Miri – 19 February 2013 – Influential economist Professor John Gong of the University of International Business and Economics (UIBE), Beijing, recently delivered a public lecture on business and legal policies in China at the Curtin University, Sarawak Malaysia (Curtin Sarawak) campus.
The lecture, organised by the Curtin Sarawak Research Institute (CSRI), was attended by staff and students of Curtin Sarawak, representatives from the Miri Chinese Chamber of Commerce as well as members of the public.
Professor Gong shared with the audience a brief history of the Chinese economy and discussed cultural differences between China and the West in business dealings and legal policies. In addition, he outlined the changing business environment in China and gave examples of China’s biggest and most successful companies.
“It is a myth that Chinese companies do not invest in research and development (R&D) and are less innovative. In fact, a R&D budget as high as five precent of total revenue is not uncommon among some companies. For example, we know of a leading automotive company that regularly invests 10 percent of its revenue on R&D,” said Professor Gong.
Another misconception, he said, is the supposed mistreatment of Chinese employees by their employees, adding that most companies in China believe in putting ‘people first’. To the contrary, rewards and compensation are very closely related to work performance, and this culture is more pronounced in China than in the West.
Meanwhile, Director of the Curtin Sarawak Research Institute Professor Aaron Goh said that the CSRI was honoured to host Professor Gong and that his public lecture was very engaging and stimulated engrossing discussions on economics.
“We will continue to link academics, industry professionals and the public; to engage in academic discussions and create a vibrant learning and innovative society. We are already planning two more public lectures in March and will be announcing the details soon,” disclosed Professor Goh.