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Wenzhouese Enterprises Dialogue with Fortune Global 500 to Become Stronger
Date:2021-10-28 10:56:12 Source:Wenzhou·China Fonts:[ Large Medium Small ]

At the 2021 Fortune Global 500 Summit held in Hangzhou on October 19, 7 Wenzhouese enterprises were invited to attend the meeting, among which People Electric Appliance Group was a representative of Wenzhouese enterprises at the “Dialogue between Eagle Enterprises and Fortune Global 500” and CHINT Group participated in the release of the “Eagles Piloting Low Carbon Initiative”.

To seize the opportunity presented by the reconstruction of global industry chain and value chain after the COVID-19 pandemic, to deepen high-level opening up and cooperation and to facilitate international and domestic circulations, the Economy and Information Technology Department of Zhejiang Province, together with Hangzhou Municipal Government and Fortune Magazine, co-organized the “2021 Fortune Global 500 Summit”.

With the theme of “A New World in Reinvention”, the summit featured a roundtable discussion, Dialogue between Eagle Enterprises and Fortune Global 500, release of the Eagles Piloting Low-carbon Initiative, and the Fortune 500 Coming to Zhejiang, etc. Executives from the Fortune 500 companies and renowned scholars carried out heated discussions on manufacturing in the digital era, a more resilient global supply chain, the role of big companies in a crisis, localization of global brands, and technological innovation etc.

“Only innovation can build the core competitiveness of an enterprise,” said Zheng Yuanbao, Chairman of People Electric Appliance Group at the “Dialogue between Eagle Enterprises and Fortune 500”. He shared his views, practices and experience of innovation, which attracted enormous attention. “The key of innovation for enterprises is boiled down to forward integration and backward integration, with the former taking root by the mastery of core technology and the latter by the user market.” “The first question of innovation should be ‘what additional value will be brought to the user’ rather than ‘how advanced are the indicators of the new product’.”

In fact, innovation is the core “secret key” for People Electric Appliance Group  to keep getting bigger and stronger. The Group has established strategic cooperation with more than 30 universities and R & D institutions, owning more than 100 national key new products and over 1,000 domestic and foreign patents. Its products are used in major projects at home and abroad, such as the Beijing-Shanghai High-speed Railway, Three Gorges Hydropower, South-to-North Water Diversion Project, Qinghai-Tibet Railway, Chinese Lunar Exploration Program and THAI AN Hydropower Plant in Vietnam. The Group has also been selected as one of the first batch of “Eagle Action” incubatees in Zhejiang.

Aiming at the goal of “cultivating first-class enterprises with global competitiveness”, Zhejiang Province launched the Eagle Action in 2019, striving for 20 enterprises with 100 billion revenue and 6 Fortune 500 enterprises by 2022. A number of “Eagle Action” incubatees were invited to the Summit so that they may benchmark themselves against the top enterprises and become better and stronger. 7 present Wenzhouese enterprises were People Electric Appliance Group Co., Ltd, Tsingshan Holding Group, CHINT Group, DELIXI Group, C&U Group, Huafon Group and Semir Group.

In recent years, Wenzhou has made vigorous efforts to cultivate Eagle Enterprises, Leading Enterprises, High-growth Enterprises and “Specialized and Innovative” Enterprises. Focused on the five traditional industries and five strategic emerging industries, it categorizes enterprises according to their scale. For enterprise  incubatees, it offers tailored policies according to the needs and development path of enterprises. At the same time, it focuses on factor supply to improve policy guarantee mechanism. Thanks to such multi-pronged measures, a number of “top-notch” leading enterprises have grown up.

During the summit, Wenzhou Municipal Government was said to have contacted and exchanged with representatives of multinational companies, central and state-owned enterprises and well-known private enterprises such as Siemens, Schneider, PING AN, Midea, Guangzhou Phar. Holdings, Conch Cement, Jingdong, Budweiser and China National Nuclear Corporation.

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