Cover Story
“ENTERPRISE CHINA” BEIJING’S COMPETITIVE STRATEGY AND BATTLE PLAN, AND THE IMPLICATIONS FOR U.S. POLICYMAKERS AND BUSINESS LEADERS IN THE YEARS AHEAD. by J. Stewart Black & Allen J. Morrison
President Xi Jinping is seen on a large screen during the 100th anniversary celebration of the founding of the Chinese Communist Party at the Bird’s Nest National Stadium in Beijing on June 28, 2021.
In 1995, when Fortune first published its Global 500 ranking, China had only three firms on the entire list. In 2021, it not only had three firms just in the top 10, but had more total firms than any other country, including 11 more than the United States. Back in 1995, when we would ask U.S. executives to name key Chinese competitors, most could not. Today most can, even if they can’t pronounce their names and simply refer to them by their initials such as SAIC (Shanghai Automotive Industrial Company), ICBC (Industrial and Commercial Bank of China), or CNOOC (China National Offshore Oil 10
Company). Similarly, in 1995, many, if not most, American policymakers and politicians believed, or at least hoped, that greater commercial engagement by and with China would lead to greater liberalization within the country. Few, if any, believe that today. Over the past two-and-a-half decades, China’s economy and commercial enterprises have grown in size and scale such that no one can overlook them. However, our research and work with top executives globally suggest that many nonetheless retain two critical misperceptions. First, where many see scores of independent, multibillion-dollar enterprises, there
RIPON FORUM February 2022
