Chinese private entrepreneurs hope to cut taxes and reduce government intervention

Abstract Cheung Kong Graduate School of Business and Ernst & Young jointly released a survey report saying that despite the global economic slowdown, most of the private enterprises participating in the survey maintained their growth momentum in 2011. On January 8th, the "2012 Yangtze River Annual Forum" &rdquo...

Cheung Kong Graduate School of Business and Ernst & Young jointly released a survey report saying that despite the global economic slowdown, most of the private enterprises participating in the survey maintained their growth momentum in 2011.

At the "2012 Changjiang Annual Forum" on January 8, the survey report issued by Cheung Kong Graduate School of Business and Ernst & Young showed that 67% of the companies surveyed achieved operating profit growth in the past 12 months, with the remaining 33%. Business operating profit is flat or down. In terms of product demand, about 80% of respondents indicated that demand in the past 12 months has increased significantly or moderately, and only 20% of companies indicated that demand is flat or declining.

The survey shows that most entrepreneurs are cautiously optimistic about the next 12 months, 28% expect a significant increase in business, and another half believe it will improve slightly. However, 21% of entrepreneurs believe that the business will not grow in the next 12 months, and even worse. Looking forward to the next three years, the challenges that entrepreneurs foresee are mainly from policy and economics. 32% of entrepreneurs worry that the risks of the global and Chinese financial systems will bring new challenges, with 21% of entrepreneurs seeing policy and regulatory risks as major challenges.

Although most of the companies surveyed have a solid foundation, the challenges they face are also increasing, especially as product competition pressures increase and costs continue to rise. Twenty-three percent of entrepreneurs said that fierce product competition was a major challenge, and 22% and 17% of entrepreneurs respectively said that rising labor costs and raw material costs are major problems in current operations.

Entrepreneurs participating in the survey believe that the company's primary task is to grasp the core competitiveness, and that strategic positioning is the cornerstone of the company's strategy and should not be easily changed as the economic environment changes. 94% of entrepreneurs surveyed said that in the past 12 months, the company's business model has been slightly adjusted or has not changed; 85% of entrepreneurs expect that in the next 12 months, the business model of the company will be finely adjusted or not With any change, only 20% of entrepreneurs expect a significant change in business model.

In response to the economic slowdown strategy, Yao Gongda, CEO of Daxin Energy Co., Ltd. said: "This period is not suitable for re-changing strategic positioning, but only making adjustments in tactics. The economic crisis often brings many opportunities for mergers and acquisitions, but be cautious. And do what you can."

Ren Yuanlin, chairman of the Yangtze River Shipping Group, believes that the principle of acquisition is that it can bring lucrative profits to the main business of the company or contribute to the long-term development of the company. Don't make cross-industry acquisitions easily, a cross-industry acquisition that you don't understand at all may put the company in crisis. But for acquisitions in the same industry, under the premise of caution, "the shot will be shot."

However, Luo Kangrui, chairman of Shui On Group, said that after the bankruptcy of Lehman Brothers, many companies were in trouble due to cash flow problems. Therefore, companies must make the worst plans and look at cash flow.

It is worth noting that 7% of the entrepreneurs in the survey indicated that it is difficult to carry out debt or equity financing, but the capital expenditure demand of enterprises has increased, 73% of which have increased capital expenditure in the past 12 months.

In the expectation of the government, the entrepreneurs interviewed pointed out that the government plays an indispensable role in the response to the global economic slowdown. 24% of entrepreneurs expect the government to reduce corporate taxes, and 21% hope to have easier access to credit and equity financing. In addition, entrepreneurs also called for a fair and free competitive environment, with 13% of entrepreneurs expecting to reduce government intervention and encourage free competition in the market.

The entrepreneurs surveyed affirmed that China's overall policy is open, but many areas lack equity. For example, the Chinese shipbuilding industry has been opened since 1982 and is now at the world's leading level. However, this earlier open industry also has different VAT refund policies for central enterprises and private enterprises.

Wang Jingbo, president of Noah Holdings Limited, said that in the process of economic slowdown, the policy may be as small as possible, the policy should be cautious, and the laws and regulations need to be clear and standardized. In addition, 4% of the interviewed entrepreneurs expect the government to strengthen the building of a clean government.

In 2011, Ernst & Young collaborated with Cheung Kong Graduate School of Business to host the first Ernst & Young Entrepreneur Roundtable and conducted the first Chinese CEO survey in the following month. The survey respondents were 100 leading private entrepreneurs in China, including the 2006-2011 Ernst & Young Entrepreneur Award winners and CEOs of the nominated companies, the CEO of Ernst & Young China's Most Promising Enterprise Awards, and the CEO of Cheung Kong Graduate School of Business. Class students.

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