This week, Justin Sargent, President, Nielsen China, was invited to the World Economic Forum’s (WEF) Annual Meeting of the New Champions (also referred to as ‘Summer Davos’) in Dalian, China. WEF gathers top leaders from major multinational corporations (MNCs), local giants, government, media and academia who are shaping the future of the world’s business and economic environment. Justin joined the forum to discuss the key developments in the global economy, technology and consumer demand that are reshaping the market landscape and greater society at breakneck speed.
Today’s pace of change is creating unprecedented opportunities for growth. Take, for example, China’s dairy market. In China’s lower tier cities, Nielsen data is reporting growth for dairy as high as 20% faster than the total China market.
But, as Justin shared in a short article based on his experience at WEF this week, frictions between governments, technology and businesses are abounding that could hinder those looking to capture growth opportunities such as those presented by dairy. In the piece, Justin shared how trust is essential for moving the business climate forward so all parties can benefit.
“Frictions around a growing economy like China’s should be expected. They’re growing pains. In fact, it’s these very signs of friction that demand a lubricant for business in China and for those who do business with China. And that lubricant is trust,” writes Justin.
“Where there is uncertainty in any marketplace, believable information, transparent knowledge sets and collaborative models shine through. Shared knowledge will always be more powerful than walled gardens.”
While at the event, Justin met with top-level executives of some of Nielsen’s biggest clients, such as P&G, Nestle and Pepsico, who use Nielsen data as a source of trust. Additionally, Justin joined the President of Mengniu Dairy in speaking to government officials and business partners at a Mengniu dinner event about the key trends emerging in China’s dairy market.
If there is one insight that seems to have emerged from Nielsen’s participation at WEF, it is that there can be incredible economic and societal opportunity when governments and organizations work together to build trust and transparency. Chinese Premier Li Keqiang spoke at the event about creating a landscape where all companies can compete equally. Whether it’s collaboration through technology, data or world trade, organizations and individuals all stand to benefit from cooperation and an increased level of trust.