Ahead of the opening of the World Economic Forum in Dalian, business leaders held a panel to discuss social responsibility. They also said the global economic slowdown may have some impact on China's economy, but there are still business opportunities available.
At a panel on business and social responsibility ahead of the opening of the World Economic Forum, business leaders recognize that social awareness is a vital component of today's corporate world.
Yet many major companies have stayed away from the event in Dalian.
Some experts say the global financial crisis may have had an impact on events such as the Summer Davos.
Professor Denis Simon, Pennsylvania State University said "If you look at the kind of companies that are coming, the small and medium firms, that may just represent the next wave of investment in China as we move from the big global Fortune 500 to down the line to all those firms that are involved in the infrastructure, and the supply chain of these kinds of companies."
Despite the economic slowdown, China's economy is still growing at eight percent. Much of this increase has come from the Chinese government's massive stimulus plan and a rise in domestic consumption.
Rafael Gil-Tienda, the Asia Chairman for consulting company MMC, says the economic slowdown has changed the way that people do business in China, but he thinks there are still many opportunities available.
He adds that China's domestic consumption, rather than exports, will be more important for multinational corporations.
Rafael Gil-Tienda, Asia Chairman of Marsh & McLennan Companies, Inc. said "China continues to grow, and that has resulted in more focus and more attention on the opportunities here which, by and large, are being modified and being put on a more stable basis. It used to be a little bit too overexposed to do an explore into the economy, and clearly a lot of the local investment will mean more opportunities for domestic consumption. That means a bit of a shift for those of us looking at the needs of our clients in China."
More than 1,400 delegates are expected to attend the forum in Dalian, labeled "Relaunching Growth."
(CCTV September 11, 2009)