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Chinese companies need to enhance their understanding of compliance if they want to evolve on their path to becoming truly global companies.

That’s the view of Qin Shuo, observer in the fields of humanities and finance and founder of popular weblog Chin@Moments, who used his keynote address at the first CBLJ Forum in Beijing to coach hundreds of corporate counsel present, and a live website audience of close to 100,000, on transcending beyond China’s borders.

Qin, who is also a founder of the Commercial Civilization Research Centre of China, pointed out that more and more professionals in economic circles have realized that a healthy and sustainable market economy must be governed by law.

He said that the traditional development mode of China, which mainly relies on government and a state-owned economy to allocate resources, is of low efficiency and cannot continue against a background of China’s “economic new normal”. Globally speaking, China is faced with challenges posed by both globalization and deglobalization. However, no matter whether we think from a domestic or an international perspective, frameworks and rules that can dramatically reduce subjective arbitrariness are crucial to China.

Qin gave two suggestions based on China’s current domestic situation. The first one is to further increase additional financial resources. He used Chinese internet companies’ going public overseas as an example, pointing out that the traditional way of resource allocation in China cannot promote the development of an innovation-driven economy, and that the science and technology innovation board may be able to change the situation.

The second suggestion is to optimize existing financial resources. Qin believed that the traditional method of asset allocation should be eliminated and asset management should be turned into capital management. He said that laws could play a bigger role only by using a market-oriented method of resource allocation.

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