KPMG Attends Summer Davos, Focusing on Industrial Revolution 4.0 and Cooperation in a New Era
KPMG Attends Summer Davos, Focusing on Industrial...
The World Economic Forum’s 13th Annual Meeting of the New Champions 2019 is being held in Dalian, China from 1-3 July with the theme, “Leadership 4.0: Succeeding in a New Era of Globalisation.” Topics at this Summer Davos include Globalisation 4.0; building a more technology-oriented, sustainable and inclusive cooperative system; exploring new cooperative models in the new era; and examining how enterprises will embrace the Fourth Industrial Revolution to achieve sustainable and inclusive growth. Vaughn Barber, Global Chair of KPMG’s Global China Practice; Jeffrey Wong, Head of Advisory at KPMG China; Ronald Machan, Chief Solutions Officer at KPMG ASPAC; Reynold Liu, Head of Management Consulting, Innovation and Technology at KPMG China; and Linda Lin, Head of Deal Advisory at KPMG China; are all in attendance and will share their insights.
As it coincides with the 70th anniversary of the founding of the PRC, this Summer Davos offers a great platform for the country to showcase its developments and share its development experience with others. With accomplishments such as the Belt and Road Initiative, the Guangdong-Hong Kong-Macao Greater Bay Area Initiative, and China’s hosting of the International Import Expo, the country has demonstrated its determination to open up and offer a global plan to drive the Fourth Industrial Revolution.
Vaughn Barber, Global Chair of KPMG’s Global China Practice, said, “All parties need to cooperate to build a system that features the right strategy, comprehensive rules, fair competition and inclusiveness. In this way, enterprises can gain a better sense of participation, security, belongingness and dependence, which will result in more enterprises taking new opportunities that drive development.”
As market access becomes more relaxed and the business environment in China improves, multinational enterprises are increasing their investments and expanding cooperation in the world’s second-largest economy, and their Chinese market strategies are becoming increasingly important to them. Meanwhile, Chinese enterprises are ramping up their investments abroad, and more and more private businesses are “going out,” resulting in investments expanding from western industrialised countries to emerging markets, and from high-end manufacturing to consumer goods, energy and infrastructure.
Jeffrey Wong, Head of Advisory at KPMG China, said, “How can enterprises make the most of markets and resources at home and abroad, and then cross borders and cooperate economically and technologically and compete in new ways? This is a critical test for all businesses to achieve win-win benefits. As a platform for exploring new cooperative business models, the China International Import Expo not only helps improve trade balance and supply structure, but also directs domestic companies toward a more innovative development path, which is inconsistent with the country’s supply-side structural reforms. As China follows its established globalisation strategy, its enterprises will engage more in the international value chain and achieve industry upgrading, which will set them on the path toward more sustainable cooperation.”
Ronald Machan, Chief Solutions Officer at KPMG ASPAC, said, “In a world where technological innovations are booming, AI, robotics and IoT are bound to disrupt international business, and enterprises that fail to keep up will be left behind. Their understanding of innovative cooperative models is affected by many factors, including incentives and policies from governmental authorities, business incubation projects, technology parks, investments, and advanced infrastructure. Once the right conditions are in place, some enterprises will take risks and become the pioneers of this new era. With its broad resource connection platform and smart solutions, KPMG China is committed to helping enterprises embrace the Fourth Industrial Revolution.”
Reynold Liu, Head of Management Consulting, Innovation and Technology at KPMG China, said, “Competition is everywhere. Agile companies will always be able to shift from the old trends to the new ones, discover new growth points, find solutions to challenges, and gain competitive advantages over their peers. Digital transformation—the path to the digital economy—presents sustainable opportunities for enterprises around the world.”
Linda Lin, Head of Deal Advisory at KPMG China, said, “The size, diversity and complexity of transactions are increasing as outbound M&A intensifies. This results in more attention being paid to post-merger integration and regulation, and requires enterprises to focus more on synergies, oversee business risks more carefully and maximise their return on investment.”
New technologies such as AI and cloud computing are thriving; new dynamics are appearing in the global market, and enterprises are digitally transforming and improving their competitive advantages in order to create more value. However, the Fourth Industrial Revolution also poses challenges, such as how to embed technology, performance insights, functional processes and service delivery models into business practices and various organisational levels, and enterprises need to address these challenges in order to further their digital transformation.
About KPMG China
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In 1992, KPMG became the first international accounting network to be granted a joint venture licence in mainland China. KPMG was also the first among the Big Four in mainland China to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multi-disciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.
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