Foreign consulting firms eye Chinese market
In the midst of prolonged economic downturn worldwide, many
foreign business consultancy firms are eyeing the Chinese
market in the light of its fast economic development in the
wake of China's entry into the World Trade Organization.
According to an economic commentary published in the Chinese- language Hong Kong Economic Journal Monday, the degree by which China has opened up its market to consultancy businesses is "by no means small."
But firms such as McKinsey & Company, Roland Berger, Andersen Consulting and Boston Consulting Group continue to be bullish on the China market, as many fledgling entrepreneurs in China are willing to work with such firms to upgrade their business practice to the international standard.
The commentary was published just two days after another round of disappointing economic data were published in the United States, which cast further doubts on the country's economic health. The data included the less-than-expected job numbers in the US market, with the unrelenting unemployment rate standing at 5.9 percent.
With fears that the United States could enter a deeper recession in which the economy undergoes a more severe economic contraction, such consultancy firms are putting their hopes in the Chinese mainland market.
According to statistics cited by the economic journal, foreign- owned consulting firms number about 100 at the moment in the Chinese mainland, providing consultancy advice on business development strategies, organizational reform, business planning and human resource planning, among other matters.
But in face of the competition from their foreign counterparts, local Chinese consulting firms have their own advantages, the newspaper noted.
"local
consulting firms are more au fait with the local organization
culture and management style, thus are capable of offering
more realistic solutions. In addition, the hefty fees charged
by foreign firms are by no means acceptable to Chinese companies,"
the journal said.
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