With China soon to become a full member of the World Trade Organization (WTO), an increasing number of international management consulting firms have swarmed into the country for business opportunities.
Some cross-national consultation giants, such as McKinsey, Arthur Andersen and Accenture, have already started a new run of fierce competition in China.
They know quite well that not only more and more Chinese enterprises that want to enter the world market but also more and more multinational companies that want to take a share of the Chinese market will need professional consultation assistance, experts here said.
Li Gang, president of Accenture/China Ltd., said China's WTO entry enables more Chinese enterprises to participate in international business activities, which requires them to observe related international conventions and conform to the universal trade standards.
This offers up a goldmine for consulting companies, Li added.
Western economists estimate that enterprises with assets exceeding US$10 million won't survive longer than five years without a high-quality think-tank behind them.
In Beijing, the Chinese capital, the city government will give priority to the development of service industries like information consultation in the next few years to meet the new situation brought about by China's WTO entry, said Chai Xiaozhong of the Beijing Development Planning Commission.
Meanwhile, domestic management consultants companies can also seize opportunities since many foreign enterprises that have entered the Chinese market are not familiar with China's political, economic, and legal systems, and its culture in general, Li said.
He suggested both Chinese and foreign companies make strategic adjustments to meet the new situation and work out a solution that is helpful to settling existing problems and favorable to long-term development.
(Xinhua News Agency November 22, 2001)
