Pin Ni, president of Wanxiang America, addresses hundreds of prospective investors in the US at the SelectUSA summit in Washington on Monday. （Photo by ALLAN FONG/CHINA DAILY）
Wanxiang America, a subsidiary of China's largest auto-parts manufacturer, feels at home in the U.S..
"Often times, we debate about who we are. And today, instead of saying we are a Chinese company, which is where we are originally from, I would say we are indeed a U.S.A company," said Ni Pin, president of Wanxiang America.
Ni spoke at the SelectU.S.A summit, where more than 150 Chinese delegates were looking to expand their businesses into the U.S.. Ni took part in a panel discussion on risk-taking and resilience, hosted by the Washington Hilton Hotel on Monday.
Wanxiang Group has become a global company with $25 billion in revenue, owning more than 40 auto-manufacturing plants worldwide. One in every two vehicles made in the U.S. is equipped with components made in Wanxiang's U.S. plants. It has operations in 26 U.S. states and employs more than 13,500 people.
Ni's company is well acquainted with taking risks in the U.S. market, having first invested here in 1994. Since then, the company has played a positive role in the U.S. economy, buying out failing companies and turning them into profitable businesses.
The most publicized and controversial example was when Wanxiang America bought the A123 battery company in 2013.
In 2012, the year before Wanxiang America bought A123, Ni recalled, "the company had lost about $200 million to $300 million. Less than 18 months later, we turned the company into positive cash flow."
Despite the success coming during his leadership at the helm, Ni refuses to take credit for the turnaround.
"The magic really came from the China market," he said.
An online video showing a man spanking eight of his trainees at Zhangze Rural Commercial Bank in Changzhi, Shangxi provicne caught the public's attention in China on Monday.
According to National Business Daily, the assailant was hired by the bank as an instructor for a training course. The reason why the eight staff members were spanked in front of all the other employees was because they failed to perform in class.
The assailant is named Jiang Yang, a chairman of a business consulting company based in Shanghai. The media said Jiang's course cost a minimum of 100,000 yuan ($15,210) per day. Aside from spanking trainees, the course also sees him slapping trainees if they do not complete tasks.
The event has triggered a public debate in China, amassing more than 93 million hits on Chinese social media platform Sina Weibo with 45,000 comments.
Some netizens said physical punishment of employees who cannot meet targets is a good way to pressure them to work well.
The physical punishment is a training method with significant effects. It can rouse trainees, Jiang said to the National Business Daily.
But more netizens disagreed with the assailant's behavior. They said Jiang's actions hurt the trainees.
For now, the training course has been halted, and the local authorities have asked Jiang Yang to make a public apology. The bank's chairman Chen Xiaofei, and vice president Cui Junan have now been suspended.
