ASEAN KEY DESTINATIONS
Singapore PM tells Chinese to raise game
Prime Minister Lee Hsien Loong has urged global Chinese entrepreneurs to upgrade and raise their game.
He said relying on "guan xi" or connections alone is not going to be enough as China continues to open up more.
He said as more Chinese travel and operate overseas, they will have a wider choice of partners and networks to work with, be it for funding, business collaborations or access to new markets.
Mr. Lee, who officially opened the 11th World Chinese Entrepreneurs Convention (WCEC) Thursday morning, also said that Singapore aims to be a useful partner to Chinese entrepreneurs all around the world and wants to succeed with them.
He said the global network of Chinese entrepreneurs - from US and Australia to Africa and Latin America - is a strategic resource for Chinese entrepreneurs everywhere.
Mr Lee also called on Chinese entrepreneurs to modernise their businesses.
He said most Chinese companies start off as family businesses but such a basis for a business has its limits.
Citing the example of Fortune 500 Global company Huawei Technologies which started as a family business, he noted how the company learnt Western management systems and hired consultants to enhance competitiveness.
He said, "That's the way to go."
Prime Minister Lee also urged Chinese entrepreneurs to strengthen links with their local communities by sharing their success with them.
Mr. Lee said having a social conscience is important as the gap between winners and losers widens.
He said helping others through philanthropy or community work can enhance standing with the local community, and gain goodwill for the individual or business that is crucial for the long-term.
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