The chief executive officers of Chinese companies highlight innovation as a top strategic priority and the key to driving growth－more so than their global counterparts, according to a KPMG report.
The report－the 2016 China CEO Outlook: Now or Never－features the China-specific findings from a global KPMG CEO report, which interviewed 1,268 CEOs worldwide, including 129 from China.
Despite operating in different industries, one common theme emerged among the responses from chief executives in China: Innovation will be a crucial driver of growth over the next three years.
Almost half of the Chinese respondents placed "fostering innovation" as one of the top three strategic priorities for their companies over the next three years, compared with just 21 percent of overseas CEOs. In addition, 92 percent of the Chinese respondents said it was important to include innovation in their business strategy. And 47 percent placed innovation at the top of their personal agendas, compared with 23 percent globally.
"Despite today's global geopolitical uncertainty and disruptive market and social forces, the CEOs in our survey are focused on growth, by strengthening their capabilities today and readying their businesses for a very different future, through transformation, advanced technology and more specialized talent," said KPMG International Chairman John Veihmeyer.
"Nowhere is this more evident than in China, where CEOs are especially confident about the prospects for growth and recognize the importance of creating a culture of innovation and collaboration."
According to the survey, half of the Chinese respondents viewed "new products" as the primary source of growth over the next three years.
In addition, China's chief executives identified "new product development", "increasing data analysis capabilities" and "internet of things, machine-to-machine technology, industrial internet or other aspects of technology" as the top three focus areas for further investment in the next three years.
"In a rapidly evolving and vibrant market like China, CEOs need to think about innovating and adapting their business models to ensure their products and services are attractive to a growing consumer market," said KPMG China co-chairman Honson To.
