May 30, 2024. Hong Kong – The Greater Bay Area is symbolic of China’s economic transformation over the past four decades, standing today as an innovation hub and economic gateway to the global market. As a meeting point of East and West in the realms of business, finance, and culture, this is a region that always has something important to say about China’s economic future.

Here, just as they are around the globe, Environmental, Social, and Governance (ESG) initiatives are becoming an increasingly important part of this story. A survey in 2023 found that two in three GBA firms had adopted sustainable practices, with green financing deals in the region climbing to record highs in the same year and investment by GBA firms predicted by some to reach US$127.8 billion by the end of 2025. The Shenzhen Stock Exchange, meanwhile, under the instruction of the China Securities Regulatory Commission (CSRC), recently released Sustainability Report guidelines, providing important general principles and frameworks for listed companies disclosing their actions relating to sustainability. Developments in ESG, from new environmental frameworks to the trend toward “rational sustainability”, are sure to be felt as strongly here as elsewhere in the world.

On May 30, 2024, these topics and more were highlighted at an international forum on the theme "Can ESG Flourish in China's Greater Bay Area?", organised by CEIBS in collaboration with the Hong Kong Chinese Enterprises Association, Asia Society Hong Kong Center, and Caixin Insight. Attracting more than 240 attendees, including government officials, experts, scholars, and entrepreneurs, distinguished speakers from various fields came together to discuss topics such as macroeconomic trends in the Greater Bay Area, the future potential of ESG investment, ESG value creation, and more.

CEIBS Vice President, Dean, and Chief Impact Officer Professor Frank Bournois acted as host. In his opening remarks, he noted the central importance of ESG to CEIBS pedagogy, noting that all programmes contain a minimum of 10% ESG-related courses (20% in the cases of the MBA and Global EMBA programmes), that the subject is a core research area for the school, and that CEIBS is proud to have been the first carbon neutral business school in Asia.

Delivering a welcome address, S. Alice Mong, President of Asia Society Hong Kong Center, noted the shared values of her organisation and CEIBS as institutions that emphasise life-long learning, asserting that “learning doesn’t end when you get your diploma.”

In a second welcome address, Caixin Media President Zhang Lihui highlighted the long-lasting relationship between CEIBS and Caixin. Citing climate change, income inequality, and aging populations as key challenges facing societies around the globe, she emphasized that ESG is an important criterion for measuring corporate and investment activities. Ms. Zhang stated that since 2018, Caixin has paid attention to the development of ESG both in China and around the world, providing information through ESG columns, annual forums and white papers. Their work demonstrates, she said, that ESG has shown strong resilience and made progress in regulation and investment, with global regulators working hard to address ESG investment issues such as data disclosure, standards, and ratings, with China also actively promoting listed companies to disclose ESG information.

Salina Yan, Permanent Secretary for Financial Services and the Treasury (Financial Services) for the Hong Kong Special Administrative Region Government, delivered an opening address. She said that as an international financial centre, Hong Kong has come a long way in its ESG journey. The Hong Kong Exchanges and Clearing Limited has been a pioneer in promoting ESG practices of listing companies, she said, requiring listed companies to produce annual ESG reports, and has been conducting periodic reviews of listed companies’ ESG disclosures since 2016. It has also recently published the new climate-related disclosure requirements, based on the IFRS S2 Climate-related Disclosure, for implementation by listed companies from January 2025 under a phased approach. Ms. Yan remarked that, with a population of around 87 million, over RMB14 trillion GDP, and complementary economic activities, there is a lot of room to create synergy with other cities in the GBA. As Asia’s green finance hub, Hong Kong's capital market has also been channelling international capital to sustainable projects in Asia, Ms. Yan asserted, noting that as of the end of 2023, 219 ESG funds were authorised by the Securities and Futures Commission in Hong Kong, with assets under management over HK$1,300 billion,  while the volume of green and sustainable bonds arranged in Hong Kong had topped the Asia market in 2023, accounting for 37% of the total. Hong Kong’s importance to the prosperous development of ESG in the Greater Bay Area, Ms. Yan commented, has been fully demonstrated.

In the first keynote speech of the event, CEIBS Professor of Accounting, Essilor Chair in Accounting, and Associate Dean Xu Dingbo gave a presentation on “The Economic Integration and Development of the Greater Bay Area in a Changing Environment”. Professor Xu began by outlining reasons to be optimistic about China’s economic prospects, highlighting factors including dominance in global semiconductor exports and imports and consistent GDP growth as notable positives.

Examining the integration of the Greater Bay Area economies, Prof. Xu said that Hong Kong must integrate more closely with mainland China, while nevertheless maintaining its unique characteristics, such as its unrivalled prowess in financial services. In conclusion, Prof. Xu urged members of the audience keen on following the Greater Bay Area’s development to keep a close eye on transaction costs, openness of the economy, the global movement of talent, rule of law, and free flow of information, asserting that “data is power.

This was followed by a second keynote speech by CEIBS Assistant Professor of Finance Shan Hongyu, entitled “130 Years of Corporate Social Responsibility: What Have We Learned from the Great Minds?”. Prof. Shan opened by noting that, following the 2008 financial crisis, many questioned the continuing wisdom of the theories of economist Milton Friedman; however, Friedman’s four often ignored micro-foundations still hold, namely Horizons, Open and Competitive Markets, Institutions, and Shareholder Welfare.

Prof. Shan went on to outline how, using AI, researchers have been able to track mentions of ESG-related topics over time, revealing that they have been seen as important for at least 130 years and going on to provide insight into the evolving nature of discussions regarding ESG. Overarching themes such as “pollution”, “discrimination”, and “inequality”, research shows, have long been present in the public discourse: they have simply changed focus, with different terminology used over time. 

Using the same data and techniques, Prof. Shan noted that research has also demonstrated that public attention to social issues rises amid internal economic and social instability during times of high volatility in GDP growth. Conversely, public attention to environmental issues rises during times of relative prosperity that are nevertheless experiencing heightened political and ideological division. In describing these findings, he invited the audience to question whether, amidst a current focus on ESG issues, we are witnessing a new phenomenon or rather the predictable return of an established, cyclical changing of attitudes over time. Concluding by instructing the audience in how to think like an economist in the era of ESG, Prof. Shan encouraged attendees to “believe in the power of data and scientific approaches, address urgent problems with real-world implications, investigate in depth, think in breadth, and embrace the unknown.”

This speech preceded the launch of the CEIBS 2024 ESG White Paper, the seventh annual such paper released by CEIBS ESG Research Area. The topic of ESG was then further explored in a panel discussion, moderated by Deputy General Manager of Caixin Global Li Zengxin, who invited to the stage Executive President of GLP China and CEIBS EMBA 2012 alumnus Elton Huang, Vice President of Tencent Sustainable Value (SSV) Xu Hao, General Manager for Environmental and Social Responsibility of MTR Corporation Limited Olivia Wong, and Head of Global Banking Sustainability, Asia Pacific of HSBC Jonathan Drew to the stage to discuss the themes covered in the paper.

Each of the panellists shared the ESG practices of their respective companies and discussed how to create ESG value in the face of challenges such as climate change, social inequality, and disruptive technologies in the unique environment of the Greater Bay Area. All ultimately agreed that in the face of an uncertain future, the business community and society as a whole must cooperate to create inclusive and sustainable value, further promote the development of ESG, achieve more sustainable business models, and respond to the challenges of globalization.

The insightful panel discussion was followed by a third keynote speech from Charles Li, Founder and Chairman of Micro Connect Group and former Chief Executive of Hong Kong Exchanges and Clearing Limited (HKEX), who concluded the forum with a talk on “Implementing Social Responsibility Financing to Support the Prosperity of the Greater Bay Area Investment Ecosystem”.

Placing his own company Micro Connect, an exchange group that leverages financial technology to connect global capital with small businesses, in the context of ESG and the Greater Bay Area, Mr. Li described how traditional finance had previously excluded restaurants, “mom and pop stores”, and other small businesses. Mirco Connect, he said, connects global capital with local stores. “We are not forcing Wall Street to change – they will not change. But we can give them access reliably and in a scalable way to the grassroots of the economy,” Mr. Li asserted. “The little guys are ultimately the ones that create the most tangible impact on the economy, and that’s who we’re trying to help.

CEIBS Innovation Forum

The CEIBS Innovation Forum series was launched in 2015 and is committed to promoting the integration of knowledge and practice, while serving the transformation and development of business in China. The series provides insights into current business and economic trends with a focus on topics relevant to urban and regional development. To date, over 50 events have been held in 30 cities around China, where more than 300 speakers have contributed their views.

In 2024, after starting off strong with a first English-language forum in Beijing, the 9th Innovation Forum series will host events in Hong Kong (in English) and Luoyang, Hangzhou, Shijiazhuang, Changsha, Qingdao and Guangzhou (in Chinese).

May 10, 2024. Shanghai - Chinese companies are well on their way to transitioning from competing internationally on price to competing on superior technology and quality, but must still build powerful brands if they hope to make an impact on the global stage, CEIBS President (European) Professor Dominique Turpin said at a forum in Shanghai today.

The 10th China Brand Economy (Shanghai) Forum was held at the Jinjiang Auditorium in Shanghai as part of "China Brand Day", hosted by the China Federation of Industrial Economics, the Shanghai Municipal Commission of Economy and Information Technology, the Shanghai Municipal Intellectual Property Office, and the Shanghai Corporate Culture and Brand Research Institute. Professor Turpin attended the forum to deliver a keynote speech outlining how and why Chinese enterprises going abroad should strive to build internationally competitive brands.

In the speech, entitled “Why does China need to develop and nurture global brands? And how to do it?”, Professor Turpin noted that, as Chinese brands go global, they are in the process of a necessary transition from competing on price to competing on innovation and quality, with “Made in China” slowly ceasing to be synonymous with functional, low cost products.

“What is a challenge, I would say, for Chinese brands going overseas is that in the past, ‘Made in China’ meant cheap”, Profess Turpin said. “It's an emotional barrier. But today, Chinese companies have to break it, and we are doing that thanks to technology, because Chinese brands are increasingly taking advantage of technology to establish differentiation.” Differentiation, Professor Turpin argued, is key to a successful brand, which in turn is vital for Chinese companies looking to find success both domestically and internationally.

Professor Turpin went on to outline the five key elements of a successful brand strategy: establishing a clear identity, proactive innovation, creating an emotional link with customers, maintaining consistent messaging, and connecting regularly with customers in order to avoid complacency.

Following a detailed expansion on these points, Professor Turpin illustrated their importance by telling the story of Brazilian footwear company Havaianas, and the lessons that it holds for Chinese brands looking to go global. The brand, Professor Turpin said, went from a cheap and purely functional maker of a simple product to a premium brand with a presence in 65 countries, all at little cost, by utilising product innovation, emotional connection, and creative branding and marketing initiatives, setting an example for Chinese brands looking to make an impact abroad.

In concluding the story, Professor Turpin said, “So, if you don't know what Chinese companies can learn from this particular example, remember: commodity is not a fatality. You can differentiate anything. Sugar, electricity, anything. The only limit is imagination.”

During the forum, Professor Turpin also spoke with local media outlets, offering further insights into key strategies that Chinese companies should adopt as they enter a competitive global landscape. He pointed out that achieving global brand recognition requires not only international cooperation, but also a deep understanding of the local market. Establishing local value and distribution networks is essential to effectively meet the specific needs of customers.

Professor Turpin also emphasized the key role of partnerships in coping with market complexity and enriching product portfolios. He believes that this strategy not only helps to maintain competitive advantage, but also ensures that companies can adapt to changing customer needs and market trends, especially in an increasingly interconnected world. Referring to CEIBS' history of helping global brands develop, Professor Turpin shared that the school, jointly established by the Chinese government and the European Union, has always adhered to the positioning of "Chinese depth, global breadth", providing enterprises with education that integrates practical knowledge with the Chinese domestic market and global business perspectives.

May 2, 2024. Paris – Mutual respect is key to smoothly managing international competition and collaboration between China, France, and other global players, according to remarks made by CEIBS President (European) Professor Dominique Turpin at an international forum in Paris.

The Second France-China Forum on Global Governance, co-organised by the Academy of Contemporary China and World Studies (ACCWS) and the China-Europe-America Global Initiative with the high patronage of the Information Office of the State Council of China and China International Communication Group (CICG), was timed to coincide with the pinnacle of a year commemorating the 60th anniversary of diplomatic relations between China and France and exemplified by a visit by Chinese President Xi Jinping to France just days after the forum.

The event aimed to discuss the past, present and future of France-China relations at a time of global change and uncertainty, while reaffirming a shared commitment to collaboration in security, economics, and environmental issues. AI and other emerging technologies also took centre stage in the discussions.

Professor Turpin’s remarks were made during a panel discussion on the theme “Transitional Multilateralism: Technological Innovation and Development”, which he participated in alongside other distinguished academics, economists, and leading business figures. As President (European) of CEIBS, a school co-founded by the European Union and Chinese government that demonstrates international cooperation through business education, Professor Turpin emphasized the importance of empathy, humility and respect on both sides when it comes to managing competition between two parties that don’t always see eye to eye on important issues, highlighting it as a pre-requisite for an effective working relationship.

Professor Turpin went on to discuss key features and outlooks for China’s economy in the near future, and their implications for the bilateral relationship. He noted that, although the Chinese economy is facing significant headwinds, the country’s sheer size and the sophistication of its industries still leave it well-placed to remain an engine of global growth. To demonstrate this, Professor Turpin noted that the country is likely to grow by the equivalent of the entire GDP of Thailand in 2024.

Highlighting changes to China’s economy and output, Professor Turpin also noted the fact that Chinese companies expanding abroad are increasingly competing in terms of innovation and technology rather than simply on low costs, as has been the case in previous years. With China’s increasing competitiveness in industries previously dominated by other nations, such as automotive, knowledge and acceptance of this will be vital to effective competition in the coming years.

Other distinguished participants in the event included David Gosset, Founder of the China-Europe-America Global Initiative, who acted as moderator of the event’s opening ceremony, and Laurent Fabius, Former Prime Minister of France, who delivered the event’s insightful opening speech.

In a splendid ceremony marking the culmination of a rigorous academic journey and personal growth, China Europe International Business School (CEIBS) this past weekend celebrated the graduation of the MBA Class of 2024. This year's graduation not only signifies the end of an educational chapter for the students but also heralds the beginning of their new roles as global business leaders, armed with a deep understanding of both the Chinese and international business landscapes. 

The MBA Class of 2024, comprising 120 students from 14 different countries, gathered one final time at the CEIBS Shanghai Campus, the very place where their journey began back in October 2022. The air was filled with a mixture of excitement, nostalgia, and anticipation as the new graduates looked forward to the next chapter in their lives. 

A Day of Reflection and Looking Forward 

The graduation ceremony was graced by more than 20 CEIBS faculty, senior leadership, and mentors, who joined the students in celebrating this momentous occasion. MBA Programme Director and Professor of International Business and Strategy Shameen Prashantham served as host, welcoming the graduates and their guests to the ceremony. He introduced the speakers, paving the way for a series of inspiring messages from the school's Presidents, Vice Presidents, and distinguished guest speakers.  

Wisdom from the Speeches 

The ceremony was enriched by the insights and experiences shared by esteemed guest speakers, each offering their unique perspective to inspire the graduates.  

 CEIBS President Wang Hong 

CEIBS President Wang Hong reflected on the resilience and adaptability required in today's world, stating that faced with objective reality, we must have our own independent and profound thoughts, rather than simply echoing others.  

In her address, President Wang Hong mentioned that CEIBS is approaching its 30th anniversary. She reflected on the splendid achievements of CEIBS and emphasized the school's leadership in the field of global education. She proudly noted that to date, CEIBS has cultivated over 30,000 alumni who are spread across 91 countries and regions, holding significant managerial positions in their respective fields.  

These achievements are due to CEIBS's enduring commitment to innovation and the pursuit of excellence. Throughout their time at CEIBS, the Class of 2024 have faced challenges with team spirit and substantial support from the school, fully demonstrating their resilience and confidence. 

She stated, “You have graduated, my students, and now carry a greater mission. In the face of a rapidly changing global landscape, intense market competition, and complex transformations, we must have the courage and confidence. Such courage and confidence come from the learning accumulated at CEIBS and from the recovery of the Chinese economy. Students should dare to face the present, applying the wisdom and knowledge gained from the CEIBS classroom to our future career expansion." 

 CEIBS President (European) Dominique Turpin 

In his speech, CEIBS President (European) Dominique Turpin shared insights into the profound responsibilities awaiting the new graduates. His words underscored a core philosophy of the MBA programme: leadership extends beyond business success and deeply into societal impact. He eloquently captured this ethos, stating: "Natural talent, intelligence, great education – these help, but none of them will guarantee success for all your career. Something else is needed: a sense of responsibility toward society at large and the ability to touch the hearts and minds of people!" 

 Executive Vice President and International and China President of AstraZeneca, Leon Wang 

Mr Leon Wang, Executive Vice President and International and China President of AstraZeneca, and a distinguished alum of CEIBS, was invited as a VIP guest to deliver a keynote speech at the ceremony. His address diverged from a traditional narrative to share a candid, impromptu reflection on his career and insights into the pragmatic realities of professional life. 

In his speech, Leon emphasized the essential role of willpower and vision, remarking, "If I want to do something, I promise first, even if I don't know what I can achieve. This attitude, much like committing in marriage to love forever, is about having the right starting point." He shared a personal story from his early days at AstraZeneca, where he set an ambitious target, supporting partners to buildmore nebulization centers for children with asthma, using the ubiquity of fast-food outlets as a stark contrast to highlight his goals. He candidly discussed overcoming personal setbacks, such as his initial rejection and emotional journey to gaining admission to CEIBS, and the lessons learned from persistence. Leon also stressed the importance of passion for one's work, team, and consumers, asserting that genuine care for these elements is crucial to success in any field. His parting advice to the graduates was to embrace leadership roles not for the prestige or salary, but for the love of the team and the work, reflecting his philosophy on the interplay between personal values and professional success. 

 Professor Zhang Lingling, Assistant Professor of Marketing 

Professor Zhang Lingling then shared her philosophy for a fulfilling life and career: "Remember, the key is to stick to your values, with intention and commitment, fast or slow, but never late. That is the essence of building a fulfilling career, and most importantly, a happy life.” 

 Kate Mou 

Kate Mou from the Class of 2024 next took the stage and shared, “Many of you were surprised when my MBTI test result revealed that I am an INTJ, often perceived as reserved. But this MBA journey taught me the value of stepping out of my comfort zone, engaging more openly and initiating conversations that have enriched my experience and that of my peers. It has been a journey of transformation—not just in terms of professional knowledge, but in personal growth and understanding. We've learned to embrace the unknown with courage and to harness our collective strengths. As we embark on new paths, I am confident in our ability to face future challenges with the same resilience and spirit. Thank you and congratulations, Class of MBA 2024! We did it!” 

 Will Hubbard 

Building upon Kate’s reflections, Will Hubbard then added his perspective, “After innumerable case studies, company visits, exams, group meetings, presentations, internships, job searches, club events, karaoke nights, impromptu concerts, and more, what was the point of this exhausting exercise that is our MBA journey? I offer three answers: regardless of what we learned and retained, we have unquestionably developed our capacity to learn. Furthermore, we have increased our awareness of the knowledge that is waiting for us out there. Finally, it is our relationships with others that give our lives meaning—and the relationships that were formed and deepened here will be invaluable as we venture out into a changing world.” 

Award Winners: A Testament to Excellence 

The graduation ceremony also provided a moment to celebrate the exceptional achievements of several graduates, recognising their outstanding contributions and academic excellence throughout the MBA programme. The awards presented underscored the diverse talents and unwavering dedication of the students. 

The deserving winners of the awards this year were as follows: 

MBA Office Special Recognition Award:

• Elva Guo, Nicholas Hu, Gene Jiwachotkamjon, Ruoming Li, Alvina Li, Serena Li, Kate Mou, Xiaobo Qiu, Aggeliki Shi, Chengcheng Wang, Adebelle Zhang, Sabrina Zhou. 

MBA2024 Student Leader Award:

• Alvina Li, Chenxi Qu, Adebelle Zhang. 

Outstanding Graduate Award (Dean’s List):

• Jack Hou, Will Hubbard, Ellis Li, Pablo Martínez Pallarés, Chenxi Qu, Ray Tu, Stanley Xu, Angelina Ye, Carolina Pereira Maciel, Jing Gu. 

Class Gift Recognition:

• Aggeliki Shi, Linda Zhang. 

Vice President and Dean Frank Bournois and MBA Administration Director Michelle Zhu present awards

Embarking on a New Journey 

After hearing from their professors, peers, and guest speakers, the time came to conclude the formal proceedings and welcome the Class of 2024 into the CEIBS alumni community. Before the transition, Prof. Prashantham offered some final words of wisdom to the graduates, poised to receive their degrees. 

MBA Programme Director and Professor of International Business and Strategy Shameen Prashantham 

"Think big, persevere, and harness business as a force for good," he eloquently advised. He stressed the critical importance of aligning with the Sustainable Development Goals to find greater purpose amidst the challenges and opportunities of the decade ahead. "This is precisely the time, in this dangerous decade of action, that aligning yourself with one or more of the SDGs can give your life a greater sense of purpose and meaning," he explained. 

After a fantastic student performance, Michelle Zhu, Executive Director of the MBA Programme Department, extended congratulations to the students of the MBA Class of 2024 and welcomed their families. 

MBA Administration Director Michelle Zhu 

Finally, the professors individually handed out graduation certificates to the graduates, with Vice President and Dean Professor Frank Bournois announcing the tassel-turning ceremony. This moment marked the graduates' official transition from CEIBS students to alumni and represented a new starting point in their careers. 

CEIBS Vice President and Dean Frank Bournois announcing the tassel-turning ceremony 

As the newly minted alumni embark on their post-MBA careers, they carry with them not only the knowledge and skills honed at CEIBS but also the memories, friendships, and networks that will continue to grow and strengthen in the years to come. 

Congratulations to the CEIBS MBA Class of 2024 

We celebrate the achievements of the CEIBS MBA Class of 2024 and wish them the very best in their future endeavours. As they step into a world filled with challenges and opportunities, we remind them that CEIBS will always be their home and support network, eager to witness and contribute to their continued success. 

About the CEIBS MBA Programme 

The CEIBS MBA programme, conducted in English over 12 or 16 months, is a transformative journey that combines academic rigour with experiential learning, focusing on personal transformation. Embodying the school’s motto of ‘China Depth, Global Breadth,’ the programme prepares students for leadership roles by offering a comprehensive understanding of global business practices while delving deep into China's complex and dynamic business environment.