DOCSLIB.ORG

Qingdao Haier Co., Ltd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Qingdao Haier Co., Ltd CFA Institute Research Challenge Hosted in Beijing, China Peking University Equity Research / Company Analysis Qingdao Haier Co., Ltd. (SHSE:600690) November 27 2015 Qingdao Haier: The Falling Angel Consumer Discretionary | Household Appliances Initiating Coverage – SELL Investment Highlights: Market Data (as of 27 Nov, 2015) Washing Machine: Haier’s Leading Position Challenged Current Price (CNY) 9.92 We believe that Midea and Little Swan will surpass Haier to Target Price (CNY) 9.11 become the top player in the washing machine sector, as they have % Decrease -8.2% developed a full spectrum of models that can better meet market Rating Sell demands (by double-branding strategies and focus on product 52 Week Range (CNY) 8.61~32.20 quality since 2013) Market Cap (CNY m) 60,742 Air Conditioner: Price War is Stealing Haier’s Market Share Shares Outstanding (m) 6,123 Due to mistaken strategy, Haier didn’t participate in the recent price war in air conditioner sector, leading to a severe market share loss. Market share, as the single most important driver in the sector, is rather hard to take back even if Haier fights a price war in the future Air Conditioner: Haier’s Weak Position in Central Air Conditioner Drags the Whole Segment Down Price Performance (LTM) We estimate the market size of central air conditioner in China to Qingdao Haier (LHS) SSECI (RHS) grow at a 16.3% CAGR to CNY 150bn by 2019, becoming the 18 6000 major source of growth. Despite overall market growth, Haier is 15 5000 losing this pie, owing to the weak technological position 12 4000 Valuations: 9 3000 We initiate a SELL rating on Qingdao Haier with a target price 6 2000 of CNY 9.11. We use DCF and comparable company approaches to derive our target price, with the belief that Haier’s washing machine and air conditioner will miss market expectations Upside Risks: Real Estate: Stronger than expected growth in sales volume of Chinese real estate market, on which white goods are highly dependent Product Upgrade: Demand for product upgrade explodes, bringing forth huge growth for Casarte; Haier’s excessive return from its smart appliance portfolio Mergers and Acquisitions: the overseas assets owned by Haier Group (parent company of Qingdao Haier) may be injected into Qingdao Haier in the future and thus increase the its EPS 1 Figure 1 Haier’s Business Structure 1. Business Description 1.1. Introduction: the World’s Largest White Good Manufacturer Established by reorganizing the Qingdao Refrigerator Factory in 1989, Qingdao Haier is the world’s largest home appliance manufacturer by retail volume. According to China IOL, Haier's refrigerators and washing machines ranked #1 in global market shares in 2014 (17%/14.4% by volume). In the domestic market, it Source: Company Website has a share of 24%/27% in refrigerator and washing machine by volume, according to CMM. With multi-brand lines, sales reached CNY 89bn in 2014, Figure 2 Revenue Breakdown by growing at 2.5% YoY, and net income rose to CNY 6.7bn with a 20.4% YoY. Geographies However, besides growth driven by ongoing urbanization, Haier’s washing 100% machine and refrigerator sales growth have lagged behind Midea in recent years. 10% 11% 11% 11% 12% 12% 80% Haier has an excellent operational track record, with revenue and net income 60% growing at 23%/20% CAGRs over the past 15 years, but growth has been 40% 90% 89% 89% 89% 88% 88% slowing down (even negative in LTM). Its 3Q15 results have painted a picture of 20% the trends of the business - sales declined by 11.0%, net income declined by 0% 2010 2011 2012 2013 2014 LTM 17.0%, both the largest declines ever seen. This sets the tone of our report. China Others 1.2. Business Segments: Multiple Product Lines and Brands Source: Company Filings Haier’s business is divided into 6 segments: Refrigerator, Air-conditioner, Washing Machine, Water Heater, Equipment and Integrated Channel Services. Figure 3 Haier’s Brands It owns a 51.2% stake in Haier Electronics (1169.HK), which contributed 76%/45% of the sales/EBIT in 2014. Haier Electronics’ business includes WM High-end and WH, as well as ICS, which caters to distribution of home appliances for Haier brand and third party brands, logistics for big-item products, and e-commerce. Mid-end Haier has adopted a multi-brand strategy, with high-end brands of Casarte and Fisher & Paykel (not consolidated), a mid-end brand of Haier and mass-market brand of Leader. “Haier” brand dominates 95% of the company’s home appliance sales in FY2014. As part of its high-end strategy, Haier established a team to run Low-end Casarte in 2H2014, hence boosting brand sales up by 40%/40% in 4Q14/1H15. 1.2.1. Refrigerator Source: Company Website As the largest business sector through which Haier rose to prominence, Figure 4 Sales from Refrigerator refrigerator makes up 28% of revenue in FY2014. Haier led the refrigerator market, which Euromonitor expects to grow at 3% volume CAGR over CNY bn 26.0 25.0 25.2 25.3 24.7 2015-2019, with a volume share of 26% (from CMM) in 2014. 24.0 However, refrigerator sales declined by 5.9% YoY in 1H2015, while market was 24.0 22.8 down by 2.1%. Moreover, sales from refrigerator have barely grown since 2011. 22.0 2010 2011 2012 2013 2014 LTM 1.2.2. Washing Machine Washing machine makes up 17% of revenue in FY2014. As a leader in the Figure 5 Sales from Washing Machine washing machine market, Haier shares 27% ofvolume in 2014. Faced with heavy CNY bn 15.3 15.6 competitions from Midea and Little Swan, Haier has lost 5.3% of washing 16.0 14.2 13.3 machine market share since 2012, with growth slowing down in 3Q2015. 14.0 12.2 11.5 1.2.3. Air-conditioner 12.0 10.0 Haier is the third-largest air conditioner manufacturer in China, with a market 2010 2011 2012 2013 2014 LTM share of 12% by volume in 2014. While air conditioner makes up 23% of revenue in FY2014, it has a high penetration in the 3rd and 4th tier markets, with 1,200 air conditioner specialty stores and 18,000 county stores. Despite growth during 2 Figure 6 Sales from Air-conditioner FY2010-2014, its air conditioner sales fell by 18.8% YoY in 1H2015. CNY bn 1.2.4. Integrated Channel Services 22.0 20.0 17.9 17.8 Under Haier Electronics, the fast-growing ICS business (4-year CAGR of 26.1%) 18.0 14.8 12.1 serves as the distribution/logistics network in lower tier cities by offering one-stop 14.0 11.4 supply chain services to Haier brands and third party brands. 10.0 2010 2011 2012 2013 2014 LTM In 2013, Haier Electronics reached alliance with Alibaba to strengthen logistics cooperation with e-commerce platform Tmall. This can be a potential source of Figure 7 Sales from ICS growth, but logistics sales from Tmall are still small, accounting for 1% of total CNY bn 18.0 revenue. Further considering the low margin nature of the logistic business (4.8% 20.0 17.4 17.0 12.6 GPM in 1H2015), we are not optimistic about its effect on Haier’s bottom line. 15.0 11.5 6.9 10.0 2. Management and Governance 5.0 2010 2011 2012 2013 2014 LTM Haier has a dedicated management team that has been continuously driving the Source: Company Filings company’s success. Being with Haier for >30 years, Zhang has turned the small factory with a loss of CNY 1.5m into the world’s leading white good manufacturer. Zhang is one of the most charismatic leaders in China. He received the "Ideas Figure 8 Revenue Breakdown by into Practice" award and was selected into the 2015 Thinkers50 ranking. Known Product Lines as the "Oscars of Management Thinking", the Thinkers50 rankings are admired 100% 11% 16% 16% 21% 20% 20% globally for its objectivity, and have recognized Zhang of his management 13% 80% 11% 9% 7% 5% 3% 5% 5% 6% 5% 7% 8% methods. Obsessed with the belief in high-value products, Zhang insists Haier 60% 18% 17% 17% 17% 17% 19% 18% 40% 17% 19% 21% 23% 21% always adhere to the "only value of war, not price war" principle. While we 20% respect his belief, we deem such strategy as a potential risk, given the 36% 34% 32% 30% 28% 29% 0% increasingly competitive market. In particular, the sector is one in which 2010 2011 2012 2013 2014 LTM RF AC WM WH EQ ICS customers have homogeneous demands, and are price sensitive. Being Source: Company Filings excessively tenacious of " high-end market" can pose threat when it shows sign of losing to low-end markets. Haier delivers best practices in corporate governance. The company was Figure 9 Residential real estate Sales awarded the Best Internal Governance Award by National Business Daily, and msm % Annual Information Disclosure Award by Shanghai Stock Exchange. In addition, 1,500 100 we evaluated Haier’s quality of governance in three main facets: 1,000 50 Committees - Established Audit, Risk, Compensation, Nomination and 500 0 Governance Committees to oversee company operations. 0 -50 2006 2008 2010 2012 2015 Shareholder Rights - Ensures shareholders enjoy equal rights; decisions YTD Residential Gross Floor Area Sold (LHS) regarding equity incentive plan, director appointments, and share YoY repurchase are made based on the results of open voting. Source: National Bureau of Statistics (PRC) Fairness - Hired lawyers with securities qualification to attend the shareholders' meeting to witness.
Load more

Recommended publications
  • Korea Tech Strategy
    November 13, 2012 The Age of Transition Korea Tech Strategy The outlook for IT from a “disruptive innovation” perspective Daewoo Securities Co., Ltd. James Song +822-768-3722 Mobile revolution: From revolution to evolution [email protected] The mobile revolution has been a history of „disruptive innovation.‰ And at the heart of Wonjae Park this remarkable shake-up lie Apple, Samsung Electronics (SEC), Google, and Amazon. +822-768-3372 Notably, the global IT industry is currently facing several major shifts and issues, [email protected] including: 1) AppleÊs „innovatorÊs dilemma‰; 2) a reshuffling of global supply chains; 3) Jonathan Hwang the return of Microsoft; and 4) the zero growth of the PC industry. How Korean IT +822-768-4140 players approach these issues will create significant implications for the memory, [email protected] display, components, and electronic materialsÊ markets in 2013 onwards. Will Cho “Apple without SEC” vs. “SEC without Apple” +822-768-4306 [email protected] Apple is now one of the most valuable corporations in the world. However, SEC sells Young Ryu more smartphones than Apple does. Unsurprisingly, global investors are paying keen +822-768-4138 attention to the competition between Apple and SEC, their innovations, and their [email protected] potential breakup. Our analysis suggests Apple is increasingly leaning toward „sustaining innovation‰ while SEC pursues a strategy of differentiation. At the same Brian Oh time, in reshuffling the global supply chain, we expect Apple could have difficulty +822-768-4135 [email protected] procuring parts supply without SECÊs contributions, while the Korean giant is likely to see very limited impacts from the absence of demand from Apple.
    [Show full text]
  • Final 2014 Return Shares for Electronics Manufacturers Washington State Electronic Products Recycling Program 4/24/2014
    Final 2014 Return Shares for Electronics Manufacturers Washington State Electronic Products Recycling Program 4/24/2014 The E-Cycle Washington program conducted 42 sampling events in 2013 gathering data on over 13,600 TVs, monitors and computers. That data was used to determine Return Share by manufacturer, summarized below. Identified Proportional Total Manufacturer Name Weight (lbs) Brands Return Orphan* Return Share (%) Share (%) Share (%) 605484 92.80937069 Sony Electronics, Inc. 66834 11.04 0.86 11.89 Panasonic Corporation of North America 54226 8.96 0.69 9.65 Philips Electronics 47779 7.89 0.61 8.50 Toshiba America Information Systems, Inc. 43922 7.25 0.56 7.82 Dell Computer Corp. 43199 7.13 0.55 7.69 Thomson, Inc. USA 43078 7.11 0.55 7.67 Hewlett Packard 26370 4.36 0.34 4.69 JVC Americas Corp. 25979 4.29 0.33 4.62 Sharp Electronics Corporation 20274 3.35 0.26 3.61 Acer America Corp. 19327 3.19 0.25 3.44 LG Electronics USA, Inc. 18656 3.08 0.24 3.32 Mitsubishi Electric Visual Solutions America, Inc. 17906 2.96 0.23 3.19 Osram Sylvania 15226 2.51 0.19 2.71 Samsung Electronics Co. 14872 2.46 0.19 2.65 Apple 14537 2.40 0.19 2.59 Hitachi America, LTD. Digital Media Division 11235 1.86 0.14 2.00 ViewSonic Corp. World HQ 9934 1.64 0.13 1.77 Emerson Radio Corp. 7163 1.18 0.09 1.27 General Electric Co. 5691 0.94 0.07 1.01 NEC Display Solutions 4833 0.80 0.06 0.86 TMAX Digital, Inc.
    [Show full text]
  • Haier Electronics
    The role of the Belt and Road Initiative on Chinese multinational enterprise strategy: a multiple case study A Master Thesis Presented to the Faculty of Economics and Business by Justin Brandsma S2734818 Supervisor: H.U. Haq Co-assessor: J.R. de Wit WC: 16484 June 2020 Groningen, The Netherlands The role of the BRI on Chinese MNE strategy 2 The role of the BRI on Chinese MNE strategy Foreword In front of you lies my master thesis on: “the Role of the Belt and Road Initiative on Chinese multinational strategy: a multiple case study“, written as part of the master’s degree in International Business and Management at the University of Groningen. I consider this thesis to be the culmination of 6 beautiful student years in the even more beautiful city of Groningen, a wonderful period of my life! My choice for this thesis topic dates back to my late middle-school and early high-school years where I developed a big interest in the ancient Greek history and mythology. Especially the tales of Alexander the Great who managed to expand the Macedonian empire all the way to northeast India were intriguing to me. This Greek venture East in 334BC led to the establishment of the earliest version of a trade route between Constantinople (Turkey) and Xi’an (China), known as the Silkroad. 1600 years later Marco Polo would travel this route from Venice to China and work as the personal advisor of the Mongolian ruler: Kublai Khan. The accumulation of his experiences and adventures in the East came together in the brilliant travel memoire written by Rusticello da Pisa named ‘il Milione’ or commonly known as the ‘the travels of Marco Polo’.
    [Show full text]
  • How to Set up Amazon Alexa on Hisense
    How To Set Up on Hisense TVs Compatible Models: 43H6E, 43H6080E, 43H8E, 43H8080E, 43H8608E, 49H6E, 50H6E, 50H6080E, 50H8E, 50H8080E, 50H8608E, 55H6E, 55H6080E, 55H8E, 55H8080E, 55H8608E, 55H9E PLUS, 55H9080E PLUS, 55H9100E PLUS, 65H6E, 65H6080E, 65H8E, 65H8080E, 65H8608E, 65H9E PLUS, 65H9080E PLUS, 65H9100E PLUS, 75H6E, 75H6080E, 75H8E, 75H8080E *Please call 1-888-935-8880 for any questions about compatibility. Your Hisense TV Model can be controlled by Amazon Alexa; this means it is “Works with Amazon Alexa”, or AVG (Audio Video Gear). With this feature, you can control your TV through: - Your Amazon Alexa Echo, Dot, Tab, Spot or Show - The FREE Hisense RemoteNOW application (Available on Apple App Store and Google Play Store) to change your TV’s channels, volume, and more. To use this feature, you will need to enable a new Skill on your Amazon Alexa (How-To will be completed later in this walkthrough). If you are new to Amazon Alexa, here is a quick FAQ: Q: What is a Skill? A: Alexa Skills are applications that give Alexa abilities, letting her speak to more devices and even websites. Q: How do I find new Skills? A: On the Alexa App, go to the Menu, and select Skills, or go to the Alexa Skills Store on Amazon Website: https://www.amazon.com/skills and search for the skill you want in the search bar or through the listing of skills displayed by default. Q: How do I enable Skills? A: Go to the menu, and select Skills. Or, go to the Alexa Skills Store on the Amazon Website: https://www.amazon.com/skills.
    [Show full text]
  • Datta, Hannes; Van Heerde, H.J.; Dekimpe, Marnik; Steenkamp, J.E.B.M
    Tilburg University Cross-National Differences in Market Response: Line-Length, Price, and Distribution Elasticities in Fourteen Indo-Pacific Rim Economies Datta, Hannes; van Heerde, H.J.; Dekimpe, Marnik; Steenkamp, J.E.B.M. Publication date: 2019 Document Version Early version, also known as pre-print Link to publication in Tilburg University Research Portal Citation for published version (APA): Datta, H., van Heerde, H. J., Dekimpe, M., & Steenkamp, J. E. B. M. (2019). Cross-National Differences in Market Response: Line-Length, Price, and Distribution Elasticities in Fourteen Indo-Pacific Rim Economies. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Download date: 02. okt. 2021 Universality or Differences in Marketing Elasticities in Emerging versus Developed Markets? The Moderating Role of Brand Equity Hannes Datta Harald J. van Heerde Marnik G. Dekimpe Jan-Benedict E.M. Steenkamp This version: September 13, 2019 Hannes Datta is Associate Professor of Marketing at Tilburg University (e-mail: [email protected]).
    [Show full text]
  • Overview of the Market on Refrigerating Appliances and Room Air Conditioners in East and Southern Africa
    Overview of the Market on Refrigerating Appliances and Room Air Conditioners in East and Southern Africa Date: 05 February 2021 Funded by: Acknowledgements Authors/Project team ● Godfrey Marambe, EACREEE ● Madeleine Edl, UNEP-U4E ● Mzwandile Thwala, UNEP-U4E ● Patrick Blake, UNEP-U4E ● Saikiran Kasamsetty, UNEP-U4E Special thanks The authors of this report would like to thank the following representatives for providing and reviewing the content contained within this report: ● Brian Holuj, UNEP-U4E ● Denis Ariho, EACREEE ● Fred Ishugah, EACREEE ● Karin Reiss, UNIDO ● Kuda Ndhlukula, SACREEE ● Michael Kiza, EACREEE ● Morris Kayitare, UNEP-U4E ● Nihar Shah, LBNL ● Pierre Cazelles, International Copper Association ● Prof. Mackay Okure, EACREEE ● Readlay Makaliki, SACREEE ● Theo Covary, South African National Energy Development Institute ● Won Young Park, LBNL In addition, the authors would like to thank the government officials and private sector representatives who have contributed to this report with valuable input through questionnaires, interviews and email exchange. Funding support from the Global Environment Facility (GEF), the Kigali Cooling Efficiency Program (K-CEP) and the United Kingdom’s Department for Environment, Food and Rural Affairs (Defra) was instrumental in enabling the drafting of this report. 2 Disclaimer The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the United Nations Environment Programme concerning the legal status of any country, territory, city or area or of its authorities, or concerning delimitation of its frontiers or boundaries. Moreover, the views expressed do not necessarily represent the decision or the stated policy of the United Nations Environment Programme, nor does citing of trade names or commercial processes constitute endorsement.
    [Show full text]
  • Industrial Policy and Global Value Chains: the Experience of Guangdong, China and Malaysia in the Electronics Industry
    Industrial Policy and Global Value Chains: The experience of Guangdong, China and Malaysia in the Electronics Industry By VASILIKI MAVROEIDI Clara Hall College This dissertation is submitted for the degree of Doctor of Philosophy at Centre of Development Studies, University of Cambridge Date of Submission: September, 2018 Preface This dissertation is the result of my own work and includes nothing which is the outcome of work done in collaboration except as declared in the Preface and specified in the text. It is not substantially the same as any that I have submitted, or, is being concurrently submitted for a degree or diploma or other qualification at the University of Cambridge or any other University or similar institution except as declared in the Preface and specified in the text. I further state that no substantial part of my dissertation has already been submitted, or, is being concurrently submitted for any such degree, diploma or other qualification at the University of Cambridge or any other University or similar institution except as declared in the Preface and specified in the text It does not exceed the prescribed word limit for the relevant Degree Committee. 2 Acknowledgments This thesis would have been impossible without the support and encouragement of a great many people that I met during this journey. My biggest thanks go to Dr. Ha-Joon Chang. He believed in me since the very first time we met and all our conversations since (together with the copious amount of red ink spent on my earlier drafts) have pushed me to think harder and improve not only as a scholar, but also as a person.
    [Show full text]
  • TECH EAST – Rough Notes 1/17/18 LVCC – North Hall
    TECH EAST – Rough Notes 1/17/18 LVCC – North Hall Company Booth Notes car as companion, butler, pet—AI—Design, mileage and handling 1 Toyota 6906 are secondary to what is the experience in the car and of the car. 2 NVdia 7019 Largest Chip manufacuturer for AI, VW Buzz (electric) Holodeck Car German Technical Car (competitor to Tesla) 3 Byton 6525 el Cell Technology, Charge Rage (Talk about Smart Cities in 4 Hyundia 6329 Westgate Hotel) 5 Ford 5002 (Smart cities/screen) “Roads are for driving, streets are for living” LVCC – Central Hall Company Booth Notes Digital Wall Paper OLED TV corner Comparitive Screens (4k, HDR, HFR, 8K, Image recognition and sharpening magic filters.) Artwork 1 LG 11100 Embedded Google assistant ThinQ (More Future Home and AI play) GE ranges that are Hey 2 Haier 11421 Googalized/Alexa The Stove is the hub of the smart home. EyeCandy World Cup Sponosr, Men in Blazers, Alexa Enable TVs Just ask Alexa. Battle for the home OS (TV and Interactions) Ecosystem Battle. 3 Hisense 10039 Intel 10048 4 Zones—5G, VR, AI and AD CityBeacon/Smart Cities 5 Intel 10048 AI/Urban Campus - power of the chip in all things. 6 Qualcomm 51116 Wearables, Mobile VR—discussion of 5G is coming, Property of StoryTech – not for press or media consumption - working document for CES® 2018 Tour Program LVCC – South Hall Company Booth Notes Smart Dog Eco System - total dog solution, doggie door, collar - 1 Alibaba 20206 activity tracker, food dispenser Venetian Blinds - each blind is a solar panel - sends power into the 2 Kodak 20612 house and grid
    [Show full text]
  • H8 Series 50-Inch Class 4K UHD Smart TV Specifications
    H8 Series 50-inch Class 4K UHD Smart TV Specifications Model Name 50H8C Series Name H8 Package Details Product Dimension (Without the stand) 44.1"W x 25.6"H x 3.3" D inches (With the stand) 44.1"W x 27.7"H x 9.7"D inches Weight (Without the stand) 27.6 pounds (With the stand) 28.2 pounds DISPLAY Active screen size (diagonal) 49.5 inches Screen type Flat Type of TV Smart TV Yes PICTURE QUALITY Screen resolution 3840 x 2160 Local Dimming Yes Local Dimming Zones Multi-zones 4K Upscaling Yes Ultra Smooth Motion Yes AUDIO Audio output power (Watts) 10W x 10W Audio technologies Supports Dolby Digital and dbx-tv® LANGUAGES On-Screen Display English, Spanish and French POWER Power Consumption 145W (max) Standby Consumption 0.5W Power Supply AC 120V, 60Hz CONNECTIVITY Wireless Built-in Yes (2x2 Dual-Band | 802.11ac) Ethernet Yes (gigabit) AirBridge® (Hisense-developed technology for content Yes (CAST) sharing between devices) HiMedia® (Hisense-developed technology for playing Yes (DLNA) digital content stored on a USB device or in the Cloud) All product, product specifications and data are subject to change without notice to improve reliability, function, design or otherwise. ©2016 Hisense USA, All rights reserved Page 1 of 2 PORTS HDMI 4 Ethernet (LAN) 1 USB 3 RF Antenna 1 RCA Composite Video Input 1 (shared with component) L/R Audio Input for Composite 1 (shared with component) RCA Component Video Input 1 L/R Audio Input for Component 1 Digital Audio Output 1 Optical Earphone/Audio Output 1 BUILT-IN APPS Over 30 popular apps Hisense Qview, Netflix,
    [Show full text]
  • China's March on the 21St Century
    China’s March on the 21st Century A Report of the Aspen Strategy Group Kurt M. Campbell, Editor Willow Darsie, Editor u Co-Chairmen Joseph S. Nye, Jr. Brent Scowcroft To obtain additional copies of this report, please contact: The Aspen Institute Fulfillment Office P.O. Box 222 109 Houghton Lab Lane Queenstown, Maryland 21658 Phone: (410) 820-5338 Fax: (410) 827-9174 E-mail: [email protected] For all other inquiries, please contact: The Aspen Institute Aspen Strategy Group Suite 700 One Dupont Circle, NW Washington, DC 20036 Phone: (202) 736-5800 Fax: (202) 467-0790 Copyright © 2007 The Aspen Institute Published in the United States of America 2007 by The Aspen Institute All rights reserved Printed in the United States of America ISBN: 0-89843-471-8 Inv No.: 07-007 CONTENTS PREFACE AND ACKNOWLEDGEMENTS . v DISCUSSANTS AND GUEST EXPERTS . 1 WORKSHOP AGENDA. 5 SCENE SETTER AND DISCUSSION GUIDE Kurt M. Campbell . 13 THE CHINESE ECONOMY:MAKING STRIDES,GOING GLOBAL Dominic Barton and Jonathan Woetzel Dragon at the Crossroads: The Future of China’s Economy . 25 Lael Brainard Adjusting to China’s Rise . 37 ENERGY, THE ENVIRONMENT, AND OTHER TRANSNATIONAL CHALLENGES John Deutch, Peter Ogden, and John Podesta China’s Energy Challenge . 53 Margaret A. Hamburg Public Health and China: Emerging Disease and Challenges to Health . 61 OF SOFT POWER AND CHINA’S PEACEFUL RISE Zha Jianying Popular Culture in China Today . 77 Wang Jisi What China Needs in the World and from the United States. 85 STRATEGIC COMPETITION,REGIONAL REACTIONS, AND GLOBAL GAMBITS Michael J. Green Meet the Neighbors: Regional Responses to China’s Rise .
    [Show full text]
  • Remote Control Codes
    Remote Control Codes DVD VCR/DVR CBL/SAT 1. While holding down the REMOTE MODE button 123 REMOTE MODE GAME/TV AUX1 AUX2 that you want to enter the code, press the DVD VCR STANDBY 456 TAPE TUNER CD [STANDBY] button. CD TV 789 CDR/MD On Integra products, button names are capitalized. For PHONO CABLE +10 0 example, “Remote Mode” button and “Display” button. SAT 2. Use the number buttons to enter the 4-digit remote control code. Note: • Remote control codes cannot be entered for the [RECEIVER] and [DOCK] REMOTE MODE buttons. Codes de télécommande Códigos de control remoto 1. Maintenez enfoncé le bouton REMOTE MODE 1. Mientras mantiuene pulsado el botón REMOTE auquel vous voulez attribuer un code et appuyez sur MODE para el que desea entrar el código, pulse el le bouton [STANDBY]. botón [STANDBY]. 2. Entrez les 4 chiffres du code de télécommande avec 2. Utilice los botones de número para introducir el les boutons numériques. código de 4 dígitos para control remoto. Remarque: Nota: • Il est impossible d’entrer des codes de • Los códigos del control remoto no se pueden entrar télécommande pour les boutons [RECEIVER] et para los botones [RECEIVER] y [DOCK] [DOCK] REMOTE MODE. REMOTE MODE. Codici del telecomando Fernbedienungscodes 1. Mentre tenete premuto il pulsante REMOTE MODE 1. Halten Sie die änderungsbedürftige REMOTE per il quale volete inserire il codice, premete il MODE-Taste gedrückt, während Sie die pulsante [STANDBY]. [STANDBY]-Taste betätigen. 2. Utilizzate i pulsanti numerici per inserire il codice di 2. Geben Sie mit den Zifferntasten den 4-stelligen telecomando a 4 cifre.
    [Show full text]
  • Emerging Best Practices of Chinese Globalizers the Corporate Global Citizenship Challenge
    Industry Agenda Emerging Best Practices of Chinese Globalizers The Corporate Global Citizenship Challenge In collaboration with The Boston Consulting Group © World Economic Forum 2012 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. Contents Preface 3 Preface The 42nd Annual Meeting of the World Economic Forum was held under the theme The Great Transformation: Shaping New Models 5 Executive Summary in January 2012. Leaders from business, government, international organizations and non-governmental organizations (NGOs) expressed 7 Part I The Economic Contribution of their aspirations and exchanged innovative ideas on how we can Chinese Globalizers and Early Challenges create new global models needed for the inevitable transformation upon us. Given that China has been going through major changes 10 Part II The Development of Corporate in the past three decades, this journey is one that is already rather Global Citizenship among Chinese familiar. In every corner of this vast nation, transformations have Companies over the Past Decade time and again improved people’s lives, from remote rural regions to 10 2001-2005: Re-introduction after modern urban cities, from traditional media to social networks, from joining WTO private companies to state-owned enterprises. 11 2006-2007: Evolution of the Robert Greenhill China’s impact on the world economy is increasing constantly, corporate citizenship concept Managing Director through a greater global presence of Chinese companies in international markets. At the domestic level, the concept of corporate and Chief Business 11 2008-present: Accelerated responsibility is often well understood.
    [Show full text]