it’s very important to realize that there are certainrules and regulations one has to recognize. Some ofthese rules are written and some are not written,” saidSoud Ba’alawy, Executive Chairman, Dubai Group,United Arab Emirates.

Perhaps the biggest risk facing companies goingoverseas is the backlash against globalization, particularlyin the US. Weakening economic signals during apresidential election year raise the likelihood thatlegislation imposing trade sanctions on China will bepassed.

Whether lobbying against protectionism in the US oradvocating more transparent regulations in Africa,companies need to take a proactive role. Partnering withregulators helps educate them on the industry’s needs,formulate smarter policies and maintain a constructivedialogue. Many companies mistake light regulation withgood regulation, but the unfolding product safety scandalin China underscores how problems in one country canhurt a company’s reputation worldwide.


The Shifting Landscape

While companies struggle to respond to a rapidly shiftingglobal landscape, Global Growth Companies havebecome a powerful force of their own on the globalscene. “The global growth enterprises,” said China’sPremier Wen Jiabao, “are playing a key role in worldeconomic development.” For the Global GrowthCompany CEO, running the business increasinglyrequires anticipating the potential impact of events half aworld away. “Business leaders need to have a truly globalperspective,” said Wen. “They should not only know whatis 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 GrowthCompanies, therefore, must recognize and exploit theirlong-term ability to affect and improve the landscape andso gain new markets, scale and productivity. “We don’tneed a CEO that manages only the business,” saidMohammed Al Gergaw, Minister of State for CabinetAffairs of the United Arab Emirates, and ExecutiveChairman, Dubai Holding. “We also need him tounderstand the social aspects of working in a lot ofcountries – and the political aspect. So he is a CEO andpolitician, or a policy-maker at the same time.”

Despite predictions for 4.9% global economic growth in2007, the global backdrop appears decidedly uncertain,particularly in a country long associated with stability –the United States. Distracted by a deeply unpopularpolicy in the Middle East, the US appears to berelinquishing diplomatic leadership in other regions, suchas Asia.

The unfolding crisis in the mortgage lending industrythreatens US consumer spending and economic growth.Many question whether the global economy canwithstand a downturn in both the US economy and theUS dollar. Some believe that robust economies andmassive foreign currency reserves will insulate Asia, butothers warn that the region is still too dependent onexports not to be affected. Much of Asia’s reserves arealso invested in the US and stand to suffer from fallingasset prices there.

But China and India have emerged as economiclocomotives in their own right, helping to support arecovery throughout the developing world and in othermature 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, forexample, underpins strong demand for fixed assets.China’s efforts to reduce consumption of raw materialsand lower pollution are a bonanza for providers of cleanenergy.

India, too, faces problems of pollution and urbancongestion. But its government has called for a near-doubling of investment to 8% of GDP to improve urbanservices and broaden development. The devolution ofpower from Delhi to the states, while creating regulatoryheadaches for investors, is fostering competition forinvestment. And an influx of overseas Indians is injectingexpertise and connections that could boost India’s allureto foreign investors in the wake of the latest marketturmoil.

The tsunami of wealth being created in China and India isreverberating far abroad. South-East Asia has recoveredfrom the financial crisis a decade ago and is promotingeconomic integration to position itself as a hub for goodsand services between the two giants.

Investment by China in Africa’s raw materials andinfrastructure is fuelling economic growth where Westernaid failed, turning the continent into an important energyplayer. Resource-rich Latin America is also experiencingnewfound optimism, with Colombia staging a remarkableturnaround and Brazil enjoying a retail and services-ledboom. Despite its own political turmoil, the Middle East isshowing signs of a revival, spurred by high oil prices, andfuelling a real estate and infrastructure boom that isswelling the ranks of an Arab middle class.

Monex Inc.Monex is the sole online investment bankin Japan offering online brokerage, mutualfunds and alternative investment funds aswell as IPO underwriting services. It seeksto create a new nationwide infrastructurecapable of replacing the post office.

“The last thing Japan should do is worry

too much about Japan.”

Oki Matsumoto, President and ChiefExecutive Officer, Monex, Japan



Companies need to conduct strict audits of their supplychains and make sure they do not apply varyingstandards from one country to another. They shouldencourage regulators to adopt the highest internationalstandards for their industry, thereby encouraging scaleand innovation across borders. Those venturing into newmarkets should even consider teaming up with localcompetitors, combining their strengths to help openregulatory doors.

Above all, Global Growth Companies have to recognizethat with their influence comes responsibility. Makingprofits for shareholders is no longer enough, said E.Neville Isdell, Chairman and Chief Executive Officer,Coca-Cola Company, USA. “If we’re not seen both inperception and in reality as being an integral andfunctioning part of every community and society weoperate in, I think that the model that we have is indanger.”

Global Growth

Source: IMF

8%

6

4

2

0

GD

P g

row

th

Emerging market anddeveloping countries

World

Forecast

Advancedeconomies

1993

1984

1985

1986

1987

1988

1989

1990

1992

1991

1994

1995

1996

1998

1999

2000

1997

2003

2002

2006

2005

2007

F

2004

2001

2008

F

Developing world sets the pace for global economic growth

NeusoftNeusoft is a leading software and serviceprovider and the largest offshore softwareand service outsourcer in China.

“The IT services sector will keep up 20-30% growth over the next 10 years forboth local and international businessesdoing business in China. Moreoutsourcing of services will come toChina. But we still face challenges - howto change our image with regard to theprotection of intellectual property, forexample. Also, can we provide the talentwe need?”

Liu Jiren, Chairman and Chief Executive Officer, Neusoft,People's Republic of China



“Policy-making is much more complicated than before,”explained Fan Gang, Director of the National EconomicResearch Institute at the China Reform Foundation.Achieving economic growth is no longer the paramountobjective. Addressing environmental and social pressuresare now major priorities for the central government.Chinese policy-makers “have more diversified goals thaneven five years ago,” added Fan Gang. “They have tothink about many other issues. Even economic policyitself is more difficult to make. It is more difficult to makequick changes because of the constraints.”

Companies new to China and veterans alike will have tograsp the ways in which China has changed, andcontinues to change, if they are to adopt the strategiesthey need to succeed in this Olympic-sized market. Forany China player, perhaps the biggest mistake would beto make outdated assumptions about the market. Forexample, in some sectors, China has become a highlycompetitive playing field, with local enterprises competingnot just among themselves but also with foreign entities.

Income Distribution in China Has Broadened Over 30 Years

Source: Xavier Sala-i-Martin; Gapminder.com

$100 $100,000$10,000$1,000

Num

ber

of p

eop

le

China2000

China1970

World2000

World1970

Income per year

140,000

120,000

100,000

80,000

60,000

40,000

20,000

While it is true that the tight labour market in somesectors has made job-hopping a problem, manycompanies are able to cope and retain staff by makingthe right first hires and offering employees a careerdevelopment path. And, while hobnobbing withgovernment officials on the golf course or in karaokeclubs may have been a good way to secure approvals inthe old days, today a more effective strategy may be torecognize the professionalism and quality of governmentofficials at every level and keep relationships proper andat a high level.

Companies still hesitant about introducing theirtechnology to China for fear that their intellectual propertyrights will be violated may lose out to rivals whoappreciate that the IPR situation has clearly improved.While enforcement remains inadequate and thepunishment for violators not harsh enough, by mostaccounts, the commitment of the Chinese leadership toIPR protection is strong and consistent. Knock-offs areharder to find in the big cities, and Chinese consumersare becoming more conscious of IPR. As the number ofChinese-held patents continues to increase sharply, morelocal enterprises are joining the fight to enforce IPR.

Forecast Consumption Growth in China

Source: National Bureau of Statistics of China; McKinsey Global Institute analysis

2025

2004

0 5,000

Real consumer spending (RMB, billion)

10,000 15,000 20,000

CAGR: 6.7%

CAGR: 9.5%

Overall spending expected to increase almost 9% per year

CAGR: 11.8%

FoodRecreation,Education

Housing,Utilities

Transportation,Communication Healthcare Apparel

Householdproducts

Personalproducts


Inside China

As a venue for the Inaugural Annual Meeting of the NewChampions, Dalian embodied the dynamism inherent inthe New Champions and highlighted the ongoingtransformation taking place across Chinese society. Thecity is one of China’s fast-growing, “second-tier”municipalities, quickly turning into a globally connectedhub for manufacturing and services. Dalian is one ofChina’s new champion cities. And China is an economythat is facing many of the same challenges that the NewChampion enterprises must address such as managingrampant growth, dealing with the pressures ofglobalization and addressing the responsibilities of globalcitizenship. Like many of the Global Growth Companiesthat met in Dalian, China is at an inflection point in itstransition to a global leader.

To borrow the motto of the Olympic movement, China isrunning faster, rising higher and becoming stronger. Nextyear’s Olympics are likely to be as significant a validatingmilestone for China as previous Games were for SouthKorea in 1988 and Japan in 1964. It will be anopportunity for China to showcase its achievements. “Wein the West don’t understand the magnitude of what thisrepresents for China and the Chinese people,” saidMaurice Lévy, Chairman and Chief Executive Officer,Publicis Group, France. “People’s mindsets will change. Itis also about national pride. This country has been lockedfor 50 years. It is absolutely huge.”

Of course, China has been opening up to the world formore than three decades. While the Olympics will serveas a catalyst for further economic progress and socialchange, many of the fundamental transformations thecountry is undergoing have been playing out for years.Consider, for example, the drop in the incidence ofpoverty. According to the World Bank, between 1981 and2001, the proportion of Chinese living in poverty fell from53% to 8%. Today, the biggest concern is risinginequality, the widening gap between rich and poor,particularly in urban areas. A key focus of policy-makers:how China can shift from its dependence onmanufacturing for export to a more consumer-driven,knowledge-based economy.

More Chinese Entering the Middle Class

Source: National Bureau of Statistics of China; McKinsey Global Institute analysis

100%

80

60

40

20

0

Sha

re o

f tot

al u

rban

dis

pos

able

inco

me

1985 1995 2005 2015

* Base year 2000, 1RMB=$0.12

2025

Poor (<25,000 RMB)

Global affluent(Incomes* >200,000 RMB)

Mass affluent(100,001-200,000 RMB)

Upper middle class(40,001-100,000 RMB)

Lower middle class(25,001-40,000 RMB)

“China is in the process of accelerating industrialization and urbanization. It’squite true that energy demand will increase in the future but, in the meantime, wewill also pay greater attention to energy saving and environmental protection.”

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


China is changing faster than even veterans of the marketcan fathom. Fail to appreciate how quickly the Chinesemarkets are expanding and a company could find itselfrunning behind its rivals. The swift rise in prominence ofthe Chinese capital markets – the biggest IPO last yearwas in Shanghai – is an example of just how fast Chinacan move when conditions are right. There is now serioustalk about combining the Shanghai, Shenzhen and HongKong markets into one platform to compete moreeffectively against New York and London. Such an ideawould have been unthinkable just five years ago.

Patent Activity Picking Up In China...

Source: State Intellectual Property Office of the PRC; World Intellectual Property Organisation

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

300,000

250,000

200,000

150,000

100,000

50,000

... driven by Chinese companies

Bar

s –

Pat

ents

gra

nted

by

Chi

na p

aten

t of

fice

Line — C

hinese app

licationsfor international p

atents*

2002 2003 20042001

Chinesecompanies

Foreigncompanies

2005 2006

* under the Patent Cooperation Treaty

Chinese applications forinternational patents

under the PatentCooperation Treaty

Indeed, any China player should resist thinking of thisunique market as being x number of years behind theUS, Europe or Japan. Even if it may lag now, thelikelihood is that China will leapfrog ahead and not simplyfollow from behind or catch up and converge with thepacesetters. Like the New Champion enterprises thatgathered in Dalian, China is setting its own path to globalcompetitiveness.

Chinese Equity Markets

Source: Thomson Financial

1000

800

600

400

200

0

$75,000

60,000

45,000

30,000

15,000

0

Trading volumes have increased 30-fold within 7 years

Chi

na-D

S M

arke

t, V

olum

e(m

illio

ns o

f sha

res

trad

ed)

China-D

S M

arket, Total return(100=

31 Dec 1999)

31 Dec 200331 Dec 1999

Volume

Total return index

31 Jul 2007

Acknowledgements

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

Strategic Partners

ABN AMRO BankAccel PartnersAccentureAlcan American International Group (AIG)Apax PartnersAudiAvayaBain & CompanyBooz Allen HamiltonBTThe Coca-Cola CompanyDeloitteDeutsche BankDubai HoldingErnst & YoungGoldman SachsHeidrick & Struggles InternationalHPInfosys Technologies Intel CorporationKPMGKudelski GroupManpowerMarsh & McLennan Companies (MMC)McKinsey & CompanyMerrill LynchMorgan StanleyNikeNYSE EuronextPepsiCo PricewaterhouseCoopersReliance IndustriesReutersSiemensSK GroupStandard Chartered UnileverUPSXenel GroupWPPZurich Financial Services

Dalian Partners

ARTOC Group for Investment & DevelopmentAtos OriginCambridge Energy Research Associates (CERA)Dalian Wanda Group

Dalian Supporters

AgilityCH2M HILL CompaniesFinancial Technologies (India)HCL TechnologiesInternational Bank of AzerbaijanInternational Finance Corporation (IFC)NeusoftOgilvy Public Relations WorldwidePhoenix Satellite Television Co.Shamil Bank of BahrainTCL CorporationTroika Dialog GroupUnderwriters Laboratories

Dalian Service Provider

China Mobile Communications Corporation


Mentors of the Inaugural Annual Meetingof the New Champions

Abbasi Group, United Arab EmiratesAditi Technologies Pvt Ltd, USAAdvanced Chemical Industries Ltd,BangladeshAdvantage Partners LLP, JapanAecon Group Inc., CanadaAir Arabia, United Arab EmiratesAK BARS Bank, Russian FederationAlvarion Ltd, IsraelAmalgamated Bean Coffee TradingCompany Ltd, IndiaAmeria CJSC, ArmeniaAPCO Worldwide Inc., USAApollo International Ltd, IndiaAsset Management Company UkrainianRealty Group, UkraineAVentures Group, UkraineAxiom Telecom LLC, United ArabEmiratesAzersun Holding, AzerbaijanBasis Management Company, RussianFederationBematech, BrazilCayan International Ltd, Saudi ArabiaCBC Capital, People’s Republic ofChinaCephalon Inc., USAChina Bohai Bank, People’s Republic ofChinaCJSC Industrial Association Konti,UkraineCMS Computers Ltd, IndiaColite International Ltd, USACompass Group, USACox Industries, USACrompton Greaves Limited, IndiaCYBIRD Holdings Co. Ltd, JapanDalian Dayang Trands Co. Ltd (DayangTrands), People’s Republic of ChinaDalian Hi -Think Computer TechnologyCo. Ltd (DHC), People’s Republic ofChinaDalian Wanda Group Co. Ltd, People’sRepublic of ChinaDashang Group Co. Ltd, People’sRepublic of ChinaEast African Cables Ltd, KenyaEgyptian Traders Co., EgyptEPS Co. Ltd, JapanEtihad Airways, United Arab EmiratesFar East Holding Group Co. Ltd,People’s Republic of ChinaFawaz Alhokair Group, Saudi ArabiaFinancial Technologies (India) Ltd (FTIL),IndiaFujia Group Company Ltd, People’sRepublic of ChinaFuture Technologies Inc., USAGlobis Group, JapanGolden Gate Business, UkraineGradient Company Ltd, RussianFederation

GROUPE Socota, MadagascarGruma SAB de CV, MexicoGulliver International Co. Ltd, JapanHealth Integrated, USAHill International Inc., USAHunter Dickinson Inc., CanadaIDEO Inc., USAiGATE Global Solutions Ltd, IndiaIHS Inc., USAIndustrial Construction & EngineeringCompany (SIAC), EgyptInner Mongolia Mengniu Dairy Industry(Group) Co. Ltd, People’s Republic ofChinaInner Mongolia Yili Industrial Group Co.Ltd, People’s Republic of ChinaInter Car Group, UkraineInternational Bank of Azerbaijan,AzerbaijanInternational Investment Bank, RussianFederationIntralot SA, GreeceJASDAQ Securities Exchange Inc.,JapanJSC Holding Company “AK BARS“-Russian FederationJSC Shipbuilding Plant «SevernayaVerf», Russian FederationKio Networks, MexicoKolibri Capital, USALANIT Group of Companies, RussianFederationM.P. Technologies Inc., JapanMARITIME BANK, Russian FederationMB Holding Company LLC, OmanMDS Holdings BVI, LebanonMENA Financial Group Ltd, United ArabEmiratesMetro International SA, United KingdomMineks International, TurkeyMKS Consulting Limited, JapanMonex Inc., JapanMoser Baer India Ltd, IndiaMuvis Srl, ItalyNational Oilwell Varco Inc., USAnetprice.com Ltd, JapanNeusoft Group Ltd, People’s Republic ofChinaNeuStar Inc., USAOdontoprev, BrazilOJSC KINTO, UkraineOJSC Ukrgasbank, UkraineOJSC Ursa Bank, Russian FederationOption NV, BelgiumOrganização Jaime Câmara, BrazilOTKRITIE Financial Corporation Ltd,Russian FederationPolitec, BrazilPraj Industries Ltd, IndiaQiagen NV, GermanyRajshree Sugars & Chemicals Ltd, IndiaRansat Group, United Kingdom

Regus Group Plc, United KingdomRupa & Co. Ltd., IndiaSAG Gest, Solucoes Automovel GlobaisSGPS SA, PortugalSamCorp, PeruSchoeller Industries GmbH, GermanySekunjalo Investments Ltd, Saudi ArabiaShanfari Group of Companies, OmanShoreline Energy International, NigeriaShuaa Capital PSC, UAESoftBank Investment (SBI Holdings) Inc.,JapanSolid Technologies Inc., Republic ofKoreaSuntone Business (Group) Co. Ltd,People’s Republic of ChinaSynergy Healthcare Plc, UnitedKingdomTag-it Pacific Inc., USATantash Investments, JapanTHine Electronics Inc., JapanTianjin Bohai Chemical Industry Group,People’s Republic of ChinaTianjin Jinbin Development Co. Ltd,People’s Republic of ChinaTianjin Materials Group Corp., People’sRepublic of ChinaTianjin Pipe (Group) Corporation,People’s Republic of ChinaTianjin Port (Group) Company Limited,People’s Republic of ChinaTianjin Tasly Pharmaceutical Co. Ltd,People’s Republic of ChinaTianjin Teda Group Co. Ltd, People’sRepublic of ChinaTianjin Zhonghuan Electronics andInformation Group Co. Ltd, People’sRepublic of ChinaTianjin Zhongxin Pharmaceutical GroupCorporation Limited, People’s Republicof ChinaTIBCO Software Inc., USAUnison Capital Inc., JapanUnivera, Republic of KoreaUTV Software Communications Ltd,IndiaVozrozhdenie Bank, Russian FederationWiseKey, SwitzerlandWockhardt Ltd, IndiaXi’an Dagang Highway Machinery &Electricity Co. Ltd, People’s Republic ofChinaYES BANK Limited, IndiaYida Group Co. Ltd, People’s Republicof China

Founding Members of the Community ofGlobal Growth Companies*

* As of 20 September 2007

Peter Bakker, Chief Executive Officer, TNT, Netherlands

Craig Barrett, Chairman of the Board, Intel Corporation, USA

Samuel A. DiPiazza Jr, Global Chief Executive Officer,

PricewaterhouseCoopers, USA

Mohammad Al Gergawi, Minister of State for Cabinet Affairs of

the United Arab Emirates; Executive Chairman, Dubai Holding

Jiang Jianqing, Chairman of the Board, Industrial and

Commercial Bank of China Limited, People’s Republic of China

Maurice Lévy, Chairman and Chief Executive Officer, Publicis

Groupe, France

William R. Rhodes, Chairman, President and Chief Executive

Officer, Citibank NA, USA

James J. Schiro, Group Chief Executive Officer and Chairman of

the Group Management Board, Zurich Financial Services,

Switzerland

Sir Martin Sorrell, Group Chief Executive, WPP, United Kingdom

Ben Verwaayen, Chief Executive Officer, BT, United Kingdom

Wang Jianzhou, Chairman and Chief Executive, China Mobile

Communications Corporation, People’s Republic of China

Wei Jiafu, Group President and Chief Executive Officer, China

Ocean Shipping Group Co. (COSCO) , People’s Republic of China

Yang Yuanqing, Chairman of the Board, Lenovo Group Limited,

People’s Republic of China


Peter Torreele is Managing Director of the World Economic Forum. Jeremy Jurgens is Director, ChiefRepresentative and Head of Global Growth Companies, World Economic Forum Beijing. The InauguralAnnual 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 theirwork at the meeting.

Associate Director, Editing: Nancy Tranchet

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

Photographs: Doug Kanter

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Inaugural Annual Meeting of the New Champions 2007