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Regional Champions Versus Global Players China: Media Coverage on Banks and Insurance Companies

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Regional Champions Versus Global Players China: Media Coverage on Banks and Insurance Companies 72 Economy Regional Champions versus Global Players China: Media coverage on banks and insurance companies 1) Most frequently covered banks and 2) Assessment of the banks and insurance companies insurance companies ICBC ICBC Bank of China Bank of China Ping An Insurance Ping An Insurance China Life China Life China Pacific Insurance Group China Pacific Insurance Group China Merchants Bank China Merchants Bank Bank of Communications Bank of Communications China Construction Bank China Construction Bank PICC PICC Minsheng Bank Minsheng Bank HSBC HSBC (...) (...) AIG AIG Citibank Citibank Pacific Antai Insurance Pacific Antai Insurance Citic Prudential Insurance Citic Prudential MetLife Inc. MetLife Inc. JP Morgan Chase JP Morgan Chase Manulife-Sinochem Manulife-Sinochem Axa-Minmetals Insurance Axa-Minmetals Allianz China Life Allianz China Life Liantai Metlife Liantai Metlife 0 100 200 300 400 500 0 % 20 % 40 % 60 % 80 % 100 % banks & insurance companies Number of passages of at least 5 lines Share of all passages Basis: 4,523 passages on banks and insurance companies in Liberation Daily and Basis: 4,523 passages on banks and insurance companies in Liberation Daily and Southern Metropolis Daily / Time period: 01/2006 - 05/2007 Southern Metropolis Daily / Time period: 01/2006 - 05/2007 The media image of most international fi nan- Stock market hype puts focus onto the fi nancial cial and insurance groups in China is friendly. sector Companies continue to benefi t from the image The strong focus on the stock market is partly due bonus of international brands as well as an over- to the macroeconomic signifi cance of trade in the all positive tone in the Chinese media. In the midst stock markets of Shanghai and Shenzhen. But more Research Source of the recent stock market boom, however, foreign than anything, it is carried along by the stock mar- corporations could not equal the hype on their ket fever of the urban Chinese population. General Warren, Annabel: Positioning for a Chinese competitors. Moreover, with the open- media such as the two newspapers analyzed respond big transformation ing of the banking and insurance sector to foreign to the information demands of their readers turned investments, the communication environment is shareholders. http://www.hillandknowlton. changing. MEDIA TENOR has analyzed how two A look at the topic structure of the news on banks com/common/file.php/pg/ Chinese newspapers have portrayed those chang- and insurance companies (charts 3 and 4) illustrates dodo/hnk_global/binaries/24/ es in their coverage on the fi nancial sector. the key role of stock market activities: The develop- AWarrenIPRAFrontline07-05-02.pdf ment of share prices was by far the most frequently Since 2006, MEDIA TENOR has been analyz- mentioned issue with regard to banks, while it came ing the coverage on banks and insurance companies, second in reports on insurance companies. Product- based on the examples of two Chinese newspapers: related topics, too, are of great importance to Chinese The Liberation Daily (Jiefang ribao) and the journalists and their readers: In the case of fi nancial Southern Metropolis Daily (Nanfang dushibao). groups they make up 28%, while as much as two They belong to the opinion leading media in the re- thirds of the articles on insurers dealt with this issue. gional newspaper markets of Shanghai and Guang- zhou, respectively. Regional champions dominate the agenda The long-term analysis illustrates the increasing News on the Chinese capital markets primarily fo- amount of articles on banks and insurance companies cus on Chinese companies. Chart 1 shows the domi- in both titles. Coverage shot up from an average 148 nance of the stock market newcomers ICBC, Bank news stories per month to about 300. The IPO of the of China, Ping An Insurance, and China Life. HSBC, fi fth largest bank ICBC and the subsequent IPOs of as the most strongly represented international cor- the insurers China Life as well as Ping An resulted in poration, ranks 11th, thus generating about 20 % of a strong presence in the general media. ICBC’s media presence. Media Tenor Research Report II/2007 MMT158-72-73_ChinaBanken-englisch.inddT158-72-73_ChinaBanken-englisch.indd 2 222.08.20072.08.2007 118:40:018:40:01 73 Economy 3) Topical structure of coverage on banks 4) Topical structure of coverage on insurance companies Aktienkurs Produkte/Dienstleistungen Produkte/Dienstleistungen Aktienkurs Geschäftsstrategie Geschäftsstrategie Geschäftsergebnis Innovationen Politik/Gesellschaft Politik/Gesellschaft Management Geschäftsergebnis Research Globalisierung Marktposition Management Veranstaltungen Image Klienten/Kunden E-Commerce Personalpolitik Globalisierung Personalpolitik E-Commerce Investitionen Image Marktposition Innovationen Klienten/Kunden Investitionen 0 200 400 600 800 1.000 1.200 0 100 200 300 400 500 600 700 Number of passages in at least 5 lines Number of passages in at least 5 lines Basis: 4,523 passages on banks and insurance companies in Liberation Daily and Basis: 4,523 passages on banks and insurance companies in Liberation Daily and Southern Metropolis Daily / Time period: 01/2006 - 05/2007 Southern Metropolis Daily / Time period: 01/2006 - 05/2007 In the course of WTO agreements, the political to position oneself as a competent and trustworthy framework changed signifi cantly, resulting in open- partner. Aside from social commitment, banks and ing up retail banking for foreign banks and extending insurance companies could focus their communica- business activities for foreign insurers. The more in- tion activities on training and professional education tensive market penetration and strong importance of activities for local employees as well as on the imple- practical topics in the coverage on the industry sector mentation of international fi nancial standards. provide continuous communication opportunities for International fi nancial institutes could also take foreign players. greater advantage of the high demand for stock mar- ket information and achieve permanent visibility in Patriotism versus image bonus the Chinese media, by providing their know-how as In this context, most of the international corpora- fi nancial market experts in the form of media part- tions are able to benefi t from an image bonus. The nerships. All in all, the dynamic market development company’s image as well as offi cial diplomatic rela- and regional expansions also offer multinational tions to the country of origin continue to be impor- banks and insurers new opportunities to position tant for how quality and reputation of international themselves strongly through communication. (san) companies are perceived. German brands are primar- ily associated with “quality, reliability and trustwor- thiness”, but are seen as less innovative and modern Basis (comp. BBDO, 2005). 4,523 passages in the Chinese newspapers Liberation Other aspects are the return to Confucian values Daily (Jiefang ribao) und Southern Metropolis Daily (Nanfang and the strengthening of patriotism, which is mani- dushibao) fested in the demand for a “purely Chinese” produc- Time period: 01/2006 - 05/2007 tion without foreign corporations. Corporate Social Analysis: all passages on banks and insurance companies of at Responsibility (CSR), too, is increasingly questioned least 5 lines and covered prominently with regard to non-Chinese companies (charts 1 and 2). Communication opportunities The last aspect, in particular, offers the opportunity Media Tenor Research Report II/2007 MMT158-72-73_ChinaBanken-englisch.inddT158-72-73_ChinaBanken-englisch.indd 3 222.08.20072.08.2007 118:40:028:40:02.
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