On May 20, a group of elites, including Ding Zhaozhong, Shen Xiangyang, Bei Jianzhong, Rong Zhijian and Tang Yingnian, gathered in the Jiangsu Grand Theater to attend the first Jiangsu Development Summit, which is considered to be the ‘Strongest Circle of Friends’ from Jiangsu. The summit, attended by over 1200 Jiangsu born elites working in industry and commerce, technology, education, culture, healthcare, politics, and foreign affairs at home and abroad, was held to gather the elites’ wisdom and strength to drive the development of a new Jiangsu province with ‘strong economy, well-off population, beautiful environment, and high level of civilization’.

It was reported that the summit on May 20 was composed of a morning session with opening ceremony and Jiangsu Development Forum, an afternoon session with two main forums, the Purple Mountain Scientific and Technological Innovation Forum and the Yangtze River Business Summit, and 7 panel discussions. In the Yangtze River Business Summit hosted by Zhou Haijiang, president of Hodo Group, over 800 renowned Jiangsu born entrepreneurs at home and abroad contributed their ideas on the development of Jiangsu. Sha Zukang, former Under-Secretary-General of the UN, Zhang Jindong, Chairman of Suning Corporation, Yin Yimin, Chairman of ZTE Corporation, Wang Haicheng, Chairman of Dazhong Investment Group in Canada, Chen Qihua, Vice President of China Operation Division of Caterpillar, and Yuan Yafei, Chairman of Sanpower Group delivered keynote speeches.

In his keynote speech titled “Continue Deepening Opening up and Cooperation, and Focus on Exploring Global Market”, Chairman Yuan shared Sanpower’s experience in driving transformation and upgrade through overseas M&As. “In my opinion, the supply side reform proposed by the central government is about how to produce and sell good products”, and Chairman Yuan noted that China is at a critical juncture of economic transformation and upgrade. “Going global” to acquire outstanding foreign companies to bring in their advanced business model and management system, defining future with the future, is the best way for Chinese companies to overtake their foreign rivals, and the basic overseas investment strategy Sanpower follows in recent years.

It is reported that Sanpowerhas made impressive achievements through its overseas M&A activities in 2014, including the acquisition of House of Fraser, a time-honored British department store, Brookstone, an American novelty product retailer chain, Natali and A.S.Nursing, two Israeli senior care service providers, Hamleys, renowned British toy store, Cordlife Group, a listed Singaporean company, and Provenge, the first and only therapeutic cancer vaccine for prostate cancer approved by the U.S. Food and Drug Administration. These are just a few among the many overseas M&A activities by Sanpower, its affiliates and strategic partners.

In panel discussions, on the subject of the opening-up and international cooperation of Jiangsu, Chairman Yuan proposed that Jiangsu province should “go global to bring in” international players to drive the transformation and upgrade of healthcare industry, and build Jiangsu into a “Province with Strong Healthcare Industry”. He noted that, with a healthcare industry accounting for 10% of the size of the industry in China, and nearly 17 million senior populations, Jiangsu was a province with both large “healthcare industry” and “senior care industry”. What’s more, strong economy in the region, good R&D capabilities, a population with high income and other favorable conditions created a healthcare market with great potential. Therefore, he proposed that “healthcare in Jiangsu” should become the driver for service industry transformation and upgrade in the province, and that the province should drive Jiangsu’s development from a province with “large healthcare industry” to one with “strong healthcare industry”.

In addition, Chairman Yuan proposed that Jiangsu should allow both government diplomacy and civil exchanges to play complementary roles in opening-up and international cooperation. “International trade, commerce and exchanges between private enterprises and social organizations can facilitate the civil exchanges between nations, and be a great complement to government diplomacy. Civil international exchange, however are fragmented in nature, thus need guidance and coordination by the government.” He proposed that, government should take the lead in international exchanges, for instance, its affiliated institutions, such as Association for Friendship with Foreign Countries of Jiangsu Province and Jiangsu Federation of Industry and Commerce, should play their role in overall coordination. Meanwhile enterprises, commerce unions, associations, and Jiangsunese at home and abroad should play their roles as the subject of international exchanges to drive the relationship and friend between Jiangsu and the rest of the world by both government diplomacy and civil exchanges.

Chairman Yuan also commented on the first Jiangsu Development Summit, saying that the Summit is a groundbreaking event created by provincial CPC committee and government, which leads a way for Jiangsu born elites around the world to return home. This significant event belongs to all Jiangsunese in the world. And it not only gathered Jiangsunese at home and abroad in Nanjing, but also created a platform for international exchanges and cooperation. The gathering of global resources can not only drive the global development of local companies, but also export what the best Jiangsu can offer to the world. The summit is indeed a significant event for discovering new opportunities and undertaking new missions against the backdrop of the new normal of Chinese economy.

The grasses are tall, and the flowers blossom as the summer is approaching. All things are flourishing in the great month of May.