Reprinted - Chairman of Alcoa: The key to reform is to let private enterprises compete on an equal f
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The 2014 Summer Davos Forum was held in Tianjin from September 10th to 12th. Klaus Kleinfeld, chairman and CEO of Alcoa, said at the forum titled "China's Business Environment under the Chan..........
The 2014 Summer Davos Forum was held in Tianjin from September 10th to 12th. Klaus Kleinfeld, chairman and CEO of Alcoa, said at the forum titled "China's Business Environment under the Changing Situation" that our question is not about how to reform our state-owned enterprises, but more. It is an opportunity for us private companies to have equal access to the market.

The following is a textual record (partial):

Klaus Kleinfeld: In fact, China is a populous country with a population of 1.3 billion. These people are very smart, and China is well known for his entrepreneurial spirit. If we look at the situation in the United States, look at the Silicon Valley on the west coast of the United States. You can see that a lot of Chinese people work there, they have a very strong entrepreneurial spirit, they are building new businesses. And there is a simple way of life where we can make our market come to the fore and give young people the opportunity. If these young people can get some funds, he can put their own ideas into practice, so our problem It's not about how to make a reform for our state-owned enterprises, but more about giving us private companies the same opportunity to enter the market for equal competition.

Because we know the current position, maybe we have not reached such a very equal opportunity, because we know that if any private person wants to build their own company, the cost is quite high.

Yesterday we were in private talks with Premier Li Keqiang. The idea we got at that time was that we must have a balanced development economy, and now we have to do some reforms in real life, such as for some state-owned enterprises. Reform is very good, but more is to create an equal environment. I have been visiting China since many years ago. Very typical, I go to Chinese universities and students every year to communicate. It was difficult for me to come to the university to communicate with them, but now they have spoken very good English and can communicate with them very well. I remember when I asked them questions ten years ago, what do you want to do after graduation? Do you want to start a business or go to a state-owned enterprise, or do you want to enter a foreign company? It is very clear that ten years ago, people said that we would enter some foreign companies because we feel that these international companies give us an international perspective. I am talking about things ten years ago. But today, if you ask the same question, most people will say that I am going to a state-owned enterprise, so when you ask him why he wants to go to a state-owned enterprise, he will give me more room for growth.

So I think that for an economy, maybe we will have some imbalances in the distribution of talents. We especially hope that there will be a better distribution of such talents. I believe that for SOEs, reforms are needed. Because of this monopoly, the factory is not efficient enough. However, we must also note that this kind of state-owned enterprise cannot be allowed to be a single country, but also to ensure a variety of international perspectives. Only then can our talents be free to choose among these enterprises, rather than one-sided choices.

Moderator: I also want to ask our international friends Alcoa and Arabia. Many of them are already the world's top 500, and there are more than 500 of the world's largest companies. They are not only domestic competition, they also Faced with the problem of international competition, pulling their wages to the boss of about 100,000 US dollars, this issue is better to promote the development of enterprises, what kind of problem is this?

Klaus Kleinfeld, imagine the vice president next to you, imagine that he wants to have a large salary reduction, and he is indeed one of the world's largest companies, his annual salary may not exceed 100,000 US dollars a year. What do you think?

Before we discussed the essence of this core ownership, that is, what is the problem you solved, what problem you want to solve, if you reduce this incentive, the salary reduction may cause the loss of talent, this is not you I want to see it. I personally think that for a company, for a company, talent is the foundation, and if the salary is good, he will be assigned to where he wants to go. On the other hand, if there are other companies investing with you, what should I do? If you have a partner, what should I do? If you want a broader and more sustainable development, we are more concerned about a level playing field and a good and fair financial environment. Everyone and every company can acquire the capital they need to develop in an equal and transparent way. Otherwise, there is no way for these resources to flow freely. This is actually what I think is a better corporate governance. The goal achieved, of course, is great.

Our board of directors also often talks about such topics, and I can learn a lot from the discussion in the board of directors. Of course, the angles of observation may be different. For Chinese companies, they are very eager to go to the international market. They hope to be more global. They hope to have stronger insights. I hope the board has a bigger one. Influential, members of the board of directors may also have different opinions and ideas. If you want to mention a problem you just mentioned, such as environmental and environmental issues, not all companies in China can fulfill their problems. Environmental protection obligations are not to say that each of them can guarantee production safety, some do well, and some do not. This is actually a very ambitious topic that will be encountered in various countries.

Having said that, you need to have a benchmark placed there, set the standard for them to perform, depending on what kind of problem you have to solve, from the perspective of the bureaucracy, from the perspective of the government. He may consider a lot of faces, at the central level, at the provincial level, at the local level, they have their own financial pressures, etc. They will consider a lot of problems, and they will not be able to lay off staff.

So if there is such a restriction, it may have a certain impact on the competitiveness of the world.

This may be a bit simplistic. For example, if the tax revenue is too high, they may transfer part of their income to other directions for the purpose of tax cuts. This is actually for the society. It is a kind of feedback and it is also a good thing. I think there can be more detailed discussions in this regard, because the problems are multi-faceted and multi-level.

Keywords: Alcoa, imported aluminum alloy

Source: Eastern Fortune Network

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