Based in Shanghai, Hurun Report is China’s leading luxury publishing group and platform known worldwide as an authority and thought leader on China’s wealth – from providing research on China’s luxury segment to producing events that connect luxury brands with China’s elite. The Los Angeles business round table is part of a global event series organized to provide a platform for the local business leaders to collaborate in building their respective economy and strengthening US-China relations.
On the afternoon of January 25, 2019, Hurun Report hosted a China-US business round table event in Los Angeles, enabling a productive discussion between the region’s top leaders across business, government, and community. The agenda started with Hurun Report presenting their latest research and findings on China’s entrepreneurial activities and then segued the discussion to how US business leaders can work together to grow their economy, particularly in light of the current China-US trade dispute.
Rupert Hoogewerfe, (Founder and Chairman, Hurun Report), shared the firm’s latest findings, such as: despite China’s economy slowing down, China’s entrepreneurs continue to grow their businesses, particularly startups in the technology sector, many launched by young entrepreneurs; the Chinese still consider the US a top destination for overseas investment and education with Los Angeles a clear #1 destination for investment and immigration. These trends imply unique opportunities for Los Angeles with conjunctive implications towards the rest of the US economy.
Next, a distinguished panel of Los Angeles business leaders openly shared the state of their businesses and respective industries. Collectively, they represent a comprehensive spectrum of industries vital to the city, ranging across: entertainment, real estate, finance, agriculture, medicine, manufacturing, export, media, consulting and technology. Nearly every leader commented that their LA-based business had been impacted by the trade dispute and they were having to evaluate new approaches to their business model and revenue drivers. For example: film projects have been cancelled; agricultural exports have been blocked; interest in Los Angeles real estate is still strong, but investment by Chinese buyers and developers has slowed down; and Los Angeles manufacturers are looking to relocate their factories.
However, not all Los Angeles industries are being negatively impacted. There are growth sectors, for example, medical and beauty tourism is up; technology and innovation are up thanks to the expansion of firms like Google, Amazon and Netflix in Los Angeles. The key strategy all the panelists could agree on was continuously exploring opportunities to innovate their businesses to adapt to changes in the economic climate. For example, shifting the focus to exports versus imports; focusing on new technologies to deliver entertainment or products. The business round table was a success and established the first in a series of conversations on how regional leaders can work together to build their businesses, the economy and foster win-win relations between China and the US. This series will also serve as a global platform for regional leaders to network and establish relationships with their counterparts in other cities that Hurun Report is established.