September 16, 2020. Shanghai – In the past decade, the world has experienced an unprecedented wave of technological disruption and China has been at the very centre of many of these innovations. CEIBS MBA students are uniquely placed to learn from these innovations through our well-designed curriculum that also offers a specialisation in digital business. Naturally, the technology industry has become one of the top career choices for CEIBS graduates.

Over the last three years, 21.6% of the CEIBS MBA graduates have gone on to enter the technology industry – second only to financial services (25.9%) over the same period. So when we invited the leadership team of MBA2021’s Technology Club and our MBA alumni working in technology in APAC, Europe & North America to speak to the newly admitted CEIBS MBA Class of 2022, there was a lot of knowledge to be shared. Read on for their top 10 takeaways.

“If you’re choosing to switch from a non-tech to the tech industry, you can’t expect to be a hard-core developer. You need to find your added value for the industry based on your background.”

- Sizhen Rao, MBA21 & President of the Technology Club

“Tip for club leadership: Find running mates who have share common interests and passion. Once the rigor of the course takes over, it’s important to have a common passion to keep your drive consistent. Also, while contesting for club leadership, don’t over-commit or over-promise. Your classmates will be watching you and will hold you to your commitments and promises.”

- Shawn Lin, MBA21 & Vice-President of the Technology Club

“For those with a non-tech background, it’s important to acquire business knowhow from a technical practitioner’s perspective. The CEIBS library and other e-learning resources are a good place to start.”

- Paul Lin, MBA21 & Treasurer of the Technology Club

“Make connections in target companies, understand what they are doing and also understand their pain points.”

- Lynn Huang, MBA19 & Product Manager at Amazon in Shanghai

“Choose your top three SMART goals that you want to achieve from an MBA. Create milestones to track your progress and calibrate your actions accordingly. In short, ruthlessly prioritise.”

- Vishnu Subramoniam, MBA19 & Channel Insight Manager at Apple in Singapore

“For those looking to switch industries, your classmates are one of the best resources to gain first-hand insights about your target industry.”

- Faye Hu, MBA20 & Europe Launch Program at Amazon in EU

“It’s important to take full advantage of the mentoring programme during your MBA. Choosing a mentor in the right industry and function is crucial.”

- Diego Garcia Fernandez, MBA17 & Head of BD at Ant Financial in Spain

“Networking becomes useful only when you figure out what you want. If you speak to people without having a clear purpose, it’s hard to make a lasting impression. But if you have concrete goals, people will remember to call you when the opportunities come.”

- Diego Garcia Fernandez, MBA17 & Head of BD at Ant Financial in Spain

“The technology industry values people who are able to create a simple story out of a very ambiguous environment.”

- Arpit Mishra, MBA17 & Senior Manager Finance at Intel in California

“San Francisco is more laidback and very diverse, which is great for creativity and innovation. Shanghai, on the other hand, is very fast paced and its environment is a lot hungrier. People are ambitious and driven. That pace drives business innovation and technology adoption.”

- Jesse Miller, MBA17 & Planning Manager at Spin (Ford Smart Mobility) in California

Dear CEIBS Alumni,

Each September, Teachers’ Day reminds us of the students from whom have long been separated. This year’s Teachers’ Day also brings us joy as our HEMBA, EE, EMBA, FMBA and GEMBA courses will once again be taught on campus starting in September.

With joy and expectation this Teachers’ Day, we would like to extend our regards first to our faculty. Since the beginning of the COVID-19 outbreak, they have explored its impact on the business community and have proposed ways for companies to adapt, offering a beacon of hope in a world fraught with uncertainties. When courses could not be delivered on campus, they shared knowledge online, providing students and alumni with up-to-date business insights. They have also hosted webinars, boosting the school’s online teaching capabilities and strength in research. Since early 2020, five new faces have joined our faculty team and offered us more knowledge. Recently, through the efforts of the school, two foreign faculty members stranded overseas have returned to China, with others now going through necessary formalities. We believe that in the near future they will return to our campus and once again be able to share their wisdom with our students and alumni.

As students have begun returning to school, we are very thankful that, even during the outbreak, many dedicated business leaders signed up for our programmes. Waiting patiently for the restart of the classes, they have been willing to march forward with us. The resumes of our new students fill us with even greater pride. Members of the EMBA2020 spring cohort, for example, have 16 years of work experience on average, including 12 years of management experience; 33% of them hold a master’s degree or above; and 31% of their companies have been listed. Every year, the make-up of our new cohorts sheds some light on China’s economic prospects and trends for development in various fields. This year’s new intakes, in particular, bear the hallmarks of the current era, demonstrating a spirit of persistence and perseverance. As the Chinese philosopher Mencius once said, “The third delight a superior man takes is to seek the most talented individuals from the whole kingdom, and teach and nourish them.”As such, it is a great honour for CEIBS to work side-by-side with so many outstanding entrepreneurs.

If enrolment at CEIBS is regarded as a turning point in a student’s life, our alumni community has also progressed to a new phase. At the end of July, the CEIBS Alumni Association held the 2020 Alumni Congress and 4th Council of Directors Election. Over the past three years, the 3rd Council has defined “serving alumni, giving back to CEIBS, and contributing to society” as the purpose of the Alumni Association, and has optimised its organisational structure, breaking fresh ground in its work. As the 3rd Council has completed its term, the 4th Council now sets out on a new journey. Alumni companies, organisations and individuals who have contributed to the fight against the epidemic were highly commended at the meeting. We are glad to see that the school’s “合” (hé) culture and its motto of “Conscientiousness, Innovation and Excellence” have been passed down from generations of CEIBS community members and continue to show fresh vitality.

Students and alumni play an integral role in making CEIBS an important hub for China’s management education. Over the years, you have stayed true to your aspirations to spearhead innovation in all walks of life and contribute to economic development. While conducting business, you have kept social responsibility in mind and committed yourselves to creating a fairer and more sustainable society for the benefit of all. It has been said that CEIBS alumni represent the salt of the earth in the business community. This makes us very proud. We believe that you are the source of CEIBS’ vibrancy, the key to its sustainable development, and the source of our confidence in the future.

Our Shanghai campus is once again bustling with activity and students can now be seen strolling through its long corridors and breezeway. The buzzing of cicadas has gradually given way to the sound of conversation and laughter on campus. Faculty members have returned to classrooms to deliver lectures to students. Time seemed to stop during our moment of separation. Now, everything on campus is returning to normal. For us, this is a great gift for Teachers’ Day.

This year, we have risen up from a great ordeal and have come to better understand the significance of overcoming hardships. As the epidemic has not yet subsided, we hope that everyone will continue to stay confident, forge ahead, assume your responsibility as a driving force behind economic recovery and contribute a new dimension to entrepreneurship. Let us join hands in performing our mission to live up to the expectations of the current era!

Best Regards,

CEIBS President  CEIBS President (European)

Prof. Wang Hong         Prof. Dipak C. Jain       

Flashback to Summer/Autumn 2020 at CEIBS

2020.7.16- 2020.9.9

September 3, 2020. Shanghai – A special faculty and staff meeting was held today in the Shanghai Petrochemical Auditorium at CEIBS’ Shanghai campus. During the meeting, Professor Li Mingjun officially completed his five-year tenure as CEIBS President. Following a comprehensive process of consideration and selection, Prof. Wang Hong was then officially appointed as the new CEIBS President, having been unanimously endorsed for the position by all the members of the school’s Board of Directors. Yu Shaoliang, member of the Standing Committee and Director of the Organisation Department of the CPC Shanghai Municipal Committee; Yang Zhenbin, Chairman of the University Council of Shanghai Jiao Tong University; Lin Zhongqin, President of Shanghai Jiao Tong University and Chairman of the CEIBS Board of Directors; Leng Weiqing, Deputy Director of the Organisation Department of the CPC Shanghai Municipal Committee; and Shen Wei, Secretary General of CPC of Working Committee of Education and Health of Shanghai, attended the meeting. CEIBS leadership team members, faculty and staff representatives were also in attendance.

In his speech on behalf of the CPC Shanghai Municipal Committee and Municipal Government, Director Yu stated that he hopes CEIBS will continue to deepen its roots in China, promote the integration of China and the world, and give full play to the school’s internationalisation and academic strength. He added that he expects CEIBS to seize new opportunities amidst the current changing environment, and continue to develop the school’s strengths, core competitiveness and international influence and, in doing so, contribute to the development of Shanghai, China and the world.

In his speech, Prof. Li Mingjun thanked the CPC Shanghai Municipal Committee and Municipal Government for their guidance and care for the school, and thanked the leadership of the Board of Directors and the support of both the school’s Chinese and European partners. Over the past five years, Prof. Li has worked alongside CEIBS’ faculty and staff to solidify the school’s independence as established by the Chinese government and the European Union when the school was founded, and has led the school in aiding China’s development and training elite management talent. During this time, CEIBS has made great progress in both research and teaching. In addition, the school has been ranked No. 5 in the world for two consecutive years in the Financial Times’ annual MBA and EMBA rankings, and has grown into a leading business school in both Asia and the world. As we mark the 45^th anniversary of the establishment of diplomatic relations between China and Europe, he noted, CEIBS stands as a testimony to the long-term co-operation between the two.

“I would like to say at this moment from the bottom of my heart that my time as CEIBS President will always be one of my warmest memories and my passion for the school will last for a lifetime,” Prof. Li said.

At the conclusion of his speech, Prof. Li received a warm round of applause from all of the participants in attendance.

President Wang received her Ph.D. in Business Administration from Shanghai Jiao Tong University and pursued post-doctoral studies in Applied Economics at Fudan University. From 2013 to 2020, she served as Party Secretary of Baoshan District in Shanghai. Prof. Wang is a tier-2 national level professor and has served as a doctoral supervisor and tutor at Shanghai Jiao Tong University, Shanghai University of Finance and Economics and Shanghai University. She is also a recipient of the Special Government Allowance of the State Council and was a representative at the 19^th National Congress of the CPC and a member of the 10^th, 11^th, 12^th and 14^th Shanghai Municipal People’s Congresses. Prof. Wang has also served as Deputy Director of the Supervision Committee for the Teaching of Business Administration in Higher Education Institutions at the Ministry of Education. She has also received funding as part of the Ministry of Education’s New Century Excellent Talents Programme and Shu Guang (Dawn) Scholar Programme, and has served as Director of the Shanghai International Cruise Business Institute.

In her speech, President Wang noted that CEIBS is an international business school jointly established by the Chinese government and the European Union and that, over the past 26 years, it has worked to fulfil its motto of “Conscientiousness, Innovation and Excellence”, maintain its autonomy, improve its governance, and develop new leaders, while promoting globalisation and marketisation. As CEIBS President, she continued, her mission is an important one and her responsibilities are great. She added that she must carry out her duties, work diligently, and be more proactive in the future. Prof. Wang also noted the words of Li Qiang, member of the Politburo of the Central Committee and Party Committee Secretary of Shanghai, who recently put forward clear expectations for the future development of CEIBS when he stated that, “As one of the world’s top business schools, CEIBS must strive to become an important bridge for China-EU exchange, an important platform for Chinese and European alumni, and a provider of support for business leaders. It must also help build a community with a shared future for mankind.” She then said that she will strive to live up to the trust of the school, uphold her beliefs and her position, and implement her mission. Ultimately, she said, she will work hard to promote CEIBS as “the world’s leading business school” and a bridge for economic and cultural exchange between China and the world.

Joining the meeting remotely via video connection, CEIBS President (European) Dipak Jain said that CEIBS has created a miracle during its short history. A key aspect of CEIBS’ success, he stated, has been the school’s independent legal status as a non-profit educational organisation as agreed upon by the school’s founding and executive partners. He noted that this autonomy has been stressed by both Chinese central leadership and representatives from the Shanghai Municipal Government. He went on to express his heartfelt appreciation to Prof. Li for his global vision, integrity and persistence, and innovative approach to the development of the school. Noting President Wang’s excellent academic credentials, great administrative abilities and strong leadership, he said that he looked forward to working closely with her and other school leaders to elevate CEIBS to an even higher level. Finally, he added that he believes that close collaboration between the EFMD and the Shanghai Municipal Government can result in a stable and sustainable development framework for the school, making CEIBS a strong showcase for collaboration between China and Europe.

Prof. Yang Zhenbin, Chairman of the University Council of Shanghai Jiao Tong University, pointed out in his speech that the establishment and growth of CEIBS have moved in step with China’s 40 years of reform and opening up. In recent years, he added, CEIBS has frequently accomplished outstanding achievements, and should be regarded as a model for China’s educational reform, Sino-foreign co-operation in operating schools, and management education innovation. Furthermore, he stated that he expects that CEIBS will take up the task of cultivating new talent, continue to embark on a road of building an international business school, and inherit the pioneering spirit of the older generation of CEIBS.

In closing the meeting, Chairman Lin Zhongqin put forward two expectations for CEIBS on behalf of the school’s Board of Directors. First, he said, he hoped that Prof. Wang and Prof. Jain will unite and work together to lead the entire CEIBS community in the further development of the school. Second, he added, he hoped that the school will continue to deepen reform, maintain its spirit of leading the pack, and strive to promote the internationalisation of the school.

September 3, 2020. Shanghai – A special faculty and staff meeting was held today in the Shanghai Petrochemical Auditorium at CEIBS’ Shanghai campus. During the meeting, Shanghai Jiao Tong University President and Chairman of the CEIBS Board of Directors Lin Zhongqin issued a letter of appointment to Professor Wang Hong on behalf of the school’s Board of Directors, officially appointing Prof. Wang as CEIBS President. President Wang was recommended to the CEIBS Board of Directors by the Shanghai Municipal Government and, following a process of careful selection and extensive consideration, was unanimously endorsed for the position by all of the board’s members. Yu Shaoliang, member of the Standing Committee and Director of the Organisation Department of the CPC Shanghai Municipal Committee; Yang Zhenbin, Chairman of the University Council of Shanghai Jiao Tong University; Leng Weiqing, Deputy Director of the Organisation Department of the CPC Shanghai Municipal Committee; and Shen Wei, Secretary General of CPC of Working Committee of Education and Health of Shanghai, attended the meeting. About 100 CEIBS faculty and staff representatives also attended the meeting.

Dr. Wang Hong received her Ph.D. in Business Administration from Shanghai Jiao Tong University and pursued post-doctoral studies in Applied Economics at Fudan University.  She is a recipient of the Special Government Allowance of the State Council and has been awarded numerous honours, including Shanghai Leading Talent and Shanghai Excellent Academic Leader.

From 2013 to 2020, Dr. Wang served as Party Secretary of Baoshan District People’s Government in Shanghai. From 2011 to 2012, she held positions as the Deputy Party Secretary & Chief Executive of the Baoshan District People’s Government. Prior to her career as a government official, she served first as Vice President and then as President of Shanghai University of Engineering Science from 1996 to 2012, during which time she also served as Vice Chairman of the Shanghai Workers’ Union. During this period, she also served as an adjunct professor and supervisor for Ph.D. students at Fudan University, Shanghai Jiao Tong University, Shanghai University of Finance and Economics and Shanghai University. Dr. Wang served as a representative during the 19^th National Congress of the Communist Party of China and a member of the 10^th, 11^th, 12^th and 14^th Shanghai Municipal People’s Congresses. She has also received funding as part of the Ministry of Education’s New Century Excellent Talents Programme and Dawn Plan.

August 25, 2020. Shanghai – A recent study undertaken by CEIBS faculty may for the first time reveal a clear link between macroeconomic policy and individual employee behaviour.

A detailed analysis of China’s 2018 income tax adjustment policy shows strong evidence of its positive effect on individual workers at a micro level, using a dataset much stronger and more comprehensive than what has typically been available in similar studies.

The research, carried out by CEIBS professors Fang Yu and Yi Xiang and Shanghai NYU’s Yuxin Chen, focused on the performance of sales staff at a fashion chain with over 9,000 stores across China.

In October 2018, China increased its standard income tax threshold to RMB 5,000, from RMB 3,500 – meaning those earning under 5,000 would no longer pay any tax.

This increase was effectively a tax cut across the whole country, intended to stimulate the economy and encourage individuals to work more.

“The typical assumption is that income tax cuts grant consumers more cash in hand thus allowing them to spend more or save more. Most income tax policies are intended to stimulate demand,” explains Prof. Xiang.

However, an in-depth micro-level study into the fashion firm’s staff performance data identified detailed behavioural and outcome-related changes brought by the tax threshold increase.

Typically, the impact of such macro policies are difficult to quantify, and the effects virtually impossible to measure due to the endless complexity of the individual circumstances of the millions who make up the labour market.

However, due to the purity and volume of the data analysed, the researchers managed to identify various positive effects that demonstrated that the tax policy works as intended.

This was made possible by the nature of the researchers’ dataset – in particular, due to the fact that the subjects were all sales staff employed at one individual company. Due to the large size of the dataset, the fact that everyone did the exact same job, and the completeness of information, including salary, hours worked, attendance records and sales performance, strong evidence of the policy change’s impact could be seen.

By comparing staff records before and after the new policy was implemented, those who typically had earned less than 3,500 RMB showed no change in their behaviour, as their take home pay was not affected by the tax threshold increase – these employees formed a control group for the researchers.

Conversely, looking at the records of those who earned more than 3,500 RMB, the analysis found salespersons worked harder in the same number of working hours, suggesting a productivity gain, even though monthly salary gains were modest.

The results showed sales persons changed their behaviour in various ways, such as increased attendance (e.g., by not taking sick leave and being more punctual).

The study also found employees with higher salaries were more likely to be motivated by the tax cut due to the knowledge that incentive payments – such as sales commissions – would not be taxed, leading them to pursue sales opportunities more vigorously, which in turn led to higher sales figures.

Other findings included the observation that less skilled sales persons tended to put extra effort into behavioural related performance measures such as attendance and voluntary activities, rather than outcome-based activities such as selling.

The analysis also found that people in poorer regions of China were more motivated by the policy change, and the gains in sales and their incentive pay were higher than those from more affluent areas.

“We found people worked much harder because they could make more than they used to,” says Prof. Xiang, adding, “How can we motivate salespersons? They make 2,000-3,000 RMB a month, so 50 RMB extra is a lot to them.”

Furthermore, the study found that sales performance increases were due to the fact that staff members’ roles were dependent on both a willingness to work and their attitude, unlike jobs with more strictly defined output which must be completed within a certain time (as would be the case for factory workers).

Commenting on the innovative nature of the study, Prof. Xiang says, “Usually income tax affects the demand side, but we have also found this policy affected the supply side of how things worked – this is very unique. There are studies which look at tax policy impact on higher incomes, but the majority of the income in the world is earned by ordinary people, so the implications of this study could be very significant globally.”

“The real value of this study is for policymakers – it is very difficult to measure the impact of such policies on a micro level,” Prof. Fang Yu adds. “Typically, the only indicators we can use to tell if a policy is working or not are macro ones such as GDP, but there countless other factors which impact those so they don't give a strong indication one way or another, but we believe our study has managed to isolate the effect on employee behaviour and demonstrate that, for people who now no longer have to pay tax due to the threshold increase, they work harder and in a more effective way.”