CLEVELAND (Sept. 18, 2012)—Giti Tire Co. Ltd. Executive Chairman Enki Tan's keynote address at the opening of ITEC 2012 not only helped inform people of China's role in the economy, it helped them understand being average won't cut it anymore.
His talk, titled “The China Effect,” stressed that not only China but the Asia region is one of the fastest and largest growing sectors. Serving as the No. 1 producer of tires, he said, the country has looked to focus on expanding technology and its skilled labor force.
“China has relied mainly on labor and growth,” Tan said. “But that is coming to an end.”
While he discussed the main points of growth in China, he also pointed out areas in which China is a lot like other countries. Like most people, he said the Chinese worry most about education, health care and housing. If people are confident with those three things they are then going to be more likely to consume products, he said.
He also addressed one of the big issues: the movement of manufacturing jobs over to China.
“It's a global phenomenon that continues,” he said. Tan said that moving jobs is a part of the business process, adding that an estimated 2.7 million jobs have moved.
“Our aim is to have competitive companies, but have innovation as well,” he said, adding that simply being an average company is no longer acceptable. “We must do something exceptional to survive.”
His keynote was presented by the Tire Society, which is holding its annual meeting this week in conjunction with ITEC, sponsored by Rubber & Plastics News and Tire Business.