Ahead of our webinar with CKGSB exploring the impact of COVID-19 on China’s economy, and the lessons Europe can learn from Asia’s coronavirus experience, we share findings from CKGSB’s research on how business is bouncing back in China.
Research by the Cheung Kong Graduate School of Business (CKGSB) has identified optimism within China’s business community about operational recovery and performance as the country emerges from the COVID-19 crisis.
A study led by Dr Zhang Xiaomeng, Associate Dean and Associate Professor of Organizational Behavior at CKGSB surveyed more than 5,000 employers and employees across the Chinese economy to build a picture of the country’s business resilience.
Though most respondents believed company annual performance will suffer to some extent, 77 per cent of respondents believe that their company will perform at least 70 per cent as well as expected prior to the outbreak, the study showed.
Of that cohort, 10 per cent believe that their company will actually outperform pre-outbreak expectations.
The sectors where optimism was particularly strong include finance, real estate, and the digital sector (Internet) (14.48 per cent).
The study also revealed a high degree of loyalty and employee satisfaction, with more than 70 per cent of the respondents believing that they are unlikely or will definitely not switch companies after the epidemic.
Lessons for Europe
As other countries around the world begin to explore ways to transition out of their lockdowns, the survey indicates some value in studying China’s approach. Respondents in the CKGSB study are also highly satisfied with their company’s protective measures and employee care packages, with 88.5 per cent being satisfied or very satisfied with their employer’s epidemic prevention measures.
The findings were part of a series of studies into the economic impact of COVID-19 on Chinese businesses and business culture by CKGSB. Find out more about the CKGSB research here.
Asia House will be exploring theses issues during a webinar with CKGSB on 30 April, featuring a presentation with Li Wei, Professor of Economics, Associate Dean of MBA Program, Director of the Case Center, CKGSB, and a panel discussion and Q&A featuring Xin Li, Managing Director, Caixin Global, and Alicia Garcia-Herrero, Senior Economist, NATIXIS.
Register for free now.