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PwC’s 2019 Asia Pacific Business Leaders Survey China report

Scouting the path of least resistance to global trade friction

PwC's 2019 Asia Pacific Business Leaders Survey 2

Scouting the path of least resistance to global trade friction

Doing business across borders in Asia Pacific 2019-2020

In last year’s report we assessed how local firms were

adapting to the new economic reality shaped by a new

normal in global trade. This year we continue on this journey

to take a closer look at the changing dynamics of Chinese

businesses as they explore opportunities along the path of

least resistance to global trade friction.

Source: PwC’s 2019 Asia Pacific Business Leaders Survey

Asia Pacific

27.8% 22.3%

China

33.1% 35.6%

An increase in

revenue

opportunities due to

a new trade

arrangement

A loss in revenue

due to a stalled or

collapsed trade

arrangement

Financial market volatility, AI-led digital transformation, climate change, and above all,

new developments on the global trade front, no longer summarised the level of

challenges and complexity that business leaders are facing in Asia Pacific, where

over 60% of global trade activities take place.

China, being one of the most impacted markets, has found itself facing vastly different

world dynamics than just a year ago. The business community was disrupted not only

by the degree and scope of impact from global trade complexity, but also by the

velocity at which new developments were unfolding.

Chinese business leaders appear to be divided in their perceptions about the

outcome of China-US trade negotiations. In anticipating changes in their

organisation’s cross-border activities in the next 12 months, there were slightly higher

proportion of those who expect to experience a loss in revenue due to a stalled or

collapsed trade arrangement (35.6%), than an increase in revenue opportunities

(33.1%) due to a new trade arrangement.

Regardless of the outcome, the prospect of reaching the ultimate trade deal is still out

of sight. Both sides are yet to resolve fundamental issues such as intellectual

property, technology transfer, and market entry, although the latest round of talks has

seen concrete progress and brought about a temporary suspension of tariff hikes.

PwC's 2019 Asia Pacific Business Leaders Survey

Welcome to PwC’s 10th report on conditions for cross-border business in Asia Pacific


3

4Business outlook improved despite global trade turbulence

1

Trade barriers resetting investment orientation and supply chain

2

Workforce automation has shown promises in enhancing competitiveness

3

Upskilling to address the talent gap created by automation

4

Enhancing trust in automation through regulating responsible use of AI

5

The message for Chinese business leaders and policy makers

04 07 12 15 18 21

6

3Business outlook improved despite global trade turbulence


1


i

August 2019

Business outlook improved despite global trade turbulence


.Source: PwC’s 2019 Asia Pacific Business Leaders Survey

The trade friction between the world’s two

biggest economies has lingered for almost one

year and a half, with US imposing elevated

tariffs on billions of dollars worth of Chinese

goods, and China retaliating with measures of

its own.

Being the epicenter of the trade disruption, the

Chinese economy is growing at its slowest pace

in almost 30 years with its third quarter GDP

growth slowed to 6% pa, down from 6.2% pa in

the preceding quarter. Retail sales growth

weakened to 8.2% pa from January to

September compared to a year ago, while

factory output growth went down to 5.6% from

6% over the same period. i

Nevertheless, business optimism in China is still

relatively intact despite the ongoing complexity

of the macro economic and trade environment,

as survey results show that 36% of Chinese

executives are very confident about their

organisation’s prospects for revenue growth

over the next 12 months, recovering from a low

of 31% last year and slightly higher than their

Asia Pacific counterparts (34%).

5

How confident are you

about your organisation's

prospects for revenue

growth over the next 12

months?

China

2015 2016

2017

20182019

Asia Pacific

25% 24% 39% 31% 36% 27% 28% 37% 35% 34%

20152016

20172018 2019


The commercial environment is also relatively

resilient to external shocks, as the country has

made notable progress in removing the obstacles

for doing business, for instance in areas including

business registration, contract enforcement, and

construction permits. This is reflected in the jump

in World Bank’s “ease of doing business” ranking

from 46th to 31st year on year. Meanwhile, China

remains 28th in ranking among world economies in

the latest Global Competitiveness ranking

announced by the World Economic Forum (WEF),

while Hong Kong SAR, China (“Hong Kong”)

advanced four spots in the league table to the third

place – behind Singapore and US, as the city’s

concerted efforts in driving innovation and

technology development started to bear fruits.ii

The widely observed optimism of the Chinese

business community is not without reasons.

Over the past 15 months since the onset of

the China-US trade episode, the Chinese

government has responded with a slew of

measures including 2 trillion yuan worth of tax

and fee cuts, encouraging lending to private

enterprises, as well as subsequent rounds of

monetary easing.

Business outlook improved despite global trade turbulence


3

Trade barriers resetting investment orientation and supply chain 2




8

Businesses are adjusting their strategy to counter trade shock

Chinese businesses at large have shown

resilience to the global trade shock by

reformulating their business strategy.

68.5% of companies (31.4%: significantly;

37.1%: moderately) said they have adjusted

their business strategy due to changes in

cross-border trade policy in the area of

customs and exports, while 63.5% (27.7%:

significantly; 35.8%: moderately) reported

they have adapted their business model to

reflect changes in policy in foreign

investment.

In terms of changes in cross border

activities that Chinese executives

expect to experience in the next 12

months, 31.9% reported the biggest

challenges in employing foreign

labour, followed by an increase in

barriers in moving data across borders

(31.3%), and an increase in barriers to

physical trade (30.7%). Nevertheless,

33.1% of respondents can still identify

opportunities for increasing revenue

as a result of a newly renegotiated

trade agreement between China and

US that could restore order.

To what extent have you

changed your business

strategy due to differences

in policy across borders in

the following areas?

Cyber

security

Source: PwC’s 2019 Asia Pacific Business Leaders Survey China Asia Pacific

Significantly Moderately

Customer

privacy and

data protection

Workforce

mobility

Trade policy

(customs and

exports)

Foreign

investment

policy

Environment/

sustainability

40.9%34%

41.7%31.3%

41.5%29.6%

39.5%31%

45.3%21.4%

43.9%18.2%

37.1%31.4%

25.7%

35.8%27.7%

23%

36.5%29.6%

37.3%26%

37.6%

34.6%



Note: Net increase showing CEOs planning to increase business investments globally minus CEOs planning

to decrease business investments globally


9

Asia Pacific business leaders continue to increase investments

Thinking of your business

investments globally, will

your investments

increase, stay the same or

decrease in the next 12

months?

The ongoing global trade winds have

brought greater instability to the

investment climate in Asia Pacific as well,

but survey responses do not indicate a

pullback of investment intent. A net 54% of

Chinese respondents (Asia Pacific: 53%)

plan to increase investments over the next

year, up from 46% (Asia Pacific: 51%) at

this time last year. Vietnam, Australia and

Singapore are the most sought-after

investment hotspots among respondents

for net increase in cross-border investment.

It is worthwhile to note that China and the

US have dropped in ranking to 6th and 8th

place respectively from last year, as the

latent impact of the ongoing trade friction

started to translate into the real economy.

Asia Pacific as well as Chinese executives

are geographically diversifying their

investment footprints, more so than

previous years, as seen by the narrowing

of scores in terms of attractiveness

between the region’s top investment

hotspots. Also, the average Chinese

investor with planned investment in other

Asia Pacific economies has increased from

7.8 to 9.5 this year, compared to the Asia

Pacific average of just 5.8, as acute

country-specific risks prompted businesses

to expand investment options.

2019

2018

2017

2016

2015

54% 53%

46% 51%

50% 50%

41% 43%

40% 45%

China Asia Pacific


For foreign companies seeking opportunities in China, foreign direct investment (FDI) in the

country has seen a slight increase to 4% pa growth in the first nine months of 2019, compared

to 3% pa in 2018. China has ramped up its efforts in recent months to attract investment inflow

from Asia Pacific economies and beyond. Hong Kong, which accounts for two thirds of China’s

overall inflows of FDI, has maintained its attractiveness as the main gateway for channeling

funds into the Mainland, seeing an increase of 8.1% from January to September despite a more

complicated atmosphere commencing in the second half of the year.

The State Council reaffirmed its commitment to opening up the domestic market further and

improving the commercial environment for foreign companies, as trade tensions with the US

intensified since July 2018. For example, in the securities sector, foreign brokerages are now

facing relaxed rules for owning a majority stake in Chinese venture as the foreign ownership

limits will be completely abandoned by December, 2020.iii




11

Top ten Asia Pacific economies targeted for planned increases in investments

Thinking of your

footprint in Asia Pacific

economies, will your

business investments

increase, stay the

same or decrease over

the next 12 months?

The new future investment intentions, among other

factors, are likely to signal continued supply chain

diversification away from China. Over the past year,

Vietnam, Chile and Malaysia have emerged as early

beneficiaries of trade diversion. Australia’s

commodity exports to China have soared as the latter

acted to boost domestic economic activity to cushion

the pinch of US tariffs. iv

Shifting trade winds are pushing companies to

rethink their footprint, and as they do so they are

looking at an expanded set of considerations that

include risk components, trade laws, rising labour costs

in China and shortening of supply chains because of

digitisation, as well as how to secure future growth

prospects.

As more companies are looking to reconfigure their

supply chains, China has experienced pressure to keep

foreign enterprises invested in the country, as more

than 50 global companies, including Apple and

Nintendo, have already announced or are considering

plans to move production to other economies. v

Similarly, producers of Croc shoes, Roomba vacuums,

GoPro cameras, and Yeti beer coolers are moving

production and assembly lines to countries outside of

China to circumvent US tariffs.

The prolonged disruption of global trade has meant that

increasingly more manufacturers are seeking

alternative production sites for US-bound goods, while

serving the Chinese domestic market with factories

operating in the country. It also means that those

running dual supply chains will have an advantage of

greater flexibility – when responding to changes in

tariffs and other trade barriers – even at the expense of

higher cost.

‘Net increase’ refers to % ‘increasing’ their investment minus % ‘decreasing’ their investment. ‘Increasing’

includes those currently investing in the economy with plans to increase AND those planning to invest in the

economy for the first time minus those who will decrease their investment. Percentages recalculated on

respondents with a footprint in each relevant economy only.


46%

45%

44%

44%

39%

38%

37%

36%

35%

34%

2018

Vietnam

China

The United States

Australia

Thailand

Japan

Canada

Indonesia

Singapore

Hong Kong

44%

39%

38%

36%

36%

36%

34%

33%

31%

29%

2019

Vietnam

Australia

Singapore

Thailand

Indonesia

China

Japan

The United States

Hong Kong

Canada

https://www.usnews.com/news/best-countries/articles/2019-08-23/these-countries-are-the-winners-of-the-china-us-trade-war


http://usblogs.pwc.com/industrialinsights/2019/05/07/what-are-industrial-manufacturing-ceos-doing-in-this-tough-external-environment-they-are-looking-inward/


https://www.wsj.com/articles/as-u-s-and-china-squabble-australia-seizes-trade-opportunities-11567944000

3

Workplace automation has shown promises in enhancing competitiveness


3


For decades, China’s manufacturing and services sectors have reaped the benefit of the high availability of cheap labour in

what is known as the demographic dividend. However, the country’s labour force is projected to shrink from a size of 897

million in 2018 to roughly 700 million by 2050, exacerbated by the ageing population and declining birth rates. vi

AI-driven automation and robotics have been widely regarded as a long-term remedy for China to accelerate industrial

upgrading and enhance the competiveness of previously labour-intensive sectors.

China is counting on industrial robots to rein in rising labour costs as the country battles against severe competition from its

southern neighbors such as Vietnam and Cambodia, who boast a younger working population and lower cost curves. Hence,

there is substantial demand for industrial robots in China and the country is on track to absorb delivery of 45% of all

shipments of robots between now and 2021, up from 39% last year, according to the International Federation of Robotics. vii




14

Chinese firms are determined to drive advanced automation and AI as a top priority

In fact, in our survey 42% of respondents

regarded automation as a C-suite or

organisation-wide priority in the next two

years, versus the Asia Pacific average of

37%, while 37.3% (Asia Pacific: 34.2%) are

looking to significantly raise budget to

expand automation into new areas of

business.

The urge to accelerate the automation

agenda coincided with the awareness that

majority of Chinese companies are still

behind in the game and playing catch-up.

40.1% of Chinese executives said

advanced automation and AI are still at an

early stage of deployment in their industry,

and 44.4% reported that the adoption of

these technologies are accelerating in

areas already tested and developed in their

industry.

42% 37% 21.6% 19.2% 24.1% 29.7% 12.3% 12.4%

C-suite or

organisation

wide priority

Division

priority

IT

priority

Not a

strategic

priority


To what extent is

advanced automation and

AI a strategic priority for

your organisation in the

next two years?

3Upskilling to address the talent gap created by automation


4



16

Automation has led to net job gains, but exposes digital talent gap

Note: Question in 2018 was ‘Which statement best describes the impact of technology (e.g. increased automation,

new business models, etc.) on jobs in your organisation today?’

The business community is

supportive of investments in

automation and robotics that are

directed at upgrading the industrial

process and augmenting the current

workforce, rather than an outright

displacement of workers.

When describing the consequence of

increased automation in their

organisation, 43.1% surveyed in China

(Asia Pacific: 33.4%) said they are

creating more jobs through automation

versus 22.3% (same as Asia Pacific) who

said they are reducing headcounts as a

result of more automated workplace. A

net 20% is expecting job gains from

automation for their companies.

However, a closer look at the statistics

reveals that only around a fifth (Asia

Pacific: 12.4%) is creating more jobs and

filling them successfully, while 23.7%

(Asia Pacific: 21%) reported challenges

to fill newly created jobs with the right

talent. Therefore, the digital talent gap is

an imminent risk for businesses who are

experimenting or implementing workplace

automation.

With more automation, we are

creating more jobs and filling

them successfully


creating more jobs BUT

struggling to fill the roles with

the people/skills we need

With more automation, there

has been no change to

headcount and minimal change

to our employees’ roles

With more automation there has

been no change to headcount

BUT substantial changes to our

employees’ roles


reducing headcount

19.4%

12.4%

21%

10.9%

23%

22.3%

23.7%

5.8%

21.6%

22.3%


Which statement best

describes the

consequences of

increased automation in

your organisation today?



17

Employee upskilling is key to keeping pace with an automated workplace

Note: Asked to those who selected advanced automation and AI as a priority


Employee upskilling (in-depth investment in lifelong

learning by companies) has been offered as a solution

to not only address current skills gaps, but also as a

way to prepare the workforce for the age of automation,

artificial intelligence, and robotics.

A recent survey released by Pearson, found that a fifth of

workers across 19 countries say they’ve had to “upskill” on

their jobs through education over the past two years,

because some part of their job duties have been

automated. This trend is more prevalent in developing

nations like China, where 26% said they had to pursue

further education to keep pace with the workplace

redefined by automation and robotics. viii

In order to prepare and upskill its 1 billion working

population for the digital age, China will tap into 100 billion

yuan (about $14.8 billion) from the country’s unemployment

insurance fund to finance vocational training of the

workforce, according the State Council. Small and micro

firms will receive support to initiate on-the-job training

programs and facilitate the transition of the workers into the

digital economy.

Similarly, the private sector is also doing its share to upskill

employees to keep pace with workplace digitisation. 37.3%

of Chinese executives (Asia Pacific: 32.6%) are looking to

significantly raise the budget in accelerating digital skills

development within their organisation in the next two years. China

How will your organisation

allocate budget to reflect

this priority in the next 2

years?

No change

in budget

Moderate increase in

budget

Significant increase in

budget

Accelerate digital

skills developmentAsia Pacific

32.6%37.3%

52.5%48.6%

12.1%12%

3

Enhancing trust in automation through regulating responsible use of AI

5




19

More regulation is seen as necessary to build public trust in cyber security, AI and data privacy


For a large proportion of Chinese companies,

adoption of advanced technology and its ethical use

have been instrumental in improving trust with their

various stakeholders, with the most notable benefits

seen in improved relationship with customers (64.4%;

Asia Pacific: 68.1%), regulatory institutions (50%;

Asia Pacific: 42.1%), and employees (48.8%; Asia

Pacific: 48.1%). AI-empowered technologies such as

image recognition and chat bots have brought

immense convenience and to a certain degree more

trust in quality of predictions and recommendations

made by AI systems.

Nevertheless, gone were the days when consumers

willingly traded their personal data for a free cup of

coffee or shopping voucher accessible within a few

scrolls on their WeChat app. Chinese consumers are

becoming more conscious of data privacy in recent

years, as seen in the introduction of Personal

Information Security Framework (PISF) in May 2018

– the first milestone in the government’s attempt to

protect consumer data.

Chinese executives joined their Asia Pacific

counterparts in agreeing that additional

regulations are required to enhance public

trust in multiple areas, with the most pressing

ones being cybersecurity (78.6%; Asia Pacific:

75.6%), the ethical use of artificial intelligence

(73.6%; Asia Pacific: 71.7%), as well as data

privacy (68.6%; Asia Pacific: 70.2%). Lack of

public trust in workforce automation is also a

concern as 43.4% (Asia Pacific: 45.5%)

believe additional regulations are needed in

this area.

78.6%

68.6%

73.6%

60.4%

43.4%

45.5%

75.6%

70.2%

71.7%

62.7%

In your view, do we or do

we not need additional

regulation to enhance

public trust in the following

areas?

Workforce

automation

Cyber

security

Data

privacy

Environment/

sustainability

Ethical use

of artificial

intelligence

China Asia Pacific



20

Increase in regulation relating to cyber security and data privacy are expected most

Note: Showing ranked based on index analysis, excludes ‘don’t know’ and ‘other’ responses

Source: : PwC’s 2019 Asia Pacific Business Leaders Survey

Coincidentally, the same respondents are

also expecting policy or regulatory activity

to increase the most in the next 2 years in

cybersecurity (61.6%; Asia Pacific: 60%),

data privacy (57.2%; Asia Pacific: 57.6%),

and to a lesser extent, workforce

automation (30.2%; Asia Pacific: 28.6%).

In other words, there is a strong

alignment between the private sector and

regulatory bodies in their thinking of how

to ensure a trusting business environment

in the increasingly digital age.

In response to greater expectation for a

more regulated use of workplace

automation and to ease public concern on

the ethics of AI-enabled technology, the

Ministry of Science and Technology has

issued principles of next-generation AI

governance in a bid to promote

responsible AI in China.ix The principles

are aimed to address important themes

including inclusiveness and sharing,

respect for privacy, security and

controllability, shared responsibility, open

cooperation and agile governance.

Where do you expect

policy or regulatory

activity to increase the

most in the next two years

in your principal

economy?

China Asia Pacific

Cyber

security1st

Data

privacy2nd

Environment/

sustainability3rd

4thTrade

(customs and

exports)

Foreign

investment5th

Workforce

automation6th

Cyber

security1st

Data

privacy2nd

Trade

(customs and

exports)

3rd

4thEnvironment/

sustainability

Foreign

investment5th

Workforce

automation6th

16 The message for Chinese

business leaders and policy makers



17

22



As the rulebook of global economics and commerce

continues to be rewritten by the prevailing trade uncertainty,

one thing has become clear: China, by its sheer size of

economic influence, has an indispensable role to play as a

driver and agent of positive changes within Asia Pacific and

beyond. At a national level, this is a wake-up call for both the

public and private sector to coordinate efforts and boldly rise

to the challenges of policy, economic, technological and

workforce changes.



Implications for policy makers:

• The ongoing trade debate has exposed the

fundamental issue of economic imbalances amongst

nations. China should revisit its international relations

and strengthen economic ties within and beyond Asia

Pacific, and build strong connections along the Belt

and Road countries and regions.

• As one of the most influential members of APEC,

China should leverage on this multi-lateral,

transparent, and collabourative platform to work

together with other economies towards driving real

changes at a regional level, be it to foster free trade,

to minimise policy uncertainty, or to reduce cost of

doing business.

• Continued government support is pivotal in promoting

the responsible AI agenda in the private sector. In

coming years policy makers have more to do in terms

of enhancing trust in the ethical use of advance

technologies, building the required data infrastructure,

raising standards for data and privacy protection, let

alone investing in education to digitally upskill its

workforce.

Implications for businesses:

• In order to weather through supply chain disruption,

Chinese companies should continue to broaden their

investment footprints to diversify away from a single

market for sourcing or product sales. Those equipped

with dual or multiple supply chains are better positioned

to align resources with market opportunities.

• Businesses must be alert to their vulnerability in the

global value chain and conduct more frequent risk

assessments. With costs inevitably driven up by trade

barriers, companies need to shift away from price

competition and upgrade their products and services

leveraging on brand and quality.

• Intelligent automation and robotics are crucial to driving

competiveness in businesses, so are the capabilities and

readiness of the workforce to harness these emerging

technologies. Chinese firms are urged to address the

digital skill gap through employee upskilling programmes,

workflow redesign, while cautiously managing employee

trust in workplace automation.

• Chinese executives are in the unique position to

capitalise on growth opportunities arising from domestic

and regional markets, as government-led initiatives such

as Belt and Road Initiatives (BRI) and Greater Bay Area

(GBA) unleash new market potentials.


Contact us

Thomas Leung

Mainland China and Hong Kong Markets Leader,

PwC China

[email protected]

Anna Lai

Director, Marketing & Communications,

PwC Hong Kong

[email protected]

© 2019 PwC. All rights reserved. Not for further distribution without the permission of PwC. “PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of

the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its

member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm’s

professional judgment or bind another member firm or PwCIL in any way.

Acknowledgement to Sanjukta Mukherjee and Terrance Lui for their contribution in writing and reviewing the report.

Profile of survey respondents and methodology




Methodology

PwC surveyed 1,014 business leaders from 3 June to 15 July 2019 for PwC’s Annual Asia Pacific

Business Leaders Survey, with responses from each of the 21 APEC economies that collectively

account for half of the world trade and more than half of world Gross Domestic Product (GDP).

The survey, in its tenth year, serves as a strong indicator of international business sentiment and

strategies in the region.

The China report captures the unique insights of 170 business leaders from Mainland China and

Hong Kong across a range of important topics. For the purpose of this report, “China” refers to the

People’s Republic of China, including Hong Kong survey participants.

The main sectors represented in the China sample are Industrial Products (29.4%), Financial

Services (27.6%), Consumer and Retail (21.2%), Technology (12.4%) and Professional Services

(6.5%). In terms of seniority within the China sample, 77.6% of respondents are executives at the

highest decision-making or management levels in the organisation, while 21.2% are heads of

department or business units with supervisory and budget responsibilities.

Revenue composition of the sample is distributed as follows. 17.8% of the surveyed companies

earned up to US 100 million; 16% earned between USD 100 million to USD 500 million; 15.4%

earned between USD 500 million to USD 1 billion; 31.4% earned between USD 1 billion to USD 10

billion; 17.2% have annual earnings exceeding USD 10 billion.

i National Bureau of Statistics

ii World Bank, “Doing Business 2020: China’s Strong Reform Agenda Places it

in the Top 10 Improver List for the Second Consecutive Year”

https://www.worldbank.org/en/news/press-release/2019/10/24/doing-business-

2020-chinas-strong-reform-agenda-places-it-in-the-top-10-improver-list-for-

the-second-consecutive-year

iii Reuters, “China to scrap business curbs on foreign banks and brokerages”

https://www.reuters.com/article/us-china-economy-cabinet-idUSKBN1WV1JI

iv The Australian Financial Review, “Australia’s export share to China hits

record high”

https://www.afr.com/policy/economy/australia-s-export-share-to-china-hits-

record-high-38pc-20190930-p52w9y

v Nikkei Asian Review, “China scrambles to stem manufacturing exodus as

50 companies leave”

https://asia.nikkei.com/Economy/Trade-war/China-scrambles-to-stem-

manufacturing-exodus-as-50-companies-leave

vi Chinese Academy of Social Sciences

vii Bloomberg, “China sets the pace in race to build the factory of the future”

https://www.bloomberg.com/graphics/2019-china-factory-future-automation/

viii Market Brief, “Automation fueling hunger for education, Pearson Study

finds”

https://marketbrief.edweek.org/marketplace-k-12/workers-prepping-

automation-education-not-just-u-s-pearson-survey-finds/

ix Xinhua Net, “China issues principles of next generation AI governance”

http://www.xinhuanet.com/english/2019-06/18/c_138152819.htm

Note: Not all figures in this report add up to 100% due to rounding.

Endnotes


https://www.worldbank.org/en/news/press-release/2019/10/24/doing-business-2020-chinas-strong-reform-agenda-places-it-in-the-top-10-improver-list-for-the-second-consecutive-year

https://www.reuters.com/article/us-china-economy-cabinet-idUSKBN1WV1JI

https://www.afr.com/policy/economy/australia-s-export-share-to-china-hits-record-high-38pc-20190930-p52w9y

https://asia.nikkei.com/Economy/Trade-war/China-scrambles-to-stem-manufacturing-exodus-as-50-companies-leave

https://www.bloomberg.com/graphics/2019-china-factory-future-automation/

https://marketbrief.edweek.org/marketplace-k-12/workers-prepping-automation-education-not-just-u-s-pearson-survey-finds/

http://www.xinhuanet.com/english/2019-06/18/c_138152819.htm


Gender

Annual revenue Principal role

17%

47%

34%

US$10 bn or moreUS$500 m < US$10 bn< US$500 m

21.2%

77.6%

Head of department or business unitExecutive at the highest decision-making level

Financial

Services

Industrial Professional

Services

OtherTechnology

29.4% 12.4% 6.5% 2.9%

Sector

Consumer

21.2%27.6%

Profile of Chinese survey respondents


18.2% 81.8%

pwc’s 2019 asia pacific business leaders survey …...pwc's 2019 asia pacific business...

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