I must first admit that this is not an academic nor a deeply researched article but one that I wrote based on my own deductions from all the recent happenings around the region.. it might not even be true.. again, just my hunch..
I believe that in 5 to 10 years time, China (inclusive of Hong Kong), Taiwan and Singapore will be the new power triangle (or quartet if you count Hong Kong separately from China) in Asia. Why do I say so?
Simply put: China has the muscle, Taiwan has the guts and Singapore has the brains..
Together with Hong Kong, China has the human resource and financial resource to make things happen.. And don't forget that it has the political muscles too, like the recent squabbles with Japan and Russia.. As one of the most populous country in the world, China can supply any number of workers required for any industry, be it manufacturing, R&D, service and even banking.. People in China are willing to work, both hard and long, sacrificing the "work-life" balance that is being touted in the West.. The Chinese are the new Japanese.. at least in terms of work ethics, although they have yet to reach that level of sophistication and civic-mindedness..
Taiwan is well-known for being entrepreneurial and gutsy in businesses. They are willing to take risks, but not recklessly.. they are adventurous and has business acumen - the so-called "killer instinct"... Taiwanese are friendly people, they can work their charm and use it strategically in business negotiations. They bring in the softer touch required in managing difficult situations. With the recent signing of ECFA with China, Taiwanese corporations could work more closely with their China counterparts and boast bilateral trades.
As for Singapore, this little red dot in Asia has established its brand of business-friendliness and corruption free government. Its foreign ministry has built good close rapport with almost every country in the world, maybe except Malaysia.. Everyone likes to do business with Singapore because of the reliability and credibility of its government.. Everything is nice and proper, no under-table dealings nor "tea money" needed to grease any hands..
China is perceived as having poor quality management, lack of business ethics and accountability issues; Taiwan is perceived as having shady business practices and insubordination issues and Singapore is perceived as being too inflexible and slow to response to changes. By working together, countries will be able to make up for their (perceived) weak points. They will be perceived as having the best of both the East (virtues like loyalty and work ethics) and the West (practices like fairness and meritocracy).
Possible "losers" in this future economy power struggle might be India, Korea and Japan. India has to improve on its infrastructure and legislation so that its people can move forward in a more collective manner without corruptions and nepotism. Korea would need to address its North Korea quagmire which will continue to haunt its stability and indirectly affects investors confidence. And lastly, Japan's new generation has to realize that it is no longer numero uno in Asia and start learning from other Asian countries. It also has to work through unresolved WW II issues with its neighbors, like what Germany did, before all countries affected can move on.
With the Chinese people currently "scattered" all over the world, working in every industry imaginable, there is no lacking in finding and recruiting the best talents and brains for any joint-venture endeavors.. So being proficient in English is a must while mastering Chinese will be a given in the future, IF you want to compete against millions of Chinese (either in China or outside of China) for a piece of tomorrow's economy pie.. ..
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