Navigating change: Insights from fireside chat with Joseph Ngai
On 14 April, the College of Business was honoured to host Mr Joseph Ngai, Senior Partner and Chairman of McKinsey Greater China, and the Chairman of our College International Advisory Board, alongside Dean Professor Kalok Chan for an engaging fireside chat. In a time of global economic turbulence, they discussed critical topics, including the evolving business landscape, global trade dynamics, Hong Kong’s role and challenges, the intersection of innovation development with higher education, and the future of business schools.
The College of Business hosts a fireside chat featuring Joe (left) and Dean Kalok Chan (right).
The conversation underscored the need for strategic transformation in response to geopolitical tensions and trade challenges. Joe emphasised that a new business model and mentality are essential for long-term success in these volatile times. The traditional model of manufacturing in China is evolving; the new approach should focus on exporting Chinese industry capabilities globally and localising efforts for shared success across industries. This transition may be challenging for many Chinese players who are accustomed to the old model, and what once led to success may now hinder progress. This serves as a wake-up call for organisations to embrace cultural and mindset shifts.
A key takeaway was the importance of a paradigm shift in thinking among Chinese companies and entrepreneurs. There is a pressing need to move from a focus on scale to prioritising quality and sustainability, especially as higher-growth sectors stabilize and traditional business models become less effective.
In discussing Hong Kong's opportunities, Joe highlighted that a concentrated strategy is essential to achieve critical mass and foster an ecosystem that supports all sectors in the supply chain to generate irreplaceable value and drive innovation.
The discussion also addressed the significant impact of digital transformation and AI on the workplace. While technology can enhance efficiency, it raises concerns about increasing inequality and wealth distribution challenges that must be addressed. Business schools need to manage job aspirations and expectations across different societal stakeholders, as upward mobility becomes increasingly difficult.
Thus, the role of education and business schools in this transformation is crucial. As society confront rising inequality exacerbated by technological advancements, educational institutions must prepare future leaders with the skills needed to navigate these challenges. Business schools in Hong Kong must also differentiate themselves in value creation.
Joe emphasises that a new business model and mentality are essential for long-term success in these volatile times.
Dean Kalok Chan presents Joe with a souvenir in appreciation of his insightful sharing.
The faculty of the College has an engaging afternoon with Joe.
The College of Business must set higher ambitions for Hong Kong's long-term development. It is vital to distinguish ourselves and leverage our abundant resources effectively. Together, the College and our stakeholders can cultivate a more innovative and resilient economy, navigating the complexities of this changing landscape.