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VOL. 2, 2021
GOING
GREEN Page 10
Meet Our New Faculty Alumni Stories
Page 26 Page 36
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CONTENTS
01
PUBLISHER: CEIBS
SPONSOR: Wang Hong
EDITOR-IN-CHIEF: Yvonne Li
MANAGING EDITORS: Rachel Wang, Michael Thede
CONTRIBUTING EDITORS:
Du Qian, Darren Yue, Bessie Qian FROM THE PRESIDENTS
02 How will CEIBS develop in the next five years?
REPORTING & EDITING: 06 Let the Light of Education Guide Our Way Forward
Yiwan Wang, Thalia Jiang, Cameron Wilson, Joan Li,
Hana Zhang, May Ji
COVER STORY
COVER DESIGNER: Marius Ziubrys 10 Going Green
ART EDITORS: Mickey Zhou & Saya Wang @ Snap Printing 12 Zhang Shuang: Do carbon credits spell new opportunity for emissions producers?
14 Oliver Rui: What can green finance do in the age of carbon neutrality?
CONTACT US: 16 Sheng Songcheng: Green finance is important for the development of Shanghai as an international finance centre
WEBSITE: www.ceibs.edu 18 Wang Qi: Is the water used to make a pair of jeans enough to drink for ten years?
20 He Jinyu: From low desire to lying flat, do you really understand the youth of today?
TEL: +86-21-28905494
22 Shameen Prashantham: Corporation-start-up partnerships offer fertile ground for SDG action
CHINA EUROPE INTERNATIONAL
BUSINESS SCHOOL FEATURED NEWS
SHANGHAI CAMPUS 24 It’s official! CEIBS (Switzerland) launches DBA programme
699 Hongfeng Road, Pudong 26 Meet Our New Faculty
Shanghai 201206, P.R.C. 28 Faculty Honours and Awards
Tel: +86-21-28905890 29 Faculty Appointments
30 CEIBS Faculty in the Media
BEIJING CAMPUS 32 CEIBS 2022 Recruitment Season Kicks Off
Building 20, Zhongguancun Software Park
8 Dongbeiwang West Road, Haidian District ALUMNI STORIES
Beijing,100193, China
36 Following in my daughter’s footsteps all the way to CEIBS
Tel: +86-10-82966600
38 The payment industry is a wide racetrack, and we have our running shoes laced up
40 Switched on CEIBS alum plans to brighten Africa’s future
SHENZHEN CAMPUS
Suite 10A, Taihua Wutong Industrial Park
Gushu Development Zone CEIBS SURVEYS AND REPORTS
Shenzhen, 518126, P.R.C. 42 CEIBS 2021 Innovation Survey
Tel: +86-755-36995111 43 2021 China Business Survey
44 2020 CMO Survey Report in China
ZURICH CAMPUS 45 2021 CEIBS CSR White Paper
Zurich Institute of Business Education,
Hirsackerstrasse 46, ALUMNI NEWS
P.O. Box, CH-8810
Horgen, Switzerland 46 Cultural, linguistic diversity set tone for newly elected CAIC council
47 CEIBS alums helm 14 companies on COVID-hit Fortune Global 500
Tel: +41 44 728 99 44
48 11 CEIBS alums make 2021 Forbes China Best CEOs list
50 Alumni Gifts and Donations
ACCRA CAMPUS
51 CEIBS hosts annual Alumni Representatives Meeting in Shenzhen
5 Monrovia Road
52 Henan, Hold On (CEIBSers in Action)
East Legon
Accra, Ghana
Tel: +233 544 315 238 BOOKS & FILMS
54 Faculty Books
56 CEIBS Faculty Recommended Reading
57 Business insights in six classic films
58 CAMPUSES AROUND THE WORLD 60 BRIEFING
Online
Published by CEIBS. The authors' views expressed
in this publication do not necessarily reflect the views
of our editors or of CEIBS.
Copyright 2021 © by CEIBS. All rights reserved. TheLINK Volume 2, 2021
FROM THE PRESIDENTS
02
How will CEIBS develop in
the next five years?
T
he world of today is undergoing major er attention to the application of modern management
changes rarely seen in more than a century. theories and the shaping of core competitiveness. As a
Advancements in 5G, artificial intelligence, result, they are now helping to drive new technologies,
e-commerce and other areas have made it new brands and new business models, and bringing
clear that a new round of scientific and technological new changes to the global business scene.
change and industrial reform is upon us. The inter-
national environment is becoming more complex and At the same time, many members of the CEIBS com-
evolving with each passing day. Added to this, the ef- munity are now thinking about how they can go beyond
fects of COVID-19 have been wide and far-reaching, business success and have a positive impact on society
impacting every aspect of our work and lives. and the environment. Many are also reporting, for ex-
ample, that sustainability and good business go hand-
As competition becomes increasingly fierce, enterprises in-hand. Recent research conducted by CEIBS faculty
must seek out new opportunities and new ways of doing has supported this, showing that companies that have
business. At the same time, more than ever, we need improved carbon emissions disclosures generate higher
business leaders with both entrepreneurial spirit and a returns – indicating that there is a clear relationship be-
global perspective. We also need leaders who are capa- tween ‘being green’ and shareholder value.
ble of adapting to changes and steering their organisa-
tions through adversity. As a leading business school with a global presence,
CEIBS must also keep pace with the times. In line
Over the past few years, we have seen more and more with the school’s mission to educate responsible lead-
CEIBS students and alumni coming from (and moving ers versed in ‘China Depth, Global Breadth,’ we have
into) emerging industries. These individuals are highly worked to ensure that corporate social responsibility
creative, exceptionally innovative and are paying great- (CSR) and sustainability are embedded in our teach-
TheLINK Volume 2, 2021
FROM THE PRESIDENTS
03
ing, research and case development. As global management focused business case library and construct a first-class think
education grows stronger in the East and China’s ability to tank which can contribute to China, Europe and the world.
attract business continues to increase, our responsibility to
uphold these values will become even greater. Diversifying our programme portfolio. We will continue
to improve and expand on our degree offering with pro-
When we think about the future direction of business and grammes such as the recently-introduced CEIBS (Switzer-
management education, there is still room for improvement. land) Doctorate of Business Administration (DBA). We will
One difference between business schools and other universi- also continue to enhance the reach and capabilities of our
ties is the proportion of entrepreneurs amongst their student Real Situation Learning Method (RSLM).
and alumni populations. Moreover, business schools must op-
erate on the development requirements of the countries and Reinforcing our role as a bridge for Sino-European ex-
regions in which they reside, understand the growth needs of change. We will continue to use the CEIBS Insights Europe
enterprises, take a leading role in knowledge creation, and Forum Series as a starting point to help foster Chinese and
promote the application of lessons learned to maximize the European co-operation and maintain our teaching and re-
value of their contribution to society. search bases in Zurich and Accra to serve and promote inter-
national economic and cultural exchange.
With this in mind, we would like to take this opportunity to
share with you our plan for the coming five years as we look Capturing regional opportunities. We will continue to
to the future. leverage our campuses in Shanghai, Beijing and Shenzhen
to support the development strategies of the Yangtze River
Looking Ahead: CEIBS Five-Year Delta, Beijing-Tianjin-Hebei, Guangdong-Hong Kong-Macao
Strategic Plan (2021-2025) and other regions in China.
How will CEIBS continue to develop in the next five years? Moving to the forefront of educating responsible lead-
Moving ahead, we will focus on implementing eight strategic ers. We will continue to integrate and reinforce the concepts
measures: of sustainability and social responsibility into our teaching,
research and case development in order to cultivate leaders
Strengthening CEIBS’ position as one of the world’s top with a desire to strive beyond business success.
business schools. We will continue to benchmark CEIBS
against the top class of business schools in the world in order Fully empowering our alumni. We will continue to look
to maintain our spot as a pioneer and a global leader in man- for ways to further our alumni’s lifelong learning, strengthen
agement education. our alumni network, create new alumni services and seek
out new ways to collaborate to create win-win results for the
Expanding the school’s world-class faculty team. We will school and our alumni community.
continue to focus on attracting and retaining top scholars
and well-known professors from different fields of business A better, greener, more sustainable future
research from around the world.
One of our goals as a business school to is help promote
Developing new signature research areas. We will con- trade and economic and cultural exchange between China,
tinue to develop our ‘4 + 2 + X’ interdisciplinary research ar- Europe and the world. When business leaders wish to take
eas, covering Management in the Digital Age, Service Excel- Chinese companies global, for example, we can help them
lence, China and the World, CSR/Sustainable Development, better understand the international landscape. When foreign
Smart Healthcare, Finance and more. At the same time, we companies look to invest in the China, we can help them
will continue to build the world’s most influential China- better understand the local market. At the same time, how-
TheLINK Volume 2, 2021
FROM THE PRESIDENTS
04
ever, we are also striving to become the ‘China expert’
on business and management-related issues facing the
whole world.
Earlier this year, both China and the EU unveiled bold
plans to reduce carbon emissions. For its part, China
has set a goal of reaching peak emissions by 2030 and
net zero by 2060. Meanwhile, the EU has announced it
aims to reduce emissions by 55% compared to 1990 lev-
els by the end of this decade and reach net zero emis-
sions by 2050. Meeting these objectives will require the
collective work of governments, businesses and indi-
viduals everywhere.
In line with these efforts, we are again hosting the
CEIBS Insights Europe Forum Series – this time with
a special focus on the dual carbon peak and carbon
neutrality goals set by China and the EU. We hope
that by serving as a platform for leaders from different
backgrounds and with different perspectives to come
together, we can uncover new, innovative solutions and
common ground from which to move forward on one
of the biggest challenges facing the world today. Ulti-
mately, this is just one way in which we hope to inspire
entrepreneurs to actively assume their social responsi-
bilities and promote sustainable development in pursuit
of their broader business goals.
Finally, we cannot overstate our appreciation to our
alumni for your support in the development of the
school. We look forward to working more closely with
everyone in the CEIBS community to create a better,
greener, more sustainable future for all.
CEIBS President CEIBS President (European)
Prof. Wang Hong Prof. Dipak C. Jain
TheLINK Volume 2, 2021
2021-2025
站稳第一阵营
Strengthen CEIBS’ position as one of the world’s
top business schools
打造大师阵容
Expand the school’s world-class faculty team
构建学术高峰
Develop new signature research areas
拓展培养体系
Diversify our programme portfolio
致力中欧交流
Reinforce our role as a bridge for Sino-European
exchange
服务区域战略
Capture regional opportunities
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引领责任教育 (in Chinese)
Move to the forefront of educating responsible
leaders
全力赋能校友
Fully empower our alumni
FROM THE PRESIDENTS
06
Dear CEIBS colleagues, alumni and friends, can be a teacher.” A school’s academic body is the bedrock on
which its ability to educate rests. Our stellar international fac-
John Amos Comenius, the father of modern education, once ulty team have helped transform CEIBS into a world-class busi-
noted that, “Teaching is the most splendid profession under the ness school and a leading institution of its kind in Asia in just
sun.” Indeed, human civilisation has progressed and prospered 27 years. Amidst the pandemic, CEIBS remains committed to
because generation after generation of teachers have passed on expanding its faculty team, adding ten new members this year.
their knowledge and wisdom. The recent boom in new tech- This reflects the growing global influence of CEIBS and the
nologies and sudden outbreak of COVID-19 have accelerated Chinese market despite the impact of COVID-19 on the world.
the transformation of the global education sector at a time With their diverse academic backgrounds, these new faculty
when it faces great challenges. Therefore, we would like to members specialise in a broad range of research areas, such as
share with you our thoughts on the future of education at this healthcare, climate, energy, finance, artificial intelligence, and
pivotal moment. technological change. They will enhance CEIBS’ academic ex-
cellence and global influence by creating valuable knowledge in
There is a Chinese saying that goes, “Whoever knows the truth keeping with the latest business trends.
TheLINK Volume 2, 2021FROM THE PRESIDENTS
07
It is the duty of teachers to pass on the truth, impart knowl- was also ranked #1 in Asia by Bloomberg Businessweek for
edge and uncover mysteries. In order to facilitate knowledge the fifth time this year. Now in its tenth year, our Finance
creation and dissemination, CEIBS has taken many innova- MBA programme has cultivated nearly 800 alumni versed in
tive measures. Our faculty have carried out academic and both “financial depth” and “managerial breadth.” Our EMBA
real-world research to drive the integration of cutting-edge programme has hosted the New Horizons Forum series and
international management theories and Chinese management RSLM courses across China, allowing students to exchange
practices. Based on our “4+2+X” interdisciplinary research ideas with local entrepreneurs about the latest trends in
mechanism, we have improved our research in digital finance, management. Our Global EMBA programme has launched
innovation and entrepreneurship, while continuing to focus on new China Depth tours to bring students up to speed on the
our four existing interdisciplinary research areas. The CEIBS Chinese market and management practices. The inaugural
Case Centre continues to produce cases based on Chinese Global EMBA Annual Symposium was also hosted in June
business practices to contribute Chinese knowledge to the to explore new opportunities for the Chinese economy. The
global wealth body of management expertise. We have also Hospitality EMBA programme received EFMD certification
made full use of our intellectual resources to raise the profile and the DBA programme was officially launched as a plat-
of our think tank. form for corporate leaders and key policymakers who hope
to make their mark on business and society through their ac-
CEIBS has contributed more than 80 policy proposals to the ademic achievements. Our Executive Education programme
Chinese government this year, covering areas such as finance, has continuously stepped up its co-operation with different
real estate, the digital economy, elderly care, carbon reduction companies in promoting knowledge dissemination and busi-
and neutrality, and China’s three-child policy. Our faculty also ness practices. It has also applied coaching methods to new
continue to make their voices heard at major CEIBS events, programmes and partnered with executive teams to provide
such as Innovation Forums, Europe Forums and CXO Cloud corporate digital solutions. Taken together, these innovations
Forums, as well as through the school’s social media and and achievements offer a vivid snapshot of the school’s com-
mainstream media. petitiveness, creativity and vitality.
As a result, CEIBS knowledge is being shared around the According to an ancient Chinese saying, “One should stay
world to provide decision-making support for managers every- vigilant in times of smooth sailing in order to be ready for
where. By promoting international exchange and co-operation, potential danger.” While taking pride in our achievements,
we hope to help kick-start the global economic recovery in the we should be alert to the risks and challenges in store not
post-COVID-19 era. only for CEIBS, but also for the global education sector.
Much work lies ahead to achieve the United Nations’ sustain-
CEIBS views diversifying its programme portfolio and able development goal of quality education for all. Neverthe-
strengthening curriculum innovation as crucial to the im- less, we see education as a beacon of hope and we should
provement of its global competitiveness. The school has pool our strengths to drive the education sector forward.
made much headway in this regard this year. Our MBA pro- Education aims to cast the light of knowledge all over the
gramme has been ranked top ten for four consecutive years world, to bring warmth to people in the remotest corners of
by the Financial Times, and the employment rate of MBA the earth, and to offer everyone the freedom and resources to
graduates hit a ten-year high in 2021. The MBA programme pursue their dreams.
CEIBS President Wang Hong CEIBS President (European) Dipak Jain
CEIBS Vice President and Dean Ding Yuan CEIBS Vice President and Co-Dean Zhang Weijiong
TheLINK Volume 2, 2021FROM THE PRESIDENTS
08
Facts and Figures: CEIBS Faculty and Research 2021
80+ CEIBS boasts more
than 80 full-time
faculty members, with 4
This year, CEIBS faculty have
published the 2021 CEIBS Corpo-
rate Social Responsibility White
30% being female and Paper, 2020 CMO Survey Report in
60% foreign China, 2021 China Business Survey
and 2021 CEIBS Innovation Survey
10+
CEIBS faculty come
from more than 10
countries and regions
around the world
CSR CEIBS has China and
4
/ Sustainability established the World
10 interdisciplinary
research areas
So far this year, ten new members have joined
the CEIBS faculty team: Eric Bouteiller, Cheng
Lin, Du Fei, Venkat Peddireddy, Wang
Renxuan, Wang Yajin, Yang Wei, Zhang Management in the Service
Lingling, Zhao Hao and Yuan Jiang Digital Era Excellence
10
A historic high of ten CEIBS
faculty members made
Elsevier’s list of the Highly
1,000+
Cited Chinese Researchers The Global Platform of China
this year Cases now houses more than
1,000 China-themed cases
50+
In the first half of
2021, CEIBS faculty
produced 50+ books,
cases and papers
TheLINK Volume 2, 2021CEIBS (Switzerland)
Doctor of Business Administration
(DBA) Programme
The path you have followed has been beset with obstacles,
But, perseverance has brought you to where you are today;
Trials and tribulations have been deeply etched in your mind,
And words have spurred you on;
Without time to reflect on your successes and failures,
You wouldn’t be inspired by the distant call to action;
Without bringing your creativity into full play,
You wouldn’t be able to pick up on future trends.
Now is the time to:
Return to academic life after carving a niche for yourself,
And apply yourself to exploring the nature of business;
Blaze a path to change with a discerning and critical eye,
And look ahead to future business trends,
With the wellbeing of people worldwide in your mind.
We look forward to seeing you at CEIBS.
Let go of the past…
…and aim above
and beyond business success.
Contact Us
Tel: +86 21-2890 5556
Email: dba@ceibs.edu
Scan for more detailscover story
10
Going Green
theLINK Volume 2, 2021cover story
11
C
limate change is both by 2060. The EU has also reaffirmed ability and carbon neutrality. This is
the defining issue of our its plan to reduce emissions by 55% an opportunity to come together and
times and a challenge compared with 1990 levels by 2030 discuss how entrepreneurs and busi-
that will require the com- and reach net zero emissions by 2050. nesses can step up and play a leading
bined efforts of everyone – govern- Meanwhile, the return of the United role in improving our environment
ments, businesses and individuals – States to the Paris Climate Agreement and our world.
to overcome. As a recent report by the has given rise to optimism that global
Intergovernmental Panel on Climate cooperation in tackling climate issues In this issue of TheCEIBSLink,
Change (IPCC) has highlighted, there is possible. CEIBS professors discuss a range
is now a great sense of urgency sur- of topics, including carbon trading,
rounding issues related to climate and In November, Glasgow, Scotland will green finance and how corporate-start-
the environment and an even greater host the 2021 United Nations Climate up partnerships can aid in the pursuit
need to develop sustainable solutions. Change Conference (COP26). This of the UN’s sustainable development
year’s conference has been described goals (SDGs). In addition to the in-
Leaders from around the world have as the most important one in the sights they offer, we hope their writ-
echoed this sentiment by calling on event’s history. COP26 will address ing will serve as a reminder that it is
countries to increase their climate a range of topics related to sustain- imperative for all of us to “seize the
ambition and take concrete actions to ability, regulation, financing and in- moment” and work together towards
help developing countries strengthen novation – issues that are of great greater sustainability and a greener
their capacity and resilience against relevance not only to the environment, economy.
climate change. but also to how we conduct business.
This year, China announced a new At CEIBS, we are again hosting the
‘dual carbon goal’ to reach peak car- CEIBS Insights Europe Forum Series
bon emissions by 2030 and net zero this year on the theme of sustain-
Zhang Shuang Do carbon credits spell new opportunity for emissions producers?
Oliver Rui What can green finance do in the age of carbon neutrality?
Sheng Songcheng Green finance is important for the development of Shanghai as an international financial centre
Wang Qi Is the water used to make a pair of jeans enough to drink for ten years?
He Jinyu From low desire to lying flat, do you really understand the youth of today?
Shameen Prashantham Corporation-start-up partnerships offer fertile ground for SDG action
theLINK Volume 2, 2021cover story
12
Do carbon credits spell new
opportunity for emissions
producers?
By Douglas Almond and Shuang Zhang
F
or many enterprises, the China’s carbon emissions trading power plants, petrochemicals plants,
threat of carbon emissions scheme is the result of long-term plan- steelworks and cement plants. Enter-
has not always been appar- ning and development. Here are some prises in these industries emitted over
ent. As such, they rarely of the key dates and steps taken: 20,000 metric tons of CO2 annually be-
have the incentive to act to reduce tween 2020 and 2012. Prior to adopting
emissions. 2010: China initiated the carbon emis- the carbon emissions trading scheme,
sions trading scheme programme. the atmospheric visibility in the areas
As part of China’s national carbon emis- surrounding regulated companies was
sions trading scheme, large carbon emit- 2013: Shenzhen, Shanghai and Beijing similar to those areas with unregulated
ters are assigned an emissions limit. If a were included as pilot cities. enterprises. In the first pilot phase, the
company’s actual emissions fall below atmospheric visibility was about the
the permitted level, their saved credits 2014: Chongqing, Guangdong, Hubei same between the two groups; how-
become assets and can be used to gener- and Tianjin were included in the pilot. ever, in the second phase, the atmos-
ate revenue via the trading scheme. pheric visibility in areas surrounding
2016: The second pilot phase began in regulated enterprises improved by ap-
Last year, China announced it would July 2016 in the locations listed above. proximately 4%.
reach peak carbon emissions by 2030
and become carbon neutral by 2060. A During the first pilot phase (2014– The difficulty of scaling such a scheme
trading scheme is a sensible approach, 2016), the inclusion (or exclusion) of up is enormous. For one, the pilot ar-
as it will give companies greater incen- an area in the pilot scheme had little ef- eas used are relatively more developed
tive to participate if they can benefit fect on its atmospheric visibility. How- than other parts of China. In addition,
financially from it. ever, starting from the second phase since most of the big emitters in China
(post-2016), a greater improvement in are state-owned enterprises with rela-
Of course, it is a tremendous challenge atmospheric visibility was observed in tively low levels of marketization, it
to include companies in this scheme. the pilot areas compared to that in non- remains a challenge for them to partici-
Nevertheless, China’s willingness to pilot areas. pate in market-based carbon emissions
take positive measures sends a clear trading. In the future, it is predicted
message about its commitment to the In Guangdong, for example, the pilot that less market-oriented areas will
environment. covered four industries: coal-fired require more time for inclusion in the
theLINK Volume 2, 2021cover story
13
The launch of a national carbon emissions
trading scheme is an important step forward,
but there is still a long way to go with enormous
challenges ahead.
emissions trading scheme. tion is not relaxed, power companies
will be less profitable and therefore Shuang Zhang
In short, the launch of a national car- have no incentive to reduce emissions. CEIBS Professor of Economics
bon emissions trading scheme is an Therefore, to promote the implementa-
important step forward, but there is tion of a carbon trading scheme, it is
still a long way to go with enormous necessary to put electricity price reform
challenges ahead. on the agenda and ensure that electric-
ity prices are driven by the market.
It is essential to include state power
companies in the national carbon emis- Finally, for those companies included
sion trading scheme. Because electric- in the national carbon trading scheme,
ity consumption and carbon emissions it is important to embrace change and
are somewhat positively correlated (the adjust existing perceptions of costs. In
carbon emissions of e-commerce com- the past, companies were more con-
panies, for example, are primarily con- cerned about their own costs and less
tributed by data centres housing high so about pollution and other social
energy-consuming computers), major costs. In the future, companies need
electricity consumers should also be to take full consideration of both and
included in the future. actively make use of this opportunity
to promote the transformation of their
In addition, more supporting measures business model and better respond to
must be put in place. For example, this grand challenge.
China currently places strict controls
on the price of electricity. Once power
companies are included in carbon
trading, they will be compelled to use
cleaner energy for power generation,
inevitably leading to higher unit costs.
However, if electricity pricing regula-
theLINK Volume 2, 2021cover story
14
What can green finance do in
the age of carbon neutrality?
By Oliver Rui
G
reen finance refers to more favourable interest rates or on ment-friendly industries, but also ser-
financing and investment more favourable terms compared to vices in operations management. They
activities that benefit the those with negative environmental fall- generally have longer maturities and
environment and further outs. In 2020, green loans amounted to focus more on long-term yields. They
sustainable development. These ben- 12 trillion RMB, accounting for nearly also offer an effective alternative for
efits include the reduction of air, water 7% of all green credit. These loans SMEs and start-ups which struggle to
and soil pollution, reduction of green- mainly go into two major categories: 1) obtain loans from banks.
house gas emissions, more efficient use transportation, warehousing and ship-
of resources and mitigation of climate ping, and 2) electricity, heating, gas, Carbon Trading
changes. and water production and supply.
Carbon trading is a market-based
Green finance facilitates a shifts to- Green Bonds policy tool used to reduce greenhouse
wards a greener economy through gas emissions. Quotas are stipulated
market-based financial incentives. The funds collected as green bonds are for various industries and enterprises
Financial institutions such as banks, mainly used to finance improvements that are incorporated into the trading
for example, can increase their financ- in energy conservation and emissions system. These quotas can be granted
ing capacities for green industries, and reductions, green urbanisation, clean by governments or purchased through
government authorities can incorporate energy, the circular economy, water auctions or through trading with other
more financial facilities for these indus- conservation, ecological farming and companies. Carbon trading allows
tries into their policy-making. Green forestry, low-carbon industries and enterprises to offset part of their emis-
finance can be realised in the form of more. The issuance of green corporate sions with the amount of reduction
various products such as green credit, bonds peaked in 2019, with a total of they have realised.
green bonds, green investment funds, 350 bonds worth 300 billion RMB be-
green insurance, green securities funds, ing issued. Carbon trading serves as an incentive
as well as carbon trading, carbon assets for new energy or non-fossil fuel sec-
and carbon derivatives. Green Equity Financing tors and a constraint on industries rely-
ing on fossil fuels. The combination
Green Credit There are also dedicated private equity of these two forces helps to enable the
and venture capital funds for green improvement of energy use efficiency
In China, green credit accounts for industries and companies in the area and to curb environmental pollution in
over 95% of all green financial prod- of equity financing. These funds differ a cost-effective manner.
ucts. These include loans issued to in that they offer not only funding for
environmentally beneficial projects at listed companies in green and environ- It is forecasted that by the end of 2021
theLINK Volume 2, 2021cover story
15
It could be possible to recreate traditional
financial services, replacing traditional
underlying assets with carbon, thereby bringing
an entire new segment into being.
the total trading volume on the carbon possible to sell and repurchase carbon
trading market this year will be 250 assets, whereby quota holders can sell Oliver Rui
million tonnes worth 6 billion RMB. their quotas and repurchase them later
CEIBS Professor of Finance
By 2030, when China is expected to at an agreed price in the future. and Accounting
reach its carbon peak, the accumulated
carbon trading volume will likely be as Carbon financing has significant impli-
high as 100 billion RMB. cations for emissions-controlling en- green bonds, companies can also enjoy
terprises. These innovations can lower policy-based government subsidies,
At present, most of the enterprises costs for emission-controlling enter- and by issuing carbon funds, they have
involved in carbon trading are in the prises, for example, through derivatives access to more financing options. Ul-
energy industry. In the future, however, trading, allowing them to lock in future timately, as this is a brand new area, it
the carbon trading market will expand trading prices and spread the risk of could be possible to recreate traditional
to include other industries such as future price volatilities. Companies financial services, replacing traditional
petrochemicals, chemical engineering, can also earn interest by lending their underlying assets with carbon, thereby
building materials, steel and iron, pulp carbon assets to companies that require bringing an entire new segment into
and paper and civil aviation. them to honour their contractual obli- being.
gations. By issuing carbon bonds and
What kinds of carbon financing
products are there on the market?
Apart from carbon trading, there are
various financial products with carbon
as their underlying asset available. For
example, it is now possible to bor-
row or lend carbon assets, whereby
borrowers borrow carbon assets and
return both the assets and agreed yields
at a certain point in the future. There
are also carbon bonds and carbon-
based ABS (asset-backed securities),
whereby issuers obtain financing for
their carbon-related activities via debt
or ABS issuance. In addition, it is also
theLINK Volume 2, 2021cover story
16
Green finance is important for the
development of Shanghai as an
international financial centre
By Sheng Songcheng
A
gainst the backdrop of tion, co-ordination, greenness, open- The city has also made carbon re-
China’s aim to achieve ness and sharing, seven provinces duction a priority in promoting an
carbon peaking by 2030 and cities – including Shanghai all-round green economic and social
and carbon neutrality by – have kicked off trials of carbon transformation. Shanghai will con-
2060, green finance has evolved from emissions trading. At the same time, tinue to advance the transformation
a popular research field into a real the Guangdong-Hong Kong-Macao of energy, industry, transportation
project with immediate impact. Green Greater Bay Area has also rolled out and agriculture, strive to develop
finance refers to the finance services green finance programmes. Going low-carbon environmentally-friendly
provided for economic activities that forwards, Shanghai should look be- industries, actively practice a green
support environmental improvement, yond regional development in order low-carbon lifestyle, and make ef-
deal with climate change, and use re- to position itself as a world-class forts to develop initiatives such as
sources in an economical and effective green finance centre. Moreover, the the ecologically-friendly develop-
way. Related activities include invest- city possesses numerous advantages ment of the Yangtze River Delta and
ing and financing, project operation when it comes to developing as a Shanghai Chongming World Eco-
and risk management of projects in green finance centre. Island.
the fields such as environmental pro-
tection, energy saving, clean energy, First, Shanghai has made remarkable Third, Shanghai boasts a range of
green transport and green construc- achievements in green development. financial resources which can drive
tion. In 2020, the city’s emissions of four business innovation, such as the de-
major pollutants, including chemical velopment of futures and securities
Green finance not only provides broad oxygen demand, ammonia nitrogen, based on green finance assets. The
incremental markets for financial as- sulphur dioxide and nitrogen oxides, connectivity between major financial
sets, but is also becoming a new direc- dropped by 68.1%, 38.1%, 46.6% and centres including Shanghai, Hong
tion for the development of Shanghai 28.2%, respectively – all exceeding Kong and London is another advan-
as an international financial centre. emissions reduction goals set by the tage. More importantly, Shanghai’s
government. financial district can serve as a con-
C o mm it t ed t o Developin g a duit for China’s carbon trading with
World-class Financial Centre Second, Shanghai has now acceler- the outside world.
ated high-quality development with
Guided by a philosophy of innova- an emphasis on the environment. Recommendations for Develop-
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17
Green finance not only provides broad
incremental markets for financial assets, but is
also becoming a new direction for the
development of Shanghai as an international
financial centre.
ing an International Green Fi- China’s carbon financial system. Sheng Songcheng
nance Centre
CEIBS Adjunct Professor of
Third, improve the construction of Economics and Finance
First, improve green finance policies, infrastructure (such as data) and en-
take part in working out international hance information disclosure to avoid
standards and mutually-recognised green financial arbitrage. Set up a
criteria and definitions for green in- green finance database, strengthen
dustries and assets. green data collection and application, overseas investors in green finance
and improve data certification, ratings, investing or financing; on the other
Second, expand green finance prod- and monitoring processes as well as hand, fully tap the sustainable devel-
ucts and services, accelerate the information disclosing mechanisms. opment needs of countries along the
construction of green finance product Belt and Road and enrich basic assets
trading platforms, and explore connec- And, fourth, enhance cross-border of green finance.
tions with carbon trading. Shanghai collaborations in green finance. On
should play an active role in building one hand, introduce global funds and
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18
Is the water used to make a
pair of jeans enough to drink
for ten years?
By Wang Qi
How bad is the environmental impact of the fashion industry?
Carbon emissions Water pollution Microplastics Waste
Carbon emissions from the The fashion industry is Apparels made of syn- The waste generated an-
fashion industry account the second largest in- thetic fibre make up 35% nually by the global tex-
for 10% of that of all in- dustry in terms of water of the microplastic pollu- tile and fashion industry
dustries and almost 70% of consumption. The wa- tion in the world. Many amounts to 92 million
apparel are made from syn- ter needed to produce materials used by the tonnes. With current
thetic fibre produced using a white cotton shirt is fashion industry are not technologies, we can
non-renewable energy. In enough for one person to biodegradable. If they are only recycle 20-25% of
light of the current growth drink eight cups of water dumped into ocean, they that waste.
rate, by 2050, the fashion per day for 3.5 years, will not decompose and
industry may contribute while the water used to will instead be consumed
25-30% of the world’s total produce a pair of jeans by marine life.
carbon emissions. would last for ten years.
A sustainable fashion movement
S
ustainable fashion is a 1) Changes in consumer 2) Innovation in business models
movement and process of perceptions
fostering change in the Brands should break through existing
fashion industry towards Brands perceive that when a consumer relationships with consumers. For ex-
greater ecological integrity and social buys clothes, they own the clothes. ample:
justice. Sustainable fashion involves Can consumers break away from that
addressing the industry’s severe pol- perception, and see themselves as us- Circular fashion model
lution problem and dealing with inter- ers (instead of owners) and share used
dependent social, cultural, ecological, clothes with others? Although there are already a few very
and financial systems. creative re-engineered brands, it is far
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19
Sustainable fashion involves addressing the
industry’s severe pollution problem and dealing
with interdependent social, cultural, ecological,
and financial systems.
from enough. Only when more players
on the chain of sorting, classification,
cleaning and re-engineering enter the
Wang Qi
picture will we be able to realize a sus-
tainable and circular chain. CEIBS Professor of Marketing
Leasing model
There are now platforms experiment-
ing with leasing or pre-ordering models
where consumers make monthly pay-
ments, are able to get new arrivals each
month and then return their clothes to 4) Policy innovation should provide policies favourable to
the platform after wearing them. businesses specialising in recycling,
Finance and investment policies cleaning, maintenance, and reproduc-
Sharing model tion of used clothes.
In some countries, there are now finan-
Can businesses provide a sharing plat- cial organisations that provide green Laws and regulations
form where people can share clothes? loans for businesses. These organisa-
Would consumers be willing to try on tions sign contracts with businesses, China has already adopted a classifica-
shared clothes? If the design is attrac- including a standard for annual carbon tion method to deal with recycled waste,
tive, it might be possible. emissions and recycled materials, in ex- but it is short of the unified standards
change for low-interest or zero-interest needed to identify what should be recy-
3) Innovation in technology loans. If companies do not meet these cled and how it should be recycled.
standards, their interest will go up.
In terms of technology, there are al- Green standards and certification
ready a few signs of progress. Howev- Fiscal policies
er, the links in the technology are very China is now setting standards for
disconnected and we need to put all the Some governments are now promot- certification for which national-level
related parties together to enhance co- ing green or balanced fiscal policies. In standards are needed. This will allow
operation and information sharing and addition to taxes levied for the use of consumers to tell if the clothes they
speed up the sustainable development natural resources, pollution discharged have bought are recyclable and what
of the fashion industry. and exhaust emissions, governments the recyclable components are.
theLINK Volume 2, 2021cover story
20
From low desire to lying flat,
do you really understand the
youth of today?
By He Jinyu
Low desire does not mean no for a goal gives people a sense of fulfil- sumers’ needs and ‘uprooting’ (curb-
desire ment; but during low-growth periods, ing the desire to consume) is indeed
people tend to slow their pace and en- emerging.
In his book How to Ignite the Low joy life’s simpler pleasures.
Desire Society, well-known Japanese On the Chinese social network-
scholar Kenichi Ohmae coined the con- Last but not least, low desire does not ing website Douban, a ‘minimalist
cept of a ‘low desire society’ charac- mean no desire, but refers to a shift in life’ group has attracted more than
terised by population decline, a super- desire from a material dimension to a 300,000 members, nearly 250,000
aged society, and an increased number spiritual level, which also brings about people have joined a group of ‘con-
of youngsters abandoning enterprise the re-adjustment of industries such as sumption culture betrayers,’ nearly
and desire. the thriving of the culture industry. 100,000 people are following a ‘low
consumption research institute’
Many people are now worried that low ‘Uprooting’ replaces ‘planting’ group,’ and more than 150,000 be-
desire may have a negative impact on long to a ‘If we could be happy with-
social progress and economic develop- The emergence of the low desire out consumption’ group.
ment. However, in my opinion: phenomenon can be attributed to two
causes; namely ‘passive austerity’ and Finding life balance via danshari
Firstly, the phenomenon reflects di- ‘active awakening.’ Under passive aus-
versity in values. Youngsters are no terity, due to life pressures and worry Japanese management consultant Shin
longer only chasing ‘cakes and ale’ about the future, people seek to meet Katazukejutsu advocates the concept
but are instead now able to adopt the only their basic needs; by contrast, of ‘danshari’ or abandoning things un-
most suitable path and lifestyles for those experiencing active awakening necessary, unsuitable or outdated and
themselves. People are consuming have accumulated more wealth and en- cutting off one’s attachment to them.
more rationally, and society is becom- joy more creature comforts, but choose
ing more mature. to abandon consumption culture and In terms of the macroeconomy, dansha-
turn to lead a life of simplicity with ri can help reduce overproduction and
Secondly, major sources of happiness spiritual enrichment. ‘Planting’ (the de- wasted resources, and help advance
vary between time periods. In a society sire to consume products and services) the carbon neutral agenda and enhance
where the economy is soaring, striving can no longer fulfil today’s young con- sustainability of the environment.
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21
Ultimately, in different cultures and societies,
people find different ways to obtain satisfaction
and happiness. A mature society can tolerate
diverse views and provide space for people with
different values.
From a micro perspective, danshari Lying back is a kind of reflection
encourages people to reflect on what is
He Jinyu
more valuable in their lives, cut down Many people associate ‘low desire’ of
on blind consumption and rid them- youngsters with the recent buzz word CEIBS Professor of Strategy
selves of obsessiveness so as to achieve ‘tangping’ (or ‘lying flat’). Lying flat
balance in life. does tell of youngsters’ sense of pow-
erlessness which needs to be taken
At the same time, the core of dan- seriously; but it also represents a kind Ultimately, in different cultures and
shari involves reviewing our inner of reflection. If danshari involves find- societies, people find different ways
desires and examining the boundary ing a balancing point in consumption, to obtain satisfaction and happiness.
line between needs and wants. In this then lying flat is a reminder to people A mature society can tolerate diverse
respect, danshari is needed in any so- to not overwork themselves and to try views and provide space for people
ciety at any time. to strike a work-life balance. with different values.
theLINK Volume 2, 2021cover story
22
Corporation-start-up
partnerships offer fertile
ground for SDG action
By Shameen Prashantham
T
he United Nations’ 17 book describe what happens when for- support the internationally recognised
Sustainable Development profit partners come together to capi- SDGs, corporations are not only be-
Goals (SDGs) represent talise on opportunities for joint value coming more effective in their CSR
a roadmap to creating a creation. However, as we are now efforts, they’re also more likely to spot
significantly better, safer, healthier and seeing, these partnerships are also be- viable openings for collaborating with
fairer world – all before the arrival of ing formed in pursuit of various social start-ups whose vision for delivering
2030. However, as plenty of observers causes, including the SDGs. positive social impact aligns with their
have noted, these goals are so wide- own.
ranging and the associated problems Choosing the right words matters
they aim to tackle so enormous, that Partnering can be difficult, but
they are entirely beyond the capacity One way in which companies are not impossible
of any single company, government helping to focus the minds of partici-
or sector to solve. As such, achieving pants on the nature of the social im- Forming partnerships between dissimi-
them will take a massive, combined pact they want to achieve is through lar organisations (such as corporations
effort, calling on the resources, skills increasingly common references to and start-ups) can be rewarding, but
and knowledge of every kind of actor the SDGs in descriptions of their it can also be challenging. Dissimilar
working in concert to maximise the corporate social responsibility (CSR) partners may, for example, have differ-
likelihood of success. Indeed, SDG activities. By reinforcing a common ent goals, structures or attention that
number 17 itself is all about building vocabulary around social impact, gov- impede their ability to work together
“strong global partnerships and co- ernments, organisations and individu- effectively. In addressing the challeng-
operation.” als are now thinking more carefully es brought about by these differences,
about precisely which SDGs they wish my research has uncovered a three-
In my new book Gorillas Can Dance: to support, and how their actions will stage process large organisations can
Lessons from Microsoft and Other Cor- further these goals. follow in order to make it easier for
porations on Partnering with Start-ups, smaller ones to partner with them (what
I discuss what happens when start-ups Moreover, by moving the CSR discus- I call the ‘synergy-interface-exemplar’
combine their efforts (or “go dancing”) sion away from traditionally vague framework). Specifically, they should
with larger corporations (“gorillas”). notions of “good corporate citizenship” seek to clarify synergies, create inter-
Many of the examples I share in my and towards more targeted plans to faces and cultivate exemplars.
theLINK Volume 2, 2021cover story
23
Numerous examples of such partnerships
achieved during the pandemic demonstrate the
effectiveness of large organisations and start-ups
pooling their resources to create social impact
quickly but effectively, unlocking new sources of
value along the way.
When it comes to the SDGs, partner- and access to networks for resources.
ing actors should generally pursue a Finally, a hybrid exemplar is a success Shameen Prashantham
societal synergy, using an inclusive story that is defined in both social and CEIBS Professor of International
interface that can generate hybrid economic terms. Although NGOs and Business and Strategy
exemplars. Let’s explore this in more charities play a key role in promoting
detail: the SDGs, the likelihood of scalable
solutions emerging is greater when
First, a societal synergy is a win-win for-profit businesses are involved. It is
outcome defined not only in economic therefore imperative to showcase the
terms but also in terms of social im- profitability (as well as the social im-
pact. We see this in initiatives such as pact) of a given venture in order to at-
Microsoft4Afrika, for example, which tract for-profit organisations that have
helps African start-ups develop digital valuable resources which can be di- ups pooling their resources to create
skills (social value), while creating a rected towards the pursuit of the SDGs. social impact quickly but effectively,
market for Microsoft’s software (eco- unlocking new sources of value along
nomic benefit). Dancing along the road to 2030 the way.
Second, inclusive interfaces take on a The COVID-19 pandemic has served to As the global response to COVID-19
variety of forms to encourage the in- heighten a sense of social responsibili- has demonstrated, economic and social
clusion of underrepresented groups in ty amongst leaders of both corporations activity are inextricably intertwined. It
society. One such example is that of the and start-ups. It has also underlined the has also shown that how the for-profit
Shell Foundation-sponsored Powered urgent need for realising the untapped and non-profit worlds intersect could
Accelerator in Mumbai. In partnership potential for non-traditional allies to be one of the keys to unlocking the
with the UK Government’s Department work together in cases where there is a SDGs. Ultimately, as we emerge from
for International Development (DFID) clear overlap of organisational purpose the pandemic and look ahead to 2030,
and Zone Start-ups, the initiative seeks and mind-sets. Numerous examples of socially-minded corporations will need
to support women-led start-ups (a fre- such partnerships achieved during the all the ingenuity and creativity they
quently under-represented group) in pandemic demonstrate the effective- can harness from start-ups as the latter
India through seed funding, mentoring ness of large organisations and start- learn to dance with gorillas.
theLINK Volume 2, 2021FEATURED NEWS
24
It’s official! CEIBS (Switzerland)
launches DBA programme
I
n April, the CEIBS (Switzerland) nomic progress, offering five degree Hwang Yuh-Chang then expounded
Doctor of Business Administra- programmes in line with its motto of on the DBA’s curriculum design and
tion (DBA) Programme held its ‘China Depth, Global Breadth’. The features. The rigorous curriculum has
first information session at the school has invested significantly in six core elements, including four foun-
school’s Shanghai campus, officially building a strong faculty team in recent dation modules, six discipline modules,
launching this highly-anticipated Chi- years, Prof. Ding continued, laying a ten elective modules, research practi-
nese-language programme. solid foundation for the introduction of cums, applied research conferences, as
a new programme. As a result, CEIBS well as overseas research immersion
The event was attended by CEIBS Vice (Switzerland) has been able to seize modules. Prof. Hwang emphasised the
President and Dean Ding Yuan, DBA the opportunity and leverage its many significance of the thesis research stage
Programme Academic Director Hwang resources in management education to of the programme, during which stu-
Yuh-Chang, and Associate Dean (Eu- launch the DBA programme. Aligned dents will be encouraged to engage in
rope) and HEMBA Programme Co-Di- with the school’s mission and vision, intellectual exchange through applied
rector Katherine Xin, who introduced this exciting initiative enables CEIBS research conferences in their third and
the different dimensions of the degree to honour its commitment to bridging fourth years instead of working in silos.
programme. academic theory and business practice, Students can attend conferences based
and meet the learning needs of its stu- on their research interests, learn about
In his speech, Prof. Ding noted that dents and alumni. thesis preparation and research topics
over more than a quarter of a century, of fellow DBA students, and commu-
CEIBS has kept pace with China’s eco- DBA Programme Academic Director nicate with them to explore interesting
TheLINK Volume 2, 2021FEATURED NEWS
25
and valuable research areas. This pro- gramme is a four-year, part-time, international organisations such as the
cess will help students refine research applied business research doctoral pro- WTO, and prestigious universities in
ideas and culminate in high-quality gramme. In contrast with most Ph.D. the UK, US and Switzerland, which
theses. The programme will also programmes, the DBA programme will develop their real situation re-
support students in thesis writing by places greater focus on practical is- search capabilities and show them how
holding regular mentoring sessions and sues and aims to inspire students to evidence-based research generates in-
adopting multiple approaches such as contribute original business ideas that sights and influences decision-making.
lectures and experiments for theory may shape global business policies
illustration and application. and landscape. Packed with diverse The DBA Programme will not only
modules and rigorous practice-based assign students with mentors, but will
Associate Dean (Europe) and Professor research, the programme is committed also invite CEIBS distinguished pro-
of Management Katherine Xin then to instilling in business leaders the fessors, industry leaders, and eminent
introduced the DBA’s admission pro- spirit of lean innovation, so that they scholars to share insights during Mas-
cess. Applicants are required to hold a can play a role in driving business and ter Class sessions.
master’s degree or above and have at social progress through evidence-based
least 12 years of experience as a senior decision-making.
Contact Us
executive or significant policy-maker.
Tel: +86 21-2890 5556
Applicants will also have to pass a Students will take courses in the first
Email: dba@ceibs.edu
pre-registration, formal application, two years, and work on a thesis in the
and interview before being admitted. third and fourth years. The programme
consists of three overseas research im-
About CEIBS (Switzerland) mersion modules that are more diversi-
DBA Programme fied than typical company visits. These
modules will send students on trips to
The CEIBS (Switzerland) DBA Pro- high-tech companies such as Google, Scan for more details
TheLINK Volume 2, 2021FEATURED NEWS
26
Meet Our New Faculty
We have already welcomed many new faces to our teaching and research team in 2021.
Meet some of the newest members of our faculty below!
ERIC BOUTEILLER DU FEI
Eric Bouteiller is an Adjunct Du Fei is an Associate Profes-
Professor of Management at sor of Accounting at CEIBS.
CEIBS. He received his Ph.D. in She received her Ph.D. from the
Organisational Sociology from University of Southern Califor-
the National Institute of Oriental nia. Prof. Du believes that it is
Languages and Civilizations in the people in organisations who
France. Prof. Bouteiller previously make good things happen and
served as Chairman of the Pharmaceutical Working Group that effective control systems should nudge employees to
of the European Union Chamber of Commerce in China. act in ways aligned with organisational interests. Her re-
He also co-founded the French Healthcare Alliance for search focuses on how social preferences affect subjective
China. His research mainly focuses on corporate strategy performance evaluation, information sharing, and the for-
and public policies for the pharmaceutical and healthcare mation of social ties.
industries, cross-border investment and strategy, economic
development and Asian business. VENKAT PEDDIREDDY
CHENG LIN Venkat Peddireddy is an Assis-
tant Professor of Accounting at
Cheng Lin is an Associate Profes- CEIBS. He received his Ph.D. in
sor of Accounting at CEIBS. He Accounting from Columbia Uni-
received his Ph.D. in Accounting versity, M.S. in Finance from
& MIS from Ohio State Universi- London Business School, MBA
ty. Prior to joining CEIBS, Prof. in Operations and Finance from
Cheng was a tenured Associate the Indian Institute of Technology Madras and a bache-
Professor of Accounting at Eller lor’s degree in engineering from Jawaharlal Nehru Tech-
College of Management at the University of Arizona. Prof. nological University. Prof. Peddireddy’s research aims to
Cheng’s research focuses on corporate disclosure, debt improve the decision usefulness of financial reports and
contracting, labour economics, and auditing. His papers corporate disclosures. His current work focuses on im-
have been published in top-tier academic journals and he proving empirical measures of earnings quality, systemic
has been invited to present his research at premier univer- risk in financial institutions, and excess executive com-
sities in Asia and around the world. pensation.
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