Outlook Journal, May 2006
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China is a source of intense fascination for leaders in business and government. It has never been more urgent to understand how China's rise as a global economic force will reshape trade and power in Asia and across the world. Leaders today are looking around corners to anticipate how the country's evolving economic and political dynamics will play out over time. They are also acting quickly to translate China's potential into tangible opportunities to deliver high performance for their organizations.
By some estimates, Asia's economy overall is expected to expand 25 percent more rapidly than the economy of the rest of the world during the next five years, with China and India being the primary growth engines. China became the world's fourth-largest economy in 2005, surpassing France and the United Kingdom. In a short time, China has surfaced as a key shaper of globalization and business strategy—influencing worldwide markets for goods, services, capital, commodities, energy, skills, research and innovation. Most observers believe that continued rapid growth in China will yield positive outcomes for the global economy as a whole, and specifically for multinational companies ready to serve the country's attractive domestic market.
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China is vitally important to Accenture's future. The country represents a reservoir of capability—talent, knowledge, know-how—for serving local enterprises as well as global clients. Accenture now has more than 2,000 people in Greater China, and our revenues in the Asia Pacific region overall surpassed $1 billion in fiscal 2005. We see an opportunity to do something special—to help our clients realize the potential of high performance in China and to achieve a market position for Accenture that will serve our stakeholders for decades to come.
We also believe that the decisions leaders make today about growth in China, and in Asia overall, will have significant impact on their organizations' long-term performance and success. Yet choosing which direction to take in China is no easy task. Strategic plans must carefully balance economic promise with many uncertainties—from market complexity to China's ability to sustain long-term economic growth and maintain political and social stability.
This issue of Outlook features a Special Report that examines both the challenges and enormous opportunities in China. We hope this report offers new insights as you consider your organization's growth in this extraordinary market.
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