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.
Business optimism in China is still relatively intact despite the ongoing complexity of the macro economic and trade environment. 36% of Chinese executives are very confident about their organisation’s prospects for revenue growth over the next 12 months.
68.5% of Chinese companies (Asia Pacific: 63.3%) have adjusted their business strategy due to changes in cross-border trade in the area of customs and exports; 63.5% (Asia Pacific: 57.6%) have adapted their business model to reflect changes in policy in foreign investment.
42% of Chinese executives (Asia Pacific: 37%) regarded automation as a c-suite or organisation-wide priority in the next two years. 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.
Employee upskilling 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. 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.
Chinese executives agree that additional regulations are required to enhance public trust in multiple areas. The top three areas are cybersecurity (78.6%; Asia Pacific: 75.6%), the ethical use of AI (73.6%; Asia Pacific: 71.7%) and data privacy (68.6%; Asia Pacific 70.2%).