While the global shutdown offers time to contemplate and look back, we also need to push forward, seeking out possible opportunities arising in these unusual circumstances. Necessity is the mother of invention, as they say, and it would be foolish to allow our creativity to lay dormant when it is most needed.
In an Op-ed for China Briefing, Riccardo Benussi of Dezan Shira & Associates writes both of COVID-19’s grim milestones and the opening of new growth areas. After giving a general outlook, Benussi discusses particular impacts on doing business in China. With SMEs andMNCs suffering and even shutting down, Benussi urges continuous collaboration between individuals and between the public and private sectors, regardless of one’s economic philosophy. If there’s one takeaway, it is the importance of having a clear disaster and recovery and business continuity strategy (DRBC).
The good news, according to Benussi, is that the crisis is creating growth potential for the digital productivity sector, including cloud services for collaboration and the growth of contact-less devices in all environments. From China’s judiciary system to virtual classrooms across the globe, everything is going online. Concerning FDI-related delays inChinese projects, Benussi sees them more as a “hand-break than a full stop.”China, with its infrastructural strengths, remains a good location for foreign direct investment. Regarding relocating businesses in China, Benussi recommends a relocation within China, if necessary, rather than moving to an entirely newmarket. Foreign-invested companies should also carefully consider China’s new travel restrictions and how these may affect foreign-based executives.