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Joe Ngai

Joe Ngai

Joe Ngai is the chairman of McKinsey & Company’s Greater China region.

With China’s economic and social landscape set to be reshaped, businesses must stay agile and be prepared for change and uncertainty.

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As Asian philanthropic organisations adopt trust-based practices, focusing on three key areas can help them provide a road map for others.

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China’s employment conundrum, where younger people are perceived as past their prime at age 35 and older workers retire too soon, calls for solutions. Workers across age groups should embrace lifelong learning and juggling multiple roles. AI can be deployed, with care, to avoid widening inequalities.

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As the Chinese market matures, success will no longer hinge on thinking big and outpricing competitors. Continuous innovation and the quality of business will be more important than having a brilliant founder or a top-selling product.

The city may be facing geopolitical and economic headwinds, but nostalgia for the ‘good old days’ won’t help. Hong Kong needs to build on tomorrow’s themes of digitisation, innovation and sustainability, connect more with the Greater Bay Area and ensure growth is inclusive.

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Things are not looking great for China’s economy, from the real estate sector to overseas infrastructure projects. Chinese companies must transform, and shift from managing for scale to managing for quality.