3 tips for the Caribbean from these Chinese Fortune 500 companies Loop Barbados

The content originally appeared on: Barbados News

What do three Chinese Fortune 500 companies place their emphasis on and how can the Caribbean learn from them?

Loop News was able to attend interviews with directors of three Chinese Fortune 500 companies, courtesy the China International Press Communication Center, to find out the key to these companies’ strategies moving forward and their focus for improving growth.

Here are three takeaways that may prove useful for Caribbean businesses:

1. Quality

Zhong Zheng, Vice President of Midea Group, a Fortune 500 company, said the company is constantly thinking about the consumer’s desire for a better life and how the improved quality of their products can help fulfil this need.

“We know that people have higher requirements for a better life in the future so we need to satisfy their demand for a better life, therefore we need to make our products as high-end as possible in order to bring more added value to the product, rather than just following the traditional way of producing products.”

Midea Group has over 166,000 employees with over $53 billion in annual revenue, according to its website.

Midea Group businesses offer a range of products and services, including smart home technology, electrical systems such as heating, ventilation and air conditioning, elevators and energy control, refrigerators, logistic automation and transmission systems, medical care and entertainment solutions and more.

2. Human Resources

Li Dongsheng, founder and chairman of TCL Group, an electronics company headquartered in Huizhou, Guangdong Province, says his company is open to hiring the best talent from global talent pools wherever their facilities are based.

“Globally we have our Research and Development institutions as well as various projects, and we’re open to providing internships opportunities for talented students whether they reside in the Caribbean or elsewhere in the world.

“In fact in recent years we’ve recruited a lot of students from other countries. In overseas representing offices and institutions we have a total of around 10,000 employees and some of them are responsible for operations management while some are responsible for the manufacturing process.

“We’re very willing to provide those internship opportnities, not only for students who studied in China, but also for students overseas who can join our overseas projects and representing offices.”

In 2010 TCL Group was the world’s 25th-largest consumer electronics producer. It became the second-largest television manufacturer by market share by 2019.

Founded in 1981, TCL Group has over 75,000 employees worldwide.

3. Innovation and green development

Dong Mingzhu, chairman of Chinese electrical appliances company GREE, has placed a focus on green technology with regard to the company’s air conditioners and places a focus on technological innovation directed toward energy conservation.

“We think about whether it’s possible to use alternatives, rather than using electricity. We can think about power generation by using renewable energy such as sunshine, so that in tropical areas we can get the full use of solar energy.”

She said research has been put into developing a photovoltaic (PV) air conditioning unit with progress toward a solar-powered design.

“R&D is a very important process…we need to invest into the research and development of these technologies. So far, we’ve already established a complete new system with renewable energy applications for the power generation, with its own energy storage capacity.”

GREE Electric Appliances Inc. of Zhuhai, China is the world’s largest manufacturer of air conditioners. Through their eight production bases in China, Vietnam, Pakistan and Brazil, GREE can produce up to 27 million residential and 2 million commercial air conditioners yearly.

In 2021, GREE had generated a revenue of approximately 188 billion yuan (US$27B).

Loop News reporter Alina Doodnath is in Beijing, China, courtesy the China International Press Communication Center (CIPCC). Share your stories of life in China, email [email protected]