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class=\"wp-block-image aligncenter size-large\"><img decoding=\"async\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/CXOUNION\u65b0\u4e8c\u7ef4\u7801.png\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n<p>Song Zhiping, President of the China Association of Listed Companies and President of the China Enterprise Reform and Development Research Association: What are the core competitiveness of enterprises that can make money against the trend?<br>China&#8217;s economy has bid farewell to more than 30 years of rapid progress, and is undergoing a &#8220;shift&#8221; from speed to quality, combined with three years of COVID-19, which has made many Chinese enterprises accustomed to high growth feel uncomfortable. But many of the world&#8217;s biggest companies emerged during the crisis. In the current macroeconomic pressure, what kind of Chinese enterprises have more potential to break out of the trend and accumulate sustainable competitiveness?<\/p>\n\n\n\n<p>China has been the country with the largest number of companies on the Fortune Global 500 list for several years in a row, but the criticism that Chinese companies on the list are &#8220;big but not strong&#8221; has never stopped. What is the relationship between the bigger (scale) and the stronger (benefit) of the enterprise? Is there a contradiction between the two?<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>At the recent Fortune Global 500 Summit in Guangzhou, Wang Fang, managing editor of Fortune Shanghai, held a conversation on these issues with Song Zhiping, president of the China Association of Listed Companies and president of the China Enterprise Reform and Development Society.<\/p>\n\n\n\n<p>Song Zhiping, who has led state-owned enterprises for four decades, has been called &#8220;China&#8217;s Kazuo Inamori&#8221;. He has successfully brought two Chinese enterprises &#8211; China National Building Materials Group and Sinopsin Group &#8211; into the world&#8217;s top 500. He has deeply thought about enterprise management and innovation, and has published many books such as &#8220;Business Experience&#8221;, &#8220;Reinventing Excellence&#8221; and &#8220;Three Fine Management&#8221;.<\/p>\n\n\n\n<p>The following is an edited transcript of the interview:<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Q1: Mr. Song Zhiping, you have led two Chinese companies into the Fortune Global 500, and in 18 years at the helm of China National Building Materials, you have increased its annual revenue from 2 billion yuan to 400 billion yuan by 200 times. You also said that there are no unprofitable industries, only unprofitable businesses. Can you give us a break to say that those companies that can make money through the economic cycle have what core competitiveness?<\/h2>\n\n\n\n<p>Song Zhiping, President of the China Association of Listed Companies and President of the China Enterprise Reform and Development Research Association: Scholars can talk about core competitiveness very complicated, I will talk about it very simple, core competitiveness is the ability of enterprises to lead. In the past few years, in the process of economic changes, there are people in every industry who cannot survive, but there are also companies that are doing well and doing well that have strong core competitiveness.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Moutai, for example, is a very competitive enterprise. <\/h4>\n\n\n\n<p>First of all, its products have unique quality; Second, its brand is very strong; Third, it has a solid customer base; Fourth, its cultural penetration is strong; Fifth, its value creation ability is very strong. Moutai listed only once financing, financing 2.244 billion yuan, and over the years, it dividends more than 200 billion yuan, and now the market value is as high as 2.3 trillion yuan. From its example, we can see that core competence is a combination of several specialties.<\/p>\n\n\n\n<p>For example, in the Ningde era, power battery technology is its core competitiveness, but it is more than that, it has achieved extreme manufacturing in management. In the past, we said six sigma, that is, to control the defect rate of the product in one million, but the Ningde era to control the defect rate in one billion. Why so extreme? Because it is produced on a large scale, it wants to ensure that each battery does not heat up and does not burn. I went to see its production line, its AI production line 600 meters, there are 3,000 control points, every 1.7 seconds to produce a cell, 20 seconds to produce a module, 2 minutes and a half to produce a battery pack, to ensure that such large-scale production does not go wrong, it really has its core competitiveness.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Q2: To summarize, a company can achieve a certain core competence in technology, products, brand, management, or a combination of these factors. My next question is about innovation. You have in-depth research on innovation, think innovation is also about timing, innovation too early may become a &#8220;martyr&#8221;; And there are many kinds of innovation, not necessarily high-tech innovation, it can also be integrated innovation, zero technology innovation. China&#8217;s economy has left high-speed growth and entered a more moderate, more quality-focused stage of development. Is now a good time to innovate? What kind of innovation should enterprises do?<\/h2>\n\n\n\n<p>Song Zhiping, President of the China Association of Listed Companies and President of the China Enterprise Reform and Development Research Association: I think now is a good time to innovate, because innovation is sometimes forced out, if you have a very good life and count money there every day, you may no longer innovate. Now more emphasis is on scientific and technological innovation, but innovation has a variety of ways, its essence is a new combination of elements, there may be scientific and technological elements, but it may also be the combination of other elements, forming new products and new services that have never been.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>For example, GAC, which is also present today, has well handled a dilemma in innovation, that is. The balance between sustainable innovation and disruptive innovation. This is reflected in two levels: first, it has a traditional fuel vehicle, but also made an electric car; Second, it has joint ventures with Honda and Toyota, and at the same time it wants to do its own brand. Gac has struck a good balance on both levels.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">A similar example is Toyota of Japan. <\/h4>\n\n\n\n<p>Toyota did not do electric cars at the beginning, did hydrogen fuel vehicles. And now decided to do electric cars, and even put electric cars in the first place. But Toyota sold more than 9 million gasoline-powered vehicles worldwide last year. And will add another million this year, to more than 10 million, making it the world&#8217;s largest automaker by sales. In the era of electric cars, how can Toyota still do so well with fuel cars? Can production and sales be increased? I think it&#8217;s got some hard work, too.<\/p>\n\n\n\n<p>Most companies today face this kind of innovation dilemma. Both to do progressive continuous innovation, to continue to do the old product well. But also to do disruptive innovation, otherwise you may be disrupted by technology and competitors.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>At the same time, innovation is not just technological innovation. For example, Guangxin Holdings, which is present today, used to do trade. But in recent years, it has turned to industry. Its annual income has increased from 60 billion yuan in previous years to more than 200 billion yuan. And it has entered the world&#8217;s top 500. What it does is actually innovation in the development model, taking the road of mixed ownership, focusing on some very good industrial investment, do not understand and do not invest, do not mix and do not control and do not invest, and suddenly leap to become the first state-owned enterprise in Guangdong Province to enter the top 500. Therefore, innovation is not only high-tech innovation, but also medium &#8211; and low-tech innovation, and business model innovation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Q3: Every year after the release of the Fortune Global 500 list, there is a lot of discussion. One comment we often hear is that this is a &#8220;big but not strong&#8221; list. Now there are three different ways to make bigger, stronger and better, which are related to scale, strong and efficiency, and excellent and innovative ability. Can they coexist? Is there a conflict?<\/h2>\n\n\n\n<p>Song Zhiping, President of China Association of Listed Companies and China Enterprise Reform and Development Research Association: This is a very good question. We measure macroeconomic indicators called GDP, in the past, some people criticized the &#8220;only GDP theory&#8221;. But in fact today we are still talking about GDP. Just now, Mayor Sun Zhiyang of Guangzhou said that the GDP of Guangzhou last year was 2.88 trillion yuan. If he does not talk about this, how can we know the size of Guangzhou&#8217;s economy? We now have 24 cities with a GDP of more than one trillion yuan and 57 cities with a GDP of more than 500 billion yuan.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>When it comes to measuring the microeconomy, that is, companies, 28 years ago, Fortune magazine created a way to rank the world&#8217;s 500 companies by sales revenue, which it continues to do today. There is nothing wrong with this, as economies of scale are an important measure of a business.<\/p>\n\n\n\n<p>In my opinion, &#8220;big, strong and excellent&#8221; is an inseparable whole and cannot be singled out one by one. The growth of enterprises is like a small tree to grow tall, long and thick. But also fruitful and blooming, which are linked together.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">In 1995, Fortune began to evaluate the World&#8217;s top 500 list, and the following year, only four companies from the Chinese mainland, including Hong Kong, made the list. <\/h4>\n\n\n\n<p>This year, we have 142 companies, of which 135 are in the mainland. Including Hong Kong, 136 are in the United States and 41 are in Japan. Through the changes in the rankings, you can know how the development of companies in the world, it is a barometer. The annual release of the world&#8217;s top 500, in fact, also encourages the development and growth of many enterprises. It is a good thing, can not be said to be a bad thing. Fortune&#8217;s ranking of the World&#8217;s top 500 works to promote the growth of enterprises in various countries, which is a very inspirational list.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>I agree that large enterprises should be stronger and better. But they should not turn around and belittle themselves when it comes to being stronger and better. If it is not a bad thing that we have grown to such a size so quickly over the years. I don&#8217;t think we can draw this conclusion.<\/p>\n\n\n\n<p>Wang Fang: Just now I saw a very historic and valuable photo in the audience. In which you were holding two Fortune Global 500 certificates. You have witnessed the growth of Chinese companies on this list. Great companies are born in times of crisis. And the three that we know as Coca-Cola and the Detroit automakers both emerged during World War II. 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